The insurance industry, valued at over $6 trillion globally in 2023, is often considered a legacy market, relying on traditional practices that have been in place for centuries.
As a legacy market, it’s not prone to change like others. However, as customer expectations evolve and new technologies emerge, the industry must adapt to remain competitive. Protection gaps have opened in the industry, often with those most in need of financial protection having the least access.
Embedded insurance, seamlessly integrating coverage into existing customer journeys, represents a significant opportunity for insurers to modernize their offerings and bridge the protection gap.
However, to fully realize the potential of embedded insurance, the industry must address outdated systems, embrace modern solutions, and switch the focus to the customers.
To get an authoritative perspective, we invited six insurance experts to discuss the current challenges and future solutions for insurance.
