In keeping with GlobalData’s 2023 UK Insurance coverage Shopper Survey, 32.5% of motor insurance coverage prospects mentioned they’d be prepared to purchase insurance coverage straight from automotive producers. This highlights the potential of embedded insurance coverage, which allows companies to simply mix insurance coverage merchandise with third-party items. Insurtech Qover is seeking to reap the benefits of this chance by introducing its motor insurance coverage resolution within the UK. With this transfer, automotive producers can now provide digital insurance coverage packages to prospects in search of extra handy insurance coverage experiences.
32.5% of motor insurance coverage customers said that they’d contemplate shopping for insurance coverage from a automotive producer whereas 17.7% would contemplate buying a coverage from a automotive leasing firm. These outcomes spotlight the chance for embedded insurance coverage within the UK. Nonetheless, as per GlobalData’s 2023 UK Insurance coverage Shopper Survey, 69.2% of motor customers visited a worth comparability web site (PCW) prior to buy. This robust utilization of PCWs exhibits customers’ need to search out the very best deal amid the continuing cost-of-living disaster, making it more durable to promote one coverage on the level of sale with out evaluating it to others. Due to this fact, insurance coverage corporations coming into the embedded insurance coverage area want to determine find out how to spotlight each worth and worth in a market the place prospects are all the time in search of the very best offers.
One of many many phases in Qover’s enlargement technique is its entry into the UK market, following profitable launches in a number of European nations. Designed with automotive producers, authentic gear producers, and mobility corporations in thoughts, its motor insurance coverage resolution affords customisable protection that caters to those corporations’ distinctive necessities. Primarily, Qover supplies a digital system enabling corporations to supply and handle insurance coverage for his or her prospects.
With so many customers prepared to purchase cowl straight from producers, insurers ought to reap the benefits of this pattern by increasing their distribution technique to promote insurance policies by way of automotive producers and different mobility corporations. Though PCWs are nonetheless extensively used within the UK, Qover’s success exhibits how interesting embedded insurance coverage will be. But it is going to be essential for insurers to spotlight aggressive pricing and high-quality protection in the event that they hope to collaborate with corporations to supply embedded insurance coverage.
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