11 Insurtech Predictions For 2021 (Insurance Thought Leadership)

11 Insurtech Predictions For 2021

  Tuesday, January 19th, 2021 Source: Insurance Thought Leadership

Despite what we all feared in March, insurtech has continued to flourish, with lots of capital supporting the sector in public and private markets, closer integration between incumbents and startups and promising solutions for longtime needs in SME and cyber.

Keeping up the annual tradition, here are my 11 predictions for the insurtech market in 2021.

1. Do you want insurance with that? Insurance will be embedded in every financial and retail transaction. Because no one loves shopping for it, we will see more insurance being sold as part of another transaction, where the user has a high intention to buy.

“Embedded” has been a buzzword in fintech for several years, best illustrated by Buy Now Pay Later (BNPL) players like Affirm and Klarna. Embedded insurance started with travel insurance and extended warranties sold at point of sale, like Square Trade and Assurion.

Branch Insurance now sells home and auto as part of the mortgage process, and Matic is embedding with mortgage servicers. 2021 will bring opportunities to embed insurance into transactions, with the goal being delivering a seamless experience of product plus protection.

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