Root and Admiral's Connect partner to develop embedded insurance platform
Embedded insurance is a type of insurance that is integrated into non-insurance products and services. It allows businesses to offer their customers insurance protection for the products and services they purchase, all in one place.
The partnership between Root and Connect will make it easier for businesses to offer embedded insurance products to their customers. Root’s platform will provide Connect with the API connectivity architecture to integrate insurance solutions into its partners’ offerings.
“We’re delighted to partner with Admiral Pioneer to provide the API connectivity architecture behind their innovative Connect platform,” said Louw Hopley, co-founder at Root. “Connect shows the power of APIs in enabling innovative partner distribution and means companies can not only offer their products and services, but also insurance cover for them, meaning a turn-key service to customers.”
Russell Fisher, the CEO of Connect, said: “It’s only natural that when we buy something we care about, we want to ensure it’s protected. The best and most convenient time to do this is when purchasing. Embedded insurance makes this possible, offering customers the insurance they need, for the things they love, at the point of sale.”
The partnership between Root and Connect is a sign of the growing popularity of embedded insurance. According to a report by Chubb, insurance decision-makers expect a significant boost in revenue from embedded insurance offerings.
The report also states that the increased use of embedded insurance in developed markets is a way to enrich product offerings and seamlessly integrate risk protection into purchases.
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