In today’s fast-evolving insurance landscape, one trend is reshaping how carriers connect with customers: embedded insurance. In this on-demand webinar, Zywave product experts share How Embedded Rating Platforms Can Be Your Ticket to Success.
With projections from Ernst & Young suggesting that embedded insurance could account for nearly a third of gross written premiums by 2028, and Deloitte forecasting $700 billion in global premiums by 2030, this is more than a trend—it’s a transformation.
In this post, we’ll explore:
- Why embedded insurance is growing so rapidly
- How comparative rating tools can help carriers expand their distribution
- The strategic insights available through Zywave’s Market Basket analytics
What Is Embedded Insurance—and Why Is It Booming?
Embedded insurance integrates coverage directly into the purchase journey of related products or services like when buying a phone and being offered device protection at checkout or booking a flight and adding travel insurance in the same transaction.
This model is thriving because:
- Consumers expect seamless digital experiences, especially younger buyers.
- Technology enables real-time integration through APIs and advanced analytics.
- Underwriting is faster and more flexible, making instant quoting possible.
- Distribution costs are lower and conversion rates are higher.
Embedded insurance is no longer limited to travel or electronics. It’s expanding into personal lines, gig economy coverage, employee benefits, and even some commercial products.
How Carriers Can Leverage Comparative Rating Tools
To succeed in this space, carriers must make their products accessible within digital ecosystems. That’s where comparative rating tools come in.
These tools, powered by APIs, allow your rates to be quoted in real-time within partner platforms—whether it’s a real estate site offering home insurance or a car dealership quoting auto coverage.
Key Benefits:
- Speed: Instant quotes meet modern consumer expectations.
- Accuracy: Always up-to-date with your latest rates.
- Customization: Tailored experiences for each partner platform.
- Flexibility: APIs integrate with a wide range of systems.
To maximize impact, carriers should:
- Build API-first products
- Enable real-time rating
- Offer modular coverage options
- Simplify underwriting for instant quoting
This approach doesn’t replace traditional channels—it complements them by reaching new, often untapped, customer segments.
Unlocking Strategic Insights with Market Basket
Zywave’s Market Basket analytics platform aggregates data from embedded quoting experiences to give carriers a competitive edge.
What You Can Learn:
- Quote competitiveness: How often your quotes win—or come close.
- Consumer preferences: Popular coverage options and limits.
- Geographic performance: Regional strengths and weaknesses.
- Conversion drivers: What influences customer decisions.
- Missed opportunities: Where you’re not competitive—and why.
These insights help refine product development, pricing strategies, and market positioning. For example, you might discover your rates are strong for newer homes but less competitive for older ones—valuable intel for targeted improvements.
The Future Is Embedded
Embedded insurance is not just a new channel—it’s a smarter, more efficient way to connect with today’s digital-first consumers. By embracing comparative rating tools and leveraging data-driven insights, carriers can expand their reach, improve conversion rates, and stay ahead of the curve.
At Zywave, we’re here to help you navigate this shift. Whether you’re just exploring embedded insurance or ready to integrate, our solutions are designed to unlock new levels of efficiency, resilience, and profitability.
