Embedded insurance is gathering momentum as a new channel for insurance distribution in the United Kingdom gaining widespread popularity among investors and global insurtech firms.
Consequently, investment activities have increased in the space over the last four to eight quarters. Several insurtech firms are raising funds to launch new products, scale their platform, and expand their product offering in other European countries.
It is expected that the UK’s Embedded Finance industry will grow by 33.8% on an annual basis to reach US$8,579.4 million in 2022. (Source ResearchAndMarkets.com’s)
With embedded insurance, consumers and businesses can get affordable and relevant insurance when and where they need it most. Insurance products are offered through seamless digital customer journeys, often bundled as an add-on when purchasing a third-party product or service in any sector, as part of the customer journey.
Engaging in digital channels with trusted partners to meet customers where they are provides a data dividend which is valuable to underwriters, and is a must for any insurer seeking to provide Embedded Insurance. Customers expect insurers to be in the channels they prefer, at the right moment, providing them with instant access to the insurance products and services they need.
Cazoo Data Services can bridge the gap by offering their end users relevant and accurate data ensuring their experience is smooth and frictionless. It’s the perfect fit for a customer-centric approach with streamlined management.
Our insurance solutions can be added to current workflows with ease. Integrated into your systems with our powerful APIs gaining you access to hundreds of data fields including real-time valuations, market forecasting and rich vehicle history, meaning less effort for your customers.
We’ll work with you to build unique tools for your specific business needs.
The benefits:
Rich accurate data, accessible 24/7 - Our data at your disposal - Add our insights and data from the world’s largest vehicle database to your systems and workflows to gain a competitive edge.
Improved CX with pre-populated forms - With our rich data, meaning fewer fields for customers to fill and increasing the likelihood of form submissions.
High volume work efficiency - Work at high volumes with less effort - Our tools let you work with large volumes so you can make the most of our data and insights with less manual effort.
Allowing insurers to offer their customers a seamless digital journey.
If you’re looking to get winning CX results like many of your competitors, get in touch with one of our experts. They can guide you and your business toward exceptional customer experiences with the added bonus of loyalty and competitive advantages.
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