The Ultimate Guide to Bundling Protection Covers with your Core Fintech offerings
As a Fintech brand, you’re always looking for ways to stand out and provide value to your customers, especially considering the sheer scale of the market in India. With over 834 million internet subscribers and 931 million smartphone users as of September 2021, the potential customer base is massive.
By offering protection at the last point of customer’s purchase, you can give your customers or borrowers a peace of mind and build an everlasting trust in your brand. In fact, FinTech companies we’ve worked with have seen incredible results – they’ve managed to increase their average order value, get repeat business, and achieve a 98% claim settlement ratio, all by offering protection plans with amazing attachment rates.
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What you think about bundling insurance
What it actually is
- Finding the right types of insurance partners
- Ensuring the coverage levels and pricing are competitive and appealing to customers
- Educating and training our sales staff on the insurance offerings to effectively communicate the benefits to customers.
We want you to understand all the aspects that are related to embedding insurance with your Fintech offerings.
In order to do that, it is necessary for you to understand:
- What is the current perception of customers and their pain points?
- What are the different types of Embedded Insurance plans that you can bundle?
- How do you implement Embedded Insurance?
- What are the metrics that decide the success of your embedded insurance?
First and foremost, it’s important to understand the needs and pain points of your customers. By gathering data and insights, you can tailor your insurance offering to fit their needs and build trust and loyalty between your company and your customers.
Another important consideration is the different types of insurance plans available. For example, accidental damage, theft, and loss coverage are all common options. It’s important to choose the right plan for your customers and consider the cost to them as well as the amount of coverage offered.
Successfully implementing embedded insurance requires careful planning and execution. This includes selecting the right insurance provider, integrating the insurance offering into your core product, and educating your customers on the benefits of purchasing insurance through your company. By following a structured implementation framework, you can ensure a smooth and successful launch of your embedded insurance offering.
Once your embedded insurance offering is up and running, it’s important to track and analyze key metrics to maximize its potential. Tracking the conversion rate of customers who purchase insurance, the average amount of coverage purchased, and the overall revenue generated from insurance sales can help you identify areas for improvement and make data-driven decisions to optimize your insurance offering.
