A look at embedded insurance (a podcast with Robin Merttens)

Published on 04 August 2021

Welcome to Insurance Covered. In this episode we are looking at embedded insurance. Our guest is Robin Merttens, Co-Founder and Partner at InsTech London, and we will be discussing a recent report published by InsTech London on embedded insurance and its current uses.

We start by defining exactly what embedded insurance is. In its simplest form embedded insurance is the bundling of insurance coverage onto the purchase of a product or service, as an optional extra. "The excitement about embedded comes from the fact that technology and data is going to enable us to sell the right piece of insurance, the right insurance product at the right time".

We then look at an example, "You can see embedded insurance within invoice financing. So, the exact point now in which you produce an invoice on your Xero or Sage accounting system, you can now get pinged to say would you like to insure that invoice. It will give you a price on the spot and you can get a per-invoice credit insurance on the spot, in a way that you simply couldn't before".
We then move onto the report produced by Robin that focuses on embedded insurance. The report looks at a variety of topics, posing the question 'to embed or not to embed'. It looks at what problems it is trying to achieve, areas where it can and has been a success (particularly in the Chinese market) and how insurers and MGA's can make the most of the opportunity that is embedded insurance.

You can download a copy of the full report here.

Finally we look at what the future of embedded insurance looks like. Robin explains that there is huge potential for growth in this area and that we expect to see more and more companies adopting the technology to facilitate the use of embedded insurance.

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