The Future of Embedded Insurance in India and Southeast Asia

Executive Summary

The insurance industry in India and Southeast Asia is undergoing accelerated transformation. Despite rapid digital adoption in financial services, insurance penetration remains low, customer experience remains fragmented, and distribution partners struggle with operational complexity, compliance, and scalability. Embedded insurance — where insurance is offered seamlessly at the point of product or service purchase — has emerged as the most effective way for brands to deliver protection to customers without friction. Symbo’s end-to-end embedded insurance infrastructure connects insurers, distributors, and customers in a unified platform. With API-first technology, automated compliance, and real-time policy issuance, Symbo enables digital businesses to offer insurance as effortlessly as adding a payment gateway.

Industry Challenges

‘Eyewear Insurance’ gives Lenskart’s customers coverage against common damages to the product, while helping the brand drive loyalty. With Symbo’s assurance, customers are opting to buy more expensive eyewear, increasing AOV for Lenskart.‍

1. Low Insurance Penetration

• India’s insurance penetration is approx. 3–4 percent.
• Awareness is growing, but the purchase journey is still complex.
• Customers rarely complete insurance purchases unless the process is integrated seamlessly.

2. Friction-Filled Distribution

• Paper-based workflows
• Long onboarding cycles
• Manual KYC and compliance
• Limited product personalization

3. Friction-Filled Distribution

• Paper-based workflows
• Long onboarding cycles
• Manual KYC and compliance
• Limited product personalization

4. Friction-Filled Distribution

• Paper-based workflows
• Long onboarding cycles
• Manual KYC and compliance
• Limited product personalization