Investors realize the benefits of the technology that insurtech offers, resulting in investment in insurtech-startups from $1.46 billion to $2.44 billion. The emerging tech uses machine learning, artificial intelligence, drone tech, and blockchain to simplify the insurance quote and claims process.
Fintech is another piece of technology that has created waves in the financial markets. From crowdfunding to crypto investment and even your day-to-day mobile payments, fintech is a way of life for most and is here to stay.
When these two breakthrough technologies come together at Kanopi, the tech revolution that this development brings is like no other.
Now let us understand how embedded insurance for fintech can help you build your brandâ€™s loyalty.
Do Away With the Fine Print
With customers going tech-savvy, fintech platforms need to ensure digital experiences that meet their customersâ€™ lifestyles. It means not having to read through the terms and conditions with a fine-toothed comb every time they do a transaction. By embedding insurance with fintech, you do away with the fine print and hidden expectations while allowing customers to get real-time assessments and immediate payouts.
Add Value At The Point Of Relevance
Buying decisions are more thoughtful than they appear, as customers use logic to defy their impulses for immediate gratification. They will consider the productâ€™s value proposition before adding it to their cart, and this is the best time to offer insurance as a value-added service. Kanopi helps you do just that by creating a customer-centric experience that will have them coming back for more.
AI and ML are the key drivers of fintech and insurtech. They understand consumer behavior, offer solutions based on customer preferences, and provide the right insurance solution with competitive quotes.
Along with relevance comes optimization. When you offer services that meet the primal instinct of protection and security, you build your brandâ€™s loyalty, for example, adding theft insurance when purchasing a new bicycle or extended warranty for the latest TV.
When these services come at a small price and are embedded into the buying process, you can expect to delight customers as all their needs are met in a single place.
Simplified Customer Journey
You have heard of bundling; it makes sense as services that go hand in hand are bundled to give you value propositions. Think of embedded insurance for fintech, a virtual bundle where your high-value transactions are bundled with insurance to simplify the entire process.
So, if you are paying your rent via a mobile payment app, you can also purchase renterâ€™s insurance to protect yourself from the unexpected moments that life throws at you. These bundling services can simplify the customerâ€™s experience as they donâ€™t need to visit a separate insurance provider to meet their insurance needs.
Customer-centric companies know the value of brand loyalty and will do everything to maintain it. Embedding insurance with fintech is intelligent to simplify the customer experience and offer smart insurance solutions that customers did not even know about. Kanopi does just that by bundling customer transactions with compatible insurance solutions to grow your customer following.