CUSTOMER EXPERIENCE ( CX )
the partnership between banks and fintech firms to create top-tier financial products .
Meeri Savolainen , Founder and CEO of INZMO , believes that for insurtechs , partnering with established insurers provides regulatory and risk management expertise , brand reputation and an existing distribution network , accelerating market penetration . “ Collaborating with insurers allows them to adeptly manage , negotiate and implement insurance policies , guaranteeing the smooth integration of insurance services within various ecosystems ,” she says .
The role of non-insurance organisationsns Non-insurance organisations , including fintech , retail and travel companies , are vital in the embedded insurance ecosystem . According to Marat : “ The noninsurance organisations and the third-party brands that embed finance and insurance solutions are a vital part of this ecosystem . They are the ‘ brands ’ through which the end-customer can purchase insurance .
The brand benefits are twofold : they are able to offer compelling and bespoke protection solutions as an add-on to their products and services , while the endcustomer can protect these products or services quickly , simply and through a brand they already know and trust .”
Companies are increasingly aware of the additional revenue they can gain from embedding financial services into their digital infrastructure . For instance , TikTok has evolved from a social media platform into a comprehensive eCommerce site with embedded financial services . This transformation allows users to view , browse and make payments without leaving the app , providing a seamless shopping experience and increasing user engagement . “ Embedded insurance expands insurers ’ reach beyond their traditional distribution channels ,” says
insurtechdigital . com 137