Qorus Innovation in Insurance Awards 2024- Nominated

Unlocking True Mobility with Flexible Vehicle Subscriptions and a Seamless Insurance Solution

Submitted by
12/04/2024 Insurance Innovation


Our embedded insurance solution empowers true mobility by pairing vehicle subscriptions with personalised insurance, presented within the same online experience. This streamlined journey provides greater convenience, saving customers time and effort.

Innovation presentation

Through Admiral Pioneer, Admiral Group’s venture building studio, Admiral has launched an API-first embedded insurance platform to enable automotive businesses to benefit from offering customers personal lines insurance quotes.

The collaboration between Admiral and Wagonex, the UK’s leading car subscription platform, demonstrates this with its laser focus on the customer; leveraging existing information to speed up the quote process. By offering tailored insurance at the point of sale, Wagonex provides customers with peace of mind that they get a vehicle with the right protection which can be managed together in the same place.

The benefit goes beyond just the customer, it also ensures vehicle suppliers are confident that the vehicles they are providing to the end customer are under the right protections, should there be an unexpected event.

Uniqueness of the project

While including insurance alongside a subscription is apparent elsewhere in the market, the difference is that our insurance product is based on personal lines rather than fleet cover. This empowers stronger customer outcomes as each customer receives a quote that accurately represents their risk profile. However, with fleet cover, all customers would have the same premium despite potentially being vastly different risks, with different claims histories, ages etc. This means that a driver with a full no claims history may have to pay the same as one with a history of claims, living in a higher risk area.

Although fleet insurance has its place, it can be especially convenient where certain details about the driver/s are not known, but in the case of the Wagonex platform there is already a wealth of information that the customer has provided to request a vehicle. Through our API integration, we use this data to pre-answer questions whilst only asking insurance specific questions to be able to present a quote alongside the vehicle subscription. By embedding our solution into Wagonex’s platform, the option to purchase insurance becomes a natural part of the customer journey. You can see from the video attached that this enables customers to select a vehicle and quote for personalised insurance in under 2 minutes!

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