MoneyLIVE Summit: Qover on the Rise of Embedded Insurance
“I come from a background in payments and identity,” says Qover’s Chief Revenue Officer, Parker Crockford.
With this experience, Crockford has seen firsthand how embedded payments has swept through the financial services industry, and now, he sees the same happening in the embedded insurance space.
“Embedded insurance is just going to keep on growing,” he tells us from MoneyLIVE Summit 2024. “All insurance is going from in-person interactions to a hybrid onboarding process, and within that is the capacity to offer embedded insurance offerings.”
Qover: The rise of embedded payments
But, as embedded payments has spread with increased rapidity, why has it taken longer for embedded insurance to catch up?
“It’s been difficult and a longer process for embedded insurance to take hold,” notes Crockford. “Insurance is a global experience, but from a regulatory point of view, it's hyper-localised.
“Today we’re talking about how to distribute insurance while remaining compliant in every jurisdiction, and at Qover, we’re really trying to highlight how – with embedded insurance – we can create a global safety net by attaching a product into a checkout experience and create a better insurance offering.
“Insurance is no longer a race to the bottom. Price matters, but now it's about trying to use that at that point of transaction to make selling insurance seamless and the product more meaningful.”
Growing at pace with Qover
Indeed, Qover’s own growth journey has run alongside the rise of embedded payments. The insurtech generated US$30m in Series C funding last year and has doubled in size in the last couple of years.
“At Qover, we’ve built a platform where we can allow a partner to have a single API, but then have multiple risk carries, products and everything else behind it. This simplicity has helped us scale massively.
“We’re not carrying or underwriting the risks, we simply allow our partners to have a single, integrated insurance experience and grow their business under a new revenue model.
“This allows our partners to take control of their insurance programmes, and that’s the difference. Instead of enabling a financial services provider, say, to pick one risk carrier issuer, we’re enabling them to have multiple.
“It gives a lot more flexibility, and I look forward to firms’ appetite for what we can offer grow in the coming months and years.”
**************
Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024.
**************
FinTech Magazine is a BizClik brand.
