Insurance for the New Possible was joined by Gabriel Lazaro, Head of Digital Business Overseas General Insurance at Chubb and Joe Duronio, Strategic Partnership Director APAC and Japan at Snowflake.
Some of the insights they shared included:
- How embedded finance has evolved in India over the last decade while introducing the concept of UML – Understanding, Management, and Leverage—as a framework for the stages consumers go through in their relationship with credit. The ultimate goal is to help consumers leverage credit to enhance their lives.
- Embedded insurance has become a mainstream alternative revenue stream in India for many platforms, ranging from FinTech companies to e-commerce giants.
- The importance of context in offering financial products. They emphasized that without context, embedded insurance products could feel intrusive or irrelevant, leading to suboptimal user experiences.
- Penetration and awareness remain key challenges. Despite the growing digitization of financial services and insurance, many consumers are still unaware of the products available to them or how they work.
- How FinTechs and Insurers plan to leverage data to create personalized, contextual financial products. Understanding a consumer’s credit behavior, products that feel relevant and timely can be offered, enhancing the customer’s overall experience.
- While data was once referred to as “the new oil,” today, it’s more accurate to think of data as “the new oxygen.” It’s not just a valuable resource; it’s essential to the survival and functioning of modern insurance businesses.
- Embedded insurance is becoming the Spotify of the insurance world—tailored to meet the precise needs of consumers at the right moment.
- How Snowflake helps insurers overcome data siloing by integrating it across silos, whether it’s sales data, financial data, or claims history. Once this data is unified, insurers can create a seamless, omni-channel customer experience.
- The power of real-time data sharing between insurers and their partners and how this collaboration facilitates better underwriting, pricing, and customer service.
- Emerging technologies are the next frontier for insurance innovation. Employing these technologies can accelerate product development and unlock new capabilities in everything from underwriting to claims management.
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