bsurance: enabling the consumerization of insurance for B2B2C partners and insurers
bsurance develops and embeds cloud-based insurance products for different size, sector businesses, enabling fully digitalised processes, providing next-generation solutions to the end-customers, and unleashing the business power.
They provide cloud-based and adjustable insurance products that are tailorable for any product or service. Easy adaptable and digitalised end-to-end processes allow every business to speed the digital transformation up, unleashing the full business potential. Their expert team develops an easily adjustable solution for any business, connect to the right insurer, and design an API that connects seamlessly and in real-time to the requested platform and manages the claims process also digital once needed.
Over the past few years, embedded insurance has successfully grown within the Property & Casualty space.
bsurance has been able to move beyond these business lines and expand into life insurance. This started with products like payment protection and is now moving further into traditional life and life risk insurance products. This is an important trend that shows that in a few years, embedded insurance will not be a buzzword, but just another distribution channel, co-existing with direct sales, agents and brokers.
Embedded insurance is the answer
Insurers face high customer acquisition costs, low trust and important changes in consumer behaviour. Embedded Insurance is an answer to those problems. As enabler, bsurance help insurers reduce their customer acquisition cost by providing access to new distribution channels that allow them to reach new and younger customers.
They are able to implement new solutions and products within weeks instead of months, allowing insurers to quickly adapt to changes in the market.
They help insurers digitalise, using their API enabled platform, but also assist with product development, policy and claims management and even settlements. They take away the pain of tight resources in both IT and product teams and allow insurers to test new and innovative models with their Insurance as a Service offering.
“The benefit for insurers is that this allows them to sell more complex insurance products through digital distribution, a very cost-efficient way to attract new customers and an enormous cross- and upselling opportunity”Lorenz Graeff, CEO bsurance
How does it work?
An example of innovation in the life space, is a project they did for one of the largest Spanish banks. bsurance was able to test the flow for an e-commerce platform available for banking customers, where products are sold with installment plans. They included a payment protection product within the purchasing process, to provide customers with higher financial security. With this solution, they provided the insurer with an alternative way of distributing this life insurance product, without the need for any internal IT developments, and the banking platform with added value for their customers. The digital experience with real-time policy issuing is seamless for the customer and it provides a cross-selling opportunity for future insurance products.
Benefits of embedding a life insurance product with the help of bsurance
- Significant lower customer acquisition costs
- Low investment costs – use an existing SaaS solution instead of building something on your own
- Time to market – weeks instead of months
Why we selected bsurance for Insurtech In The Spotlight
In collaboration with their partners, they build sustainable business ecosystems while connecting end-users with fair, relevant cloud-based insurance products: embedded at the right time and context. bsurance helps businesses scale-up globally and grow their customer base by fully digitalising and embedding insurance products directly at the Point of Sale.
Who is bsurance?
bsurance is an Austrian-based Insurtech start-up headquartered in Vienna.
CEO and co-founder is Lorenz Graeff.