Embedded insurance: seamlessly integrated insurance coverage

In an increasingly digital world, customers expect not only fast, convenient solutions but also comprehensive protection that can be seamlessly integrated into their everyday lives. This is exactly what you can offer them with AXA’s Plug & Play solution. 

Do you want to create real added value for your customers? With Plug & Play, AXA’s embedded insurance solution, we collaborate with you to develop insurance coverage that’s ideally suited to your company and product and meets the needs of your customers. Whether your business is in the real estate, finance or mobility sector, our blog will explain exactly what embedded insurance is and the advantages it brings to your company.

What is embedded insurance?

Embedded insurance is insurance solutions that are seamlessly integrated into an existing range of products and services. Depending on the company and product, this comes in the following two options:

• Selectable add-on service: With this embedded insurance option, customers can decide whether or not they want to add insurance coverage when purchasing a specific product or service. A typical example of this is opting for an extended warranty when buying an electrical appliance.
• Included with a core offering: With this embedded insurance option, the relevant insurance coverage is automatically included in the benefits package. An example is when you book a rental or vacation apartment using an online platform. In this case renters do not have to worry about insurance coverage because it’s added automatically at the time of the booking.

Both solutions offer customers certain advantages. First, they don’t have to go through a separate insurance provider, and second, they receive insurance coverage that’s perfectly tailored to their needs.

What are the advantages of embedded insurance for partners?

Offering products with integrated insurance coverage comes with many advantages for you and your business: 

• A more attractive product range: The seamless integration of insurance solutions at the point of sale allows you to deliver greater added value to your customers. They appreciate the convenience of insurance protection that’s available immediately and without any extra effort on their part. You’ll stand out among the competition with a more attractive range of products. 
• Additional revenue streams: With an embedded insurance solution, you can access new sources of income through attractive commissions. 
• Sector-specific solutions:  Embedded insurance is flexible and adaptable and can be used in many different sectors. You can offer your target customers insurance products that provide optimal coverage for their needs.
• Enhanced customer loyalty: Offering your customers insurance protection that’s bundled with their purchase increases satisfaction and loyalty. They appreciate the security and convenience of the additional service. This can lead to deeper customer loyalty, and your customers will be more likely to buy your products or services in the future too. 

Plug & Play: How AXA’s embedded insurance solutions work 

We offer your customers top-notch insurance coverage. With Plug & Play, AXA’s embedded insurance solution, we’re there to help you, from the planning stage to implementation. 

Our goal is to understand precisely which insurance solutions your products or services require so that you can offer your customers the most added value possible.

Our insurance solutions can be updated in collaboration with you to create an optimal fit with your sector. It’s essential that the coverage can be seamlessly included with your existing products and services.

Integration into your customer journey happens via secure open API interfaces and ensures real-time data exchange between you and AXA. 

We are continuously developing our solutions so that we are best positioned to respond to changes, trends and new customer requirements. This guarantees that the insurance coverage is a good fit for your customers and your products. 

Working closely with AXA, you’re able not only to offer your customers seamless and comprehensive insurance coverage, you can also strengthen your own market position. 

Use cases: What AXA’s embedded insurance solutions can look like

Whether your business operates in the real estate, financial or mobility sector, our solutions are tailored to your company’s specific needs. Here are some examples: 

Housing and real estate 

As a private landlord, you frequently have to deal with red tape, such as opening security deposit accounts, obtaining signatures, etc. 

But choosing integrated rental guarantee insurance as an embedded solution eliminates this inconvenience. Instead of transferring the security deposit into an account, your tenants pay an annual premium to AXA, who in turn makes sure that any damages or unpaid rent are covered when the lease ends. 

Not only do you save time, your tenants also have access to their money, which would otherwise have been frozen in an account for the duration of the lease.

Finance and pensions

As a financial services provider, you need your customers to make their payments on time. But what happens if they suddenly find themselves in financial difficulties, because they lost their jobs or became ill? Not only do they not make their payments, it’s also a costly process to settle such payment defaults.

An embedded insurance solution with Plug & Play that’s precisely tailored to meet your and your customers’ needs helps minimize this kind of risk. For example, integrated payment protection or term life insurance guarantees that you continue to receive payments and that your customers are covered when times are tough.

Mobility and leisure

Unforeseen events often happen in the tourism and mobility sector too. A customer suddenly falls ill before a big trip or suffers an injury on a bicycle tour, or their car won’t start. These kinds of situations are not merely frustrating for those involved but can also have serious financial repercussions.

With AXA’s embedded insurance solution Plug & Play, your customers know they’re protected. If they get sick before a trip, their car breaks down or they have an accident while on vacation, the right insurance guarantees that high costs don’t become a burden. Your customers can enjoy their travels and leisure time, protected and with peace of mind – and you benefit from greater customer satisfaction and loyalty.

Are you ready to see what embedded insurance can do for you?

Contact us today and and let AXA help you maximize your potential.