We talk a lot about embedded coverage and microinsurance, and rightly so – it’s one of the things we do best! In the second part of our series, let’s take a look at what ‘Embedded’ microinsurance means for MIC Global, and what benefits can it bring your company…
“Embedded” microinsurance
Our products are included with a device or service, such as a smart doorbell. This increases sales by differentiating your product and adds stickiness to subscription models.
Our embedded microinsurances add-on products for customers making purchases of items or services from companies and platforms.
Products are offered at the most applicable time. This could be during the booking process for a taxi service, or set up process of an IoT device.
Embedded microinsurances offers coverage from risk at the most relevant time and can be triggered when events happen, for example when a booked taxi arrives late or a package is stolen.
For platform companies, including embedded microinsurance in their product or service provides an additional revenue stream and adds value for your customer base.
When embedded with subscription models, customers are encouraged to keep their subscriptions to retain the benefits of their coverage.
Let’s Talk
We’d love to hear about your business and your needs. Contact us to see how we can help you increase revenue and improve KPIs by using embedded microinsurance products to attract and retain customers and service providers.
