PriyaPatel
TLDR:
One Inc CEO, Ian Drysdale, believes that the insurance market is ready for embedded payments, as the industry is in need of a digital overhaul. The shift to digital payments can significantly improve the user experience and help enhance corporate margins through embedded channels. The goal is to make insurance transactions fast, easy, and seamless, with the potential for $70 billion in embedded premiums in the future.
Key Points:
- The insurance market is complex and in need of digital transformation
- Embedded payments can improve user experience and enhance corporate margins
- Consumer behavior is shifting towards digital transactions, especially among younger demographics
In a connected economy, insurance stands out as a complex industry with a market estimated at $12 trillion. Ian Drysdale, CEO of One Inc, points out that the insurance market is in need of a digital overhaul, with a significant portion of payments still being made through paper checks. The goal is to convert these paper payments into electronic ones, providing a more streamlined experience for stakeholders in the industry.
Drysdale highlights the importance of embedded payments in the insurance sector, noting that they can improve the overall user experience while also helping to boost corporate margins. As consumer behavior shifts towards digital transactions, the opportunity for embedded insurance presents itself, with the potential for $70 billion in embedded premiums in the years ahead.
The future of insurance, according to Drysdale, is ‘instant,’ where payments can be disbursed digitally before claims adjusters even get off the phone. The promise of embedded insurance lies in seamless data sharing between parties and the potential for insurers to achieve top-line growth and momentum. With the emergence of InsurTechs and the digital transformation of the industry, the insurance market is poised for a significant shift towards embedded payments.
