From embedded insurance to embedded insurance marketplace

  • Inside VIU
Three people are sitting and smiling while discussing paperwork.

Embedded insurance has been around for a while, but it’s really taken off in the past couple of years. At its core, embedded insurance benefits businesses and consumers by incorporating insurance buying into existing customer journeys. Simple.

In practice, this is a homebuyer completing mortgage paperwork, clicking next and being presented with a means of obtaining an insurance quote for their new home. This keeps the buyer contained within the mortgage company’s customer experience so that the process is smooth for them and feels like one complete activity rather than making insurance another item on an already long to-do list. Embedded insurance benefits the lender here, too. Adding insurance quoting to their process means that they know their buyers are completing that step – key to avoiding unhappy surprises at closing.

It is a great system that works for all involved. Right?

One potential drawback to some embedded insurance options is that it locks insurance shoppers into one company for their insurance needs. Many people prefer to bundle their insurance products to obtain discounts and to simplify their insurance buying and management. What if their auto dealership and their mortgage broker are partnered with different insurance carriers? Or what if their mortgage broker and their real estate agent have competing insurance partnerships? Customers may also feel obligated to purchase from the carrier their lender is partnered with even if another carrier is a better option for them. They may not even be aware that better coverage or lower rates are an option for them with other carriers.

What’s needed today is a way to bring the embedded insurance benefits to an improved marketplace. Enter: VIU by HUB, a neutral advisor backed by a top five insurance brokerage to offer scale and stability with insurers.

VIU by HUB’s embedded brokerage model upgrades the benefits for everyone involved.

Let’s find a time to connect!

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Benefits to insurance shoppers

Consumers enjoy the same embedded insurance benefits of convenience and efficiency. They have access to insurance coverage without the need for separate searches, applications or paperwork. They save time and reduce stress compared to the traditional model of purchasing insurance separately.

With an embedded insurance marketplace like VIU by HUB, the benefits also include a choice of carrier. As a brokerage, VIU by HUB can provide quotes from many carriers. Customers have the benefit of choice without the additional work of obtaining quotes from multiple sites themselves. This, plus the unbiased advice provided by brokerages, means that shoppers can select the insurance policy that’s truly right for them. Not the one that is the closest fit from a limited number of options provided by a carrier.

Benefits to the consumers continue after purchase as well. They establish a connection with VIU by HUB rather than a single carrier and are able to carry the relationship throughout their life without being tied to an insurance company that may no longer be the right fit. Partnering with VIU by HUB allows companies to offer that neutrality and relationship to their customers while still maintaining the embedded advantages.

As a brokerage, VIU by HUB is here for these customers when things go wrong in a way that carriers simply can’t be. Current events, including climate change and an increased risk of car theft of certain models, means that some cars and homes are either uninsurable or it becomes prohibitively expensive with certain carriers. A brokerage can help these people find alternative options. A company that embeds insurance with a single carrier runs the risk of their customers being unable to successfully purchase insurance from that carrier. Embedded insurance marketplaces remove that risk to consumers and businesses.

Benefits to businesses

Helping customers to obtain insurance, whether from a single carrier or a brokerage, is financially beneficial for businesses. Insurance is necessary, or advised, for a variety of products and can mean the difference between making a sale and not. By embedding into an existing customer journey, there are fewer lost sales late in the process. VIU by HUB takes that even further by offering an omnichannel experience that incorporates both digital and human interaction. Meeting customers where they are makes them even more likely to convert.

Partnering with an embedded insurance marketplace takes that financial benefit further.

By offering a choice of carriers and policy options, omnichannel embedded marketplaces improve conversion rates on referrals. That means customers who are offered the option to obtain a quote from a marketplace like VIU by HUB are more likely to result in referral revenue for your business than a customer referred to a single carrier. And that revenue continues. VIU by HUB offers a wide variety of insurance products, which means that they can cross sell, resulting in additional revenue for the referring partner. Take this example:

Stephanie buys a house in 2024 and uses a referral link or an embedded, white-labeled experience from her real estate agent to get insurance using VIU by HUB. When she has a child in 2025 and wants life insurance, she goes to VIU by HUB. They have a relationship, and she knows that they will provide her with neutral advice to choose the right policy for her. Plus, there is a simplicity in managing all her policies in one place even if they’re with different carriers. That real estate agent from 2024? They get revenue from Stephanie’s life insurance purchase, increasing her lifetime value as a real estate customer.

One of the surest ways to succeed in business is to embrace innovative solutions. Today, that means omnichannel embedded insurance marketplaces. With a partner like VIU by HUB, embedding an omnichannel insurance solution in your existing sales cycle is easy. More than that, VIU by HUB makes your customer's insurance shopping experience easy. Not all customers are ready to make the change to a digital-only experience. For them, VIU by HUB’s omnichannel experience makes sure that they aren’t left behind. Online, on the phone or on the app, VIU by HUB agents are ready to meet insurance shoppers where they are in their journey.

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The VIU Perspective is here to help you make sense of the impact of personal insurance on your business.