Qorus Innovation in Insurance Awards 2024- Nominated

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

Submitted by
premium
Q+
12/04/2024 Insurance Innovation

About

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!

Want to keep reading?

Become a Qorus member to get access to all our innovations

Interested in learning more? Speak to Boris, Qorus's Content Lead

Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.
Contact us

Related innovations

23/05/2024 Banking Innovation

Improving Financial Health via Mobile

How to truly improve financial health at scale

23/05/2024 Banking Innovation

Supplementary Pension in Intesa Sanpaolo's Mobile APP

Supplementary pension plan in App: from Subscription to Post- Sale, for an interactive and immediately customer experience. Totally new processes...

23/05/2024 Banking Innovation

Finanza Insieme

Finanza Insieme: Impara, Capisci....Agisci

23/05/2024 Banking Innovation

Financial Health as Ultimate Company Purpose

Strategy reinforcing our 200y year old purpose brought to modern era

Related news & insights

Mobility
24/05/2024 News

manager.one payment card provides access to over 300,000 charging stations in Europe

manager.one has integrated the Idemia Card Connect technology over the past two years to enhance its payment card services. This...

Embedded Insurance
23/05/2024 Article

Partnerships provide insurers with the key to unlock cybersecurity opportunities

The rising threat of cybercrime is challenging insurers to build innovative solutions that will protect their customers and generate new...

Digital Reinvention
23/05/2024 News

UK fintech Jaja pioneers AI chat assistant for lending

Jaja Finance has launched 'Airi,' an advanced AI chat assistant to enhance customer support and lending services. Using the Claude...

Digital Reinvention
21/05/2024 Article

Innovation Masters: How top insurers retain customers

In this article, we'll explore recent successful innovative programs for retaining customers by Discovery, Mapfre, Triple-S Vida, AXA, and Nib....