Insurance for the New Possible was joined by Gabriel Lazaro, Head of Digital Business for Chubb Overseas General, and Jonas Thürig, VP APAC and Managing Partner at Tenity.
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.
- Long-term success in business demands dedication, consistency, and the willingness to endure challenges over time.
- Technology is the core driver of the convergence of traditional Insurers, InsurTech, and FinTech. Technological advancements particularly in emerging technologies, mobile integration, and customer expectations—are fundamentally reshaping how businesses operate.
- Emerging technologies are undoubtedly the most significant driver of change in the insurance and finance industries today. The potential of these technologies to enhance automation, personalization, and efficiency is unparalleled.
- Embedded solutions allow insurance to be seamlessly integrated into everyday transactions, providing protection at the point of sale without requiring the customer to seek out a policy independently.
- The importance of an ecosystem approach to innovation. This approach allows for cross-pollination of ideas, ensuring that innovation can come from anywhere.
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