As the embedded insurance landscape evolves and accelerates, insurers in Canada face a tightening market. As large, consumer-facing organizations partner up with insurers, fewer and fewer partnership opportunities remain. For insurers to secure those partnerships and get ahead, they need to demonstrate creative solutions that enhance the experience that retail partners can deliver. At the same time, insurers need to maintain control over all their traditional capabilities, from policy inquiries, to underwriting, claims assessments and settlements.
Forecasts for the United States anticipate embedded insurance to generate over $70 billion by 2030.2 That opportunity promises to reap significant rewards in Canada as well. Not only is the Canadian insurance customer quite similar to the American profile, but the proportion of digital-first customer personas in Canada is growing rapidly….
