Increase Revenue And Customer Satisfaction With InstaSure: Unleashing The Power Of Embedded Insurance
Written By Anika Tabassum
As a business owner, you are always looking for new ways to grow your business and increase your revenue. One way to do this is by offering embedded insurance to your customers. Whether you sell products or provide services, adding insurance to your offerings can provide a range of benefits for both you and your customers. In this blog post, we'll explore the advantages of embedded insurance and show you how it can help take your business to the next level, regardless of your size or industry.
Embedded insurance is a type of insurance that is integrated into another product or service that the consumer is already purchasing. This means that the insurance coverage is added on as a feature of the main product or service, and this extra added-on feature is increasing the value of your product or service. Because of that you are always one step ahead of your competitor. This is one of the main reasons why embedded insurance is becoming increasingly popular among businesses as they can leverage this feature to gain recurring customers. On the other hand, customers prefer this before they trust this customer-centric mindset adapted by the business. Also because it provides an easy way for customers to obtain coverage without having to go through a separate application process.
Embedded insurance would increase sales
According to a recent report by FinTech Global, the global embedded insurance market is projected to grow to $3.4 billion by 2025. This growth is being driven by businesses looking for innovative ways to offer insurance as a value-add to their products and services, while also generating additional revenue streams.
In fact, a survey by Deloitte found that 84% of businesses believe that embedding insurance into their products and services would improve customer loyalty, while 72% of consumers would be willing to pay for insurance as part of a bundled product or service.
We found that gen z (18-24 yrs) and millennials (25-40 yrs) favor embedded digital insurance due to automated claims, immediate payouts and the fact that non-traditional risks are covered. And when asked if they would purchase this type of insurance, 64% of gen x (41-56 yrs) and 58% boomers (57-65 yrs) chose 'yes'. Read more about it in this blog.
Customers spend more when offered protection
A study shows that 60% of consumers prefer to buy protection from their favorite online retailer, and that 32% of customers would buy more items and spend more on them if they were offered protection at the checkout. In fact, consumers desire embedded insurance offered directly by their financial institutions - Read in detail.
Furthermore, the use of embedded insurance is not limited to specific industries, even though it is more popular among electronics and automobiles. For example, a small furniture store could offer embedded insurance for their products, such as protection against accidental damage or stains. This could give customers peace of mind and potentially lead to repeat business. The store could also charge an additional fee for the insurance, generating extra revenue.
On a different note, a small variety store can benefit from embedded insurance by offering insurance on the products they sell. If the store sells electronic gadgets, they can offer insurance to customers who purchase those gadgets. This will provide peace of mind to customers and increase their confidence in purchasing from the store. The store can potentially increase their revenue and profitability as customers love the added protection. The store can also differentiate themselves from competitors by offering this added value to customers. Overall, embedded insurance can be a valuable tool for small businesses to provide additional protection and increase their revenue.
Moreover, by partnering with a specialized embedded insurance provider like InstaSure, small businesses can offer a wider range of insurance options to their customers without having to take on the costs and administrative burdens of creating their own insurance products.
Benefits of Including Embedded Insurance in Your Products or Services
- Increased revenue through an additional revenue stream
- Improved customer satisfaction by offering a complete solution
- Competitive advantage over businesses that don't offer embedded insurance
- Reduced administrative hassle for businesses and customers
- Enhanced Customer Experience
- Enriched Risk Management
InstaSure and its customizable embedded insurance product
InstaSure is a leading insurance provider that offers embedded insurance solutions to businesses of all sizes. Our customizable insurance product can be tailored to suit the unique needs of any business, whether they provide products or services. With InstaSure, businesses can unlock new opportunities and expand their customer base while providing a convenient and hassle-free insurance experience to their clients.
InstaSure is committed to helping small and large businesses grow and thrive for the long term. Our customizable embedded insurance product allows businesses to provide added value to their customers while protecting their investments. By offering insurance alongside their products or services, they can improve customer satisfaction and loyalty, while also increasing revenue and staying competitive in their respective markets. With InstaSure, businesses can stay ahead of the game and ensure long-term success.
To sum up, embedded insurance is a simple and effective way for businesses of all sizes to increase revenue and provide value to their customers. By partnering with InstaSure, businesses can customize their insurance offerings to fit their unique products or services and unlock new opportunities for growth. Embedded insurance will provide peace of mind to customers and increase their confidence to purchase from the store again and again. So, the business can potentially gain customer loyalty and generate more revenue in the long run. That’s what businesses should do, think about the long game, because after all not all businesses can stay in the game till the end, only those who think about the extended play and plan ahead.
Our team is dedicated to helping businesses stay competitive in the market and thrive for the long term. Contact us today to learn more about how we can help you integrate embedded insurance into your business. Call +880 9606 25252