Salty’s Embedded Insurance® Guide
Written by Aneesh Arikirevula, Communications Intern
Insurance shouldn’t be complicated, but the market is riddled with problems: prices are often too high and there is little coverage available for those who need it most. It’s a good bet that almost everyone you’ve come across has experienced similar issues trying to find the right deal.
Believe it or not: insurance was created as a community good and is meant to make your life easier. Something providing so much value shouldn’t be so stressful and challenging to get.
With a reputation for complexity, confusing language, and piles of paperwork, the industry has scared away a large segment of consumers. Old-world insurance models don’t take into account the consumer needs and economic landscape of today. From next-day delivery at the press of a button to instant access to your favorite TV show, we live in a society where instant gratification is embraced … and demanded.
Why can’t insurance be the same? With constant waves of technology and innovation elsewhere, consumers refuse to subject themselves to difficult and time-consuming processes just to protect their purchases.
The good news is that change is finally arriving. The idea of delivering an easier and faster process of acquiring insurance has attracted the attention of those in the industry who want to support fast-evolving consumer expectations. Salty’s Embedded Insurance® is the name of the game. It not only satisfies your request, it understands your needs; it will ensure you find exactly what you’re looking for, right when you need it.
What is Salty’s Embedded Insurance®?
But what is the Embedded Insurance® platform, and how is it different from traditional Insurance models?
Imagine you’ve made a stop at your local grocery store to pick up some essentials for the weekend. As soon as you enter, you stack up on cereal, milk, produce and even get an excellent deal on some last-minute meats. As you get closer to the checkout line, you’ve realized that you’ve forgotten the item you came to the store for in the first place: bread.
Lucky for you, there is a special sale near the checkout that has the bread you need. Not only are you saving time – you’re leaving the store with everything you need. A simple technique – product placement – makes the customer feel like they’re in and out in no time and on their way.
Our Embedded Insurance® has some similarities with that grocery store example. Based on a SaaS (Software as a Service) platform, it provides consumers with a seamless experience that offers the right policy to cover their purchase needs, right at the moment.
Embedded insurance helps insurers create a precise system to select, calculate and quote the consumer at hand, offering them a policy that meets their specific needs. Consumers benefit from a seamless and customer-centric experience by engaging in a self-service process, from the palm of their hand, which makes each interaction feel more personal.
How does Salty’s Embedded Insurance® work?
The process starts with you buying something amazing. Let’s say you got your hands on a brand new car or are renting a boat for the lake this summer. You need insurance to protect that purchase. That’s when Salty goes to work.
Using artificial intelligence, Salty’s unique Embedded Insurance® platform understands you, what you’re buying, and – most importantly – finds the right policies in real-time. With a few clicks, you’re covered. No complicated process – the right policy you need, right from day one.
This type of digital transformation places customers’ needs first. With a light, simple workflow, the ultimate objective is to provide a better customer experience, deepen customer relationships, and drive service and loyalty without any missteps.
Why is embedded insurance the next big thing?
Embedded insurance is gaining momentum in the market. Distribution partners are signing up because they too see consumers demanding simple experiences that they control, which give rapid results. Insurance is no exception – in fact, the insurance shopping process frequently distracts the consumer from the sale of the core product. Salty’s platform has been designed from the ground up to address all of those problems.
A welcome effect of the simplicity and transparency of the purchase experience is that it enhances trust on the part of consumers. This impact is amplified as both the core asset purchase and the insurance process migrate toward digital experiences. With traditional insurance services, about 74% of shoppers use online websites to find quotes that work in their favor. Out of that population, only 25% purchase their policy online; 50% close through an agent, and 22% phone a call center.
Given this profile, perhaps the most significant advantage for embedded Insurance is the overall growth of digital purchase processes. E-commerce platforms are particularly suited to integrate with the platform. Integrations allow Salty unique Embedded Insurance® platform to gather additional information in real-time on customer requirements and behaviors and to provide a perfectly matched policy at an appropriate price. No stress. No bs. It’s that simple.
Lessons from other Industries
As the market grows and evolves, AI and technology more generally have taken on more critical roles in every industry. A common objective is to fast-track simple processes to ensure efficient processes that tend to a consumer’s needs on the spot. Accordingly, many companies – from automotive to retail – are engaged in transforming their offerings and creating more real-time value-added at the point of sale.
Tesla is in the unique position of having created a complete ecosystem around its vehicles, from charging station networks, to streaming music capabilities. It even offers its very own coverage (Tesla Insurance) for its customers at discounted prices as an incentive. Even Walmart – a bastion of physical location-based retailing – has started to offer pet insurance policies in stores where customers get their pet’s prescriptions and food. And in the financial advisory market, Betterment has established an embedded coverage service for their customers that pay their cell phone bills with their checking debit card in case of damage or theft.
The common thread here is the effort to smoothly integrate benefits for the customer, bringing services that they don’t have to look for by themselves once they walk out the door. As embedded insurance gains momentum, more markets will open up and other segments will provide valuable lessons as they attach additional elements to their consumer offerings.
The Salty Advantage
Salty remains set for further growth. The recent announcement about our partnership with Clearcover Insurance is an example of how innovators in multiple areas of the insurance sector can team up to create appealing new offerings. In a sign of the broader push towards digital transformation, Salty joined forces with Asbury Automotive Group, one of the largest automotive retail and service companies in the U.S., to enhance Clicklane – a technology ecosystem that enables an authentic online car-buying and selling experience. Salty’s platform already has the capacity to address major markets such as Wheels, Homes & Pets, and its ability to cater to specific needs will lead to more opportunities in the future.
Wherever and however Salty continues to grow, the focus will always be on serving customers with innovative digital experiences that they can trust to cover the most important things in their lives. So, when you think about Embedded Insurance®, we want you to think of Salty.