What’s Broken (And Why it Could Be Better)
The traditional insurance industry is slow, outdated, and not built to meet modern consumer expectations. Here are just a few of the obstacles event professionals experience when it comes to event insurance:Finding coverage is inconvenient.
Clients search for insurance providers or navigate affiliate links to third-party sites, disrupting their workflow and increasing the likelihood that they purchase inadequate coverage or skip the step altogether.
The application process is slow and complex.
Traditional insurance providers require extensive paperwork, use complicated industry jargon, and can’t provide accurate quotes without additional information.
COI management creates inefficiencies.
Many events require proof of insurance, but tracking, collecting, and verifying COIs is time-consuming for event organizers.
Claims processing is frustrating.
When incidents do occur, filing and managing claims often involves lengthy back-and-forth communication, leading to frustration.
Change the Game With Embedded Insurance
By adding relevant insurance options as part of the user experience, clients can purchase coverage at the exact moment they need it – without leaving the platform. Here’s how that can make a big difference:Eliminates friction.
Make it easier for event organizers to remove extra steps, reduce the risk of oversight, and ensure compliance with venue requirements – all within one platform.
Improves customer retention.
Event organizers and planners prefer sticking with a platform that simplifies their workflow – convenience fosters brand loyalty and increases repeat business.
Increase customer acquisition.
Offering embedded products creates a unique value proposition that differentiates a platform from the competition.