A Guide to the Differences between Integrated Insurance and Digital Insurance

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For the everyday consumer, insurance is an integral part of what protects us against the unexpected. Most of us know what types of insurance they need such as home insurance, auto insurance, and much more. All of these insurance types cover different things in our lives that mean a lot to us both personally and financially. Though the reasons WHY consumers need insurance remain consistent, the ways that you acquire insurance can range substantially. Historically, many consumers gained insurance through shopping from multiple carriers and talking with an agent. New ways of obtaining insurance have come to the forefront as consumers are becoming more comfortable with transactions online. These new ways of obtaining insurance are embedded insurance and digital insurance.

What are Integrated Insurance and Digital Insurance?

Integrated insurance and digital insurance are two terms that are often used interchangeably, but they actually refer to different things. Understanding the differences between these two types of insurance is important when considering which option is best for you.

Integrated insurance refers to insurance that is included as a part of another product or service. For example, when you buy a new smartphone, it may come with a warranty that covers repairs or replacements in the event of a malfunction. In this case, the warranty is a type of an insurance integration. This type of insurance is designed to provide convenient, seamless coverage for the customer. Because it is integrated into the product or service, there is no need for the customer to go through the hassle of purchasing a separate insurance policy.

Digital insurance, on the other hand, refers to insurance that is sold and managed entirely online. This type of insurance often involves the use of technology, such as mobile apps and websites, to purchase, manage, and file claims. Digital insurance can be used to provide coverage for a wide range of products and services, including traditional insurance policies like car insurance, home insurance, and health insurance.

Why should I integrate insurance into my current offerings?

There are several reasons:

Convenience: With integrated insurance, there is no need to go through the hassle of purchasing a separate insurance policy. The coverage is already built into the product or service, making it convenient and easy to use.

Seamless experience: Because integrated insurance is placed into the product or service, the customer's experience is seamless. There are no separate policies to manage, and no need to worry about different insurance providers.

Increased value: Integrated insurance often adds value to the product or service by providing additional coverage and protection. This can be especially beneficial for expensive items like smartphones, laptops, and other electronics.

More targeted coverage: Integrated insurance is designed to provide coverage specifically for the product or service it is included with. This means that the coverage is more targeted and tailored to the customer's needs.

What does this mean for you?

Overall, integrated insurance is a great option for customers who want convenient, seamless coverage that is integrated into the products or services they use. While digital insurance is also a valuable option, integrated insurance provides a level of simplicity and convenience that is hard to beat.

Interested in how you can embed multiple insurance options into your offerings? Chat with a member of our Partnerships Team today! Contact Us Here

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