Insuritas launches first rental insurance product embedded inside bank and credit union owned insurance agency ecosystems
EAST WINDSOR, CT (October 20, 2021) — Insuritas today announced the first in a series of property and casualty products that will be embedded inside their partners’ digital insurance agency platforms, seamlessly integrating relevant and personalized insurance offerings into their customer journeys.
Jeffrey Chesky, CEO of Insuritas, noted “As the nation’s only embedded insurance agency platform, we are pleased to announce the deployment of the first insurance products that will be embedded inside our clients’ banking ecoystems. A renter’s policy, underwritten by Stillwater, will be offered specifically to our client’s customers who rent, offering fully bound coverage through our partner’s insurance agencies. Customers will be able to purchase the coverage they need in under 60 seconds – while our partners own the policy, the recurring revenues, and the ongoing customer relationship.”
Matt Chesky, President of Insuritas, noted “Embedding insurance products through our partner’s digital banking platforms is the next great frontier in unlocking customer value and wallet share. Our clients get over 50 million online engagements with their customers every month – and embedding relevant and timely insurance offers in these interactions collapses distribution costs, generates new revenue streams, and helps close insurance coverage gaps.
Chesky added, “Industry experts predict that embedded insurance could account for over $700 billion in Gross Written Premiums by 2030, or 25% of the total market worldwide, and we think financial institutions, with strong market share, great brand equity, and massive amounts of digital traffic, will benefit most from leveraging their embedded insurance agency rather than using a third-party firm.”
About Insuritas
The Insuritas mission is to connect people to the insurance products they need through a seamless, transparent shopping experience where carriers compete to provide them with the right coverage at the right price. The Insuritas ‘Embedded Agency as a Service’ platform is installed across a network of financial institution partners serving over 25 million customers nationally, empowering financial institutions to leverage proprietary data-mining techniques and integrations with a broad array of insurance carriers to make highly personalized, digitally optimized insurance offers to their depositors, all within their brand. These strategies help further their commitment to the financial well-being of their customers, while driving a critical source of non-interest income for their institution. For more information, visit www.insuritas.com.
