Our first release of the IXT newsletter with latest industry updates.
The conflict in Eastern Europe, the subsequent economic turmoil, and the ongoing viral uncertainty have hampered what was expected to be a year of progress and recovery following the COVID-19 pandemic.
As we cross the mid-year mark, the insurance industry is preparing for the effects of the volatile markets, the macroeconomic shocks, the rising inflation rates, as well as climate change issues.
🔙 A Quick Look-Back
To cope with the emerging risks from the continued onslaught on the global economy, traditional commercial insurance business models are under pressure, and the sector is on the cusp of a radical transformation, according to KPMG.
In addition, Gallagher Re warned that the reinsurance industry is currently more susceptible to losses and external shocks than it has ever been since 2008, despite having satisfactory 1st half-year 2022 results.
While it clearly appears that insurers will have to keep a close eye on inflation this year, on a positive note, Swiss Re has predicted that insurance will remain a growing industry, estimating global premium volumes to surpass USD 7 trillion for the first time in 2022.
Other news that you don’t want to miss:
- GBA Outlook: Opportunities in Insurance
- ESG requires a multi-year, strategic approach from insurers
- APAC consumers’ embrace of digitalisation points the way to a better protected future
- The Net-Zero Insurer
- Asia Life Insurance Rider Survey: June 2022
- Asia and global insights into technology industry risk management
📈 Trending on IXT Prime This July
Getting the most out of embedded insurance
It is no secret that the potential of embedded insurance has been causing a lot of buzz in the insurance industry, with estimates that it could create over $3 trillion in market value. But here’s the trillion-dollar question: How do you go about it?
And more importantly, how is embedded insurance creating opportunities for insurers?
- Know thy customer (better): The additional customer touchpoints made available by embedded insurance products serve to provide insurers with a broader arsenal of customer data to work with.
- Prioritize customer-centricity for stronger conversion rates: While complicated processes usually put off customers from buying traditional insurance products, embedded insurance reduces friction around the buying process, thus having a greater potential for a stronger conversion ratio.
- Every bit counts towards narrowing the protection gap: Insurers capable of identifying protection gaps and offering embedded insurance products while making those products easily discoverable and contextually relevant can narrow down protection gaps.
- Opportunities for distribution are everywhere: Insurers with robust tech capabilities can better integrate with ecosystem players, enabling them to roll out embedded offerings seamlessly into partner ecosystems for marketing and distribution across a wider range of consumer touchpoints.
- Build in preparation for the digital natives: Millennials and Gen-Z, who will soon dominate the insurance market, often prefer an online, self-serving buying experience. They also tend to have less brand loyalty. Through embedded insurance, trusted brands that already have an effective hold on them can serve as insurance intermediaries and provide add-on embedded coverages.
💡 Top Inspiration Picks Of The Month
|Bike Insurance (with a twist!)|
A bike insurance that allows riders to upgrade their bikes to more expensive models without an increase in the policy price.
|Digital Asset Insurance |
An insurance designed specifically for digital asset trading platforms, custodians, asset managers, and technology providers.
How does it work?
|Surgical Accidental Death Insurance |
The world’s first surgical accidental death insurance, launched in Canada, can be applied for within just 5 minutes.
Find out more
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