Welcome to the 1st Chapter of our series of “Embedded FinTech Insurance”.
In this first chapter of our guidebook on Embedded FinTech Insurance, we aim to provide you with a comprehensive understanding of your customers’ needs and pain points. At Symbo, we specialize in providing Embedded Insurance solutions to businesses, and our mission is to help you deliver financial protection to your customers in an intuitive and seamless way. Understanding the needs of your target market is essential for delivering effective FinTech solutions that meet the needs of your customers and drive growth for your business.
In this chapter, we will dive into the world of Embedded FinTech Insurance and explore the various pain points faced by customers in this field. From the lack of transparency and simplicity in traditional insurance offerings to the increasing need for on-demand protection, we will cover the key challenges facing customers today. By understanding these challenges, you will be equipped with the knowledge necessary to address them through your Embedded Insurance solutions, delivering value and peace of mind to your customers.
At Symbo, we believe that Embedded Insurance has the potential to revolutionize the financial industry and we are committed to providing you with the tools and resources to make it a reality. Our landing page is your one-stop-shop for everything related to Embedded Insurance, so be sure to check it out to learn more about our offerings and how we can help you provide financial protection to your customers. By the end of this chapter, you will have a deeper understanding of your customers’ needs and how you can leverage
a. Lack of protection against financial & data loss
Fintech customers are at risk of financial loss in case of unexpected events such as cyber attacks, theft, and natural disasters. If customers have not added insurance alongside your financial services, customers may have no protection against financial and/or data loss in case of these events.
Fintech companies should offer insurance options with their service that provide protection against these risks, such as cyber insurance, extended warranty cover, and data protection covers etc. By bundling these covers with their core offerings, fintech companies can provide added value to their customers and increase their sense of security.
b. No coverage for personal health or group insurance
Fintech customers may have limited coverage for health expenses and be at risk of financial burden in case of illnesses, injury or death. Without adequate insurance, customers may have no protection against medical expenses and may face stress about their financial security. This can lead to mistrust of the fintech company.
To address this pain point, fintech companies should offer insurance options that provide protection against health related risks, such as Super Top Up, Accidental Cover, Life protector covers, etc.
c. No coverage for loans
Loans could be taken for variety of reasons. When your customers avail loan from you for assets such as car, house, or even for household expenses including mobile phones, laptops, eyewear, footwear, cycles and POS terminal, they need a sense of protection with their loan in case of delay of payment. Without it, customers’ credit score might get affected and may have limited access to your financial services and products such as loans, credit or financing, which can limit their options and make it difficult for them to obtain the assets they need from you in the future.
By giving them an option to add Shopkeeper insurance, Category based asset insurance, Mobile insurance, or EMI protection cover (death, unemployment, Critical illness), you are not only uplifting their mood but also gaining loyalty from them
d. Uncertainty, anxiety, & limited peace of mind
Fintech customers may have limited peace of mind knowing that they are not fully protected in case of unexpected events without adequate insurance. This can lead to stress and mistrust of the fintech company. Which further can lead to lack of loyalty.