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Risk in Context Podcast: Embedded insurance helps identify key risks and opportunities

Embedded insurance — coverage that is tagged on to the purchase of a non-insurance product or service — is increasingly a key component of what we all subscribe to, lease, share, or buy.

04/09/2023 · 2 minute read

Embedded insurance — coverage that is tagged on to the purchase of a non-insurance product or service — is increasingly a key component of what we all subscribe to, lease, share, or buy. But embedded insurance programs provide benefits that go well beyond a warranty.

Aside from the protection or service benefits for customers, embedded insurance provides manufacturers or sellers with important early warning and claims data that can help them identify and address risks, streamline claims, and pinpoint new opportunities to increase revenue.

In this episode of Risk in Context, Rami Soysa, a client engagement leader at Marsh's International Affinity Practice, and Tim O’Connor, Partner and Warranty Practice leader at Oliver Wyman, discuss how embedded insurance programs are transforming risk management and helping companies take preemptive action to mitigate their risks.

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Key takeaways

Embedded insurance programs go beyond warranty.

These programs can help companies improve interactions with clients, customers, and employees, and provide a new way to diagnose potential problems.

Rich data helps identify risks and opportunities.

The information collected through embedded insurance programs can alert companies to possible fraud or product quality issues, for example, and identify new areas for growth.

Digitalisation advances are revolutionising embedded insurance programs.

Today’s tools and technology are making it easier for businesses to gather critical data points at a fast speed and use this information to help predict potential risks.

About our speakers

Rami Soysa

Rami Soysa

Client Engagement Leader, International Affinity Practice

  • United Kingdom

Rami Soysa is a client engagement leader in Marsh’s International Affinity Practice. He supports global clients within the consumer electronics and heavy machinery sectors to launch affinity and embedded insurance programs across multiple regions. In addition, he leads the product development and implementation on personal cyber and ESG-related initiatives across all sectors within the International Affinity Practice. His special area of interest is extended warranties.

Tim O’Connor

Tim O’Connor

Partner, Warranty Practice Leader, Actuarial Practice, Oliver Wyman

  • United States

Tim O’Connor is a Partner within Oliver Wyman’s Actuarial Practice. Based in Chicago, he has more than 15 years of experience providing property-casualty consulting services to a variety of insurance manufacturing organisations, focusing on warranty; workers’ compensation and liability coverages; and claims and analytics.

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