Angus McDonald, CEO, Cover Genius
The introduction into insurance of artificial intelligence (AI) and machine learning (ML) has been a catch cry for a while, but “embedded” insurance is now the number one trend seen in the market, with the potential to change the dynamics of a sector that has traditionally been slow to move.
Speaking to Intelligent Insurer’s Re/insurance Lounge, Angus McDonald, chief executive officer and co-founder of Cover Genius, explained why embedded insurance will be the next big thing in a crowded insurtech market.
Cover Genius offers end-to-end embedded insurance using proprietary technology that can be plugged into a third party’s digital platform, allowing it to sell products, services, or platforms with insurance coverage or warranty protection embedded in it.
Embedded insurance can be seen as an alternative to getting insurance from carriers—but one that benefits the customers with seamless digital experience, automated quotes, policy issuance and claims settlement within their purchase funnel. For example, travel insurance offered as part of flight or hotel reservation process, or auto insurance coverage that tags along with car rental or car-sharing services.
Cover Genius, Machine Learning (ML), Technology, AI, Digital, Insurance, Reinsurance, Angus McDonald, London, UK