Embedded insurance represents a transformative opportunity by meeting consumers directly at the point of need, a significant shift for an industry traditionally reliant on direct, PCW or broker-intermediated sales. By integrating insurance products seamlessly into existing platforms—whether travel booking sites, e-commerce platforms, or health services—customers are offered tailored, relevant policies that align with their intent.

For insurers, being in the channel allows them to leverage rich contextual customer data, leading to more accurate underwriting and pricing decisions and reducing fraud. Avoiding price comparison websites or brokers also lowers Customer Acquisition Costs for insurers, and improves consumer satisfaction. For platforms, embedded insurance introduces high-margin revenue streams, with some verticals such as ticketing driving up to 30% of their bottom-line from insurance sales.

Lines like travel, health, and commerce are particularly compelling for embedded insurance with deep addressable markets, shorter time-horizon policies, definitive outcomes, and manageable loss ratios of 30-50% that create economic breadth for both carriers and distributing partners.

The key to success lies in delivering best-in-class customer journeys; insurers should offer a full stack proposition from quote to claims, ensuring customer experience is carefully managed throughout. Building a digital first platform gives a fundamental advantage in this customer experience as well as enhancing the insurer’s cost-to-deliver. Platforms with international audiences also tend to benefit from globally integrated solutions that can maintain product consistency and compliance across regions, often enabled through a carrier-agnostic platform approach.

Dawn are delighted to be investors in Cover Genius, collaborating with well-known brands, including Uber, Booking.com, and eBay to offer a best-in-class customer-centric embedded insurance proposition across multiple lines in countries around the world.