Root, a local insurtech start-up, has recently announced its strategic partnership with Connect by Admiral, a subsidiary of Admiral Group, one of the leading insurers in the UK. This partnership marks a significant milestone for Root as it expands its reach and brings embedded insurance solutions to businesses across the country through Connect’s innovative API-first platform.
Connect by Admiral
At the core of this partnership is Connect by Admiral, an API-first embedded insurance platform. Created specifically for businesses, Connect provides a seamless way for companies to integrate insurance solutions into their existing offerings. By leveraging Connect’s platform, businesses can offer their customers both financial and insurance protection for their products through a single, simple payment process, conveniently embedded at the point of sale.
Benefits of Connect’s insurance offering
The launch of an insurance offering through Connect opens up a range of benefits for businesses and their customers. This comprehensive and relevant product offering has garnered strong interest from various businesses who see the value in providing insurance coverage along with their own products and services. Early feedback from businesses and customers alike has been positive, confirming the potential for Connect to reshape the insurance landscape in the UK.
Simplifying the customer journey
One of the main advantages of Connect’s embedded insurance solutions is its ability to simplify the customer journey. By offering insurance coverage at the time of purchase, businesses can help their customers build resilience and security into their product purchases. This streamlined approach not only enhances the customer experience but also ensures that customers have the insurance they need for the things they love.
Convenience at the Point of Sale
Timing is crucial when it comes to offering insurance coverage, and the point-of-sale presents the perfect opportunity. Connect’s embedded insurance solutions bring convenience to customers by offering insurance coverage seamlessly alongside their product purchase. This removes the need for customers to seek out insurance separately, saving them time and effort. With embedded insurance, customers can protect their purchases without any hassle or additional steps.
Empowering Businesses with Turnkey Services
Connect’s partnership with Root enables businesses to provide a plug-in insurance service for their products and services. This collaboration allows companies to not only offer their own products and services but also extend insurance coverage to their customers. By utilizing Connect’s platform, businesses can deliver a turnkey service that includes both their offering and the necessary insurance coverage, creating a more streamlined experience for their customers.
The Future of Embedded Insurance
Embedded insurance is gaining momentum as an innovative distribution model. By incorporating insurance solutions seamlessly into their offerings, businesses can enhance customer satisfaction and differentiate themselves in the market. The partnership between Root and Connect exemplifies the power of APIs in enabling this innovative distribution method, opening up new possibilities and opportunities for businesses across various industries.
Root’s strategic partnership with Connect by Admiral marks a significant step forward in bringing embedded insurance solutions to the UK market. Connect’s API-first embedded insurance platform offers businesses the opportunity to seamlessly integrate insurance solutions into their product offerings, providing convenience, security, and comprehensive protection for customers. This partnership highlights the importance of embedded insurance in delivering a streamlined customer journey and sets the stage for further growth and innovation in this exciting field. With the success of this collaboration, it is clear that embedded insurance is set to revolutionize the way businesses and customers interact with insurance products in the years to come.