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1、DateSubtitleEmbedded Insurance as strategic answer to FiDAMay 2025How insurers can strategically use Embedded Insurance to leverage FiDA opportunities and manage challenges May 2025Significant market potential for insurers in setting up and scaling Embedded InsuranceIntroduction to Embedded Insuranc

2、eSources:1)Strategy&analysis;2)Simon Torrance;3)ADACTA;4)MunichRE;5)Handelsblatt Research Institute 20%of insurance sales and revenue could come via Embedded Insurance,making it the industrys third biggest sales channel by 20304 60%of consumers are open to Embedded Insurance with a focus on travel,h

3、ome,and motor with high product/service value5Global insurers expectationsof insurance executives view Embedded Insurance as critical to future strategies for sales and customer experience3 95%Embedded Insurance in this context refers to the integration of insurance solutions into complementary non-

4、insurance products and services from third-party partners directly at the point of sale,simultaneously addressing various customer needs,while also encompassing the distribution of insurance products under the brand of a non-insurance partner as an embedded component of its value chain and sales or

5、purchase journeyIn the P&C insurance sector alone,the share of Embedded Insurance in gross premiums is estimated to reach USD 500 billion by 2035,representing 20%of the global market1Embedded Insurance will have an even larger share of distribution in China and other emerging markets(up to 50%)due t

6、o their technological advancement,simpler regulatory product requirements,and customer demand1Demand and supply of Embedded Insurance products in the L&H insurance sector are steadily increasing the gap in retirement provision is driving the trend for compatible and integrated offerings2The biggest

7、obstacle remains the threat to existing sales channels by cannibalization,and limited profitability due to intense competitionKey market factsGlobal market potential of Embedded InsuranceMay 20252Embedded Insurance as strategic answer to FiDAStrategy&Strategy&Source:Strategy&analysisMotorTravel and

8、tourismFinancial ServicesTele-communicationsReal EstateRetailLife changes.People want it to be easy,safe,and convenient and prefer bundled solutions.Industry boundaries are fading;customers are not looking for products anymore,they are looking for solutions to their needs Across industries,we can al

9、ready observe bundled propositions,also including finance/insurance components The key aspect they have in common is increased value for the end-customer,and mutual benefits for the partners involved This trend will continue and increasingly involve natively embedded products and(insurance)servicesS

10、ix industries present the highest potential for Embedded Insurance solutions and partnershipsMay 2025Embedded Insurance as strategic answer to FiDA3Embedded Insurance isnt new,but its adoption is accelerating as non-insurance companies enter the space.Driven by evolving customer behavior,technologic

11、al advancements,and ecosystem shifts will FiDA be the next key catalyst?Strategy&May 2025What is the FiDA Regulation,how does it drive Embedded Insurance,and how can it affect the industry?FiDA background1)Current assumption,the publication date is still pending;2)Legal and technical outline agreeme

12、nt between insurers regarding data sharing conditionsSource:Strategy&and PwC analysis;European Commission,EU Law Tracker,Belgian Presidencys Progress Report on the Financial Data Access Regulation(n.d.)Embedded Insurance as strategic answer to FiDA4Open issues and design options(excerpt)Timeline and

13、 scope of participation requirements beyond the initial pilot(motor)remain undefined Detailed requirements for schemes not defined(legal form of the schemes,profit or non-profit basis,etc.)Assessment and authorization of the role of gatekeepers for data exchange not finalized yet Scope of data excha

14、nge requirements affected and included(e.g.,exclusion of occupational pension scheme data,pension data,data on personal injuries in liability/accident insurance,restrictions on access to historical data,existing contracts,etc.)still under discussion Embedded Insurance is poised for further growth by

15、 leveraging stored customer data in an automated way and using tailored comparisons with previous coverage(consumer consent required)B2B2C partnerships for coverage not directly linked to an underlying product(e.g.,extended warranty)will be particularly affected,especially for simple P&C insurance P

16、roduct differentiation from competitors is becoming even more crucial to justify price variations between insurers Affordable(entry-level)offerings will increase in importance as price advantages are a transparent and compelling selling argument Customer participation and consent to data usage isa c

17、rucial pre-requisite,depending heavily on trust Thus,loyalty leaders(non-insurance brands with a high level of consumer trust)have a competitive advantage A pre-requisite for realizing FiDA-induced growth for Embedded Insurance will be the level of complexity and investment needs to gain consumer co

18、nsentCurrent status of the Regulation and rough timeline1Potential implications on Embedded InsuranceFiDA(Financial Data Access)is an EU Regulation enabling secure and standardized sharing of financial data.It allows consumers to grant third-party access to their data,fostering innovation and person

19、alized services.Insurers can use this data to offer tailored products,improving risk assessment and the customer experience.202420262027Indicative202326 June 2023EU Commission:Proposal for a FiDA Regulation30 April 2024EU Parliament:Report on the FiDA Regulation proposal04 December 2024EU Council:Ma

20、ndate for negotiations2025April 2025TriloguenegotiationsMid/end of 2025Expected FiDA implementationEnd of 2026/Beginning of 2027Approx.18 months post-implementation:Scheme2 membership required(for initial product categories).Mid/end of 2027Approx.24 months post-implementation:Insurers must fully com

21、ply with requirementsMay 2025Strategically linking Embedded Insurance and FiDA enables a sustainable competitive advantage and growth opportunitiesEmbedded Insurance benefit combined with FiDAEmbedded Insurance as strategic answer to FiDA5Potential positive implications from FiDA framework and regul

22、ationReal-time access to latest dataStandardized insurer partner interfaces Clear and secure data sharing frameworkEmpowered consumer control and transparencyBenefits of Embedded Insurance for insurersEnhanced customer experience and convenienceReal-time access to customer information improves preci

23、sion targeting,conversion,and adaptability delivering the right coverage when customers are ready to buySeamless and standardized interfaces minimize friction,simplify adoption,and expand reach making Embedded Insurance more accessible across industries and partnersClear,secure,and compliant data sh

24、aring ensures transparency in terms,conditions,and pricing building trust and improving conversion levelsTransparent data control and clear,easy-to-understand offerings improve conversion,customer engagement,and loyaltyGained new revenue streamsImproved customer access to new target groupsEnhanced c

25、ustomer know-ledge and additional dataStrategy&May 2025To benefit from FiDA,insurers must establish foundational conditions within the organization and externallyPre-requisites for insurersEmbedded Insurance as strategic answer to FiDA6Strategy&FiDA-Embedded Insurance prerequisiteGeneral FiDA prereq

26、uisiteUnderstanding the business caseCreate an appealing go-to-market approachEnsuring regulatory and legal compliancePreparing data infrastructureEnsuring operational&cultural readiness Align FiDA-Embedded Insurance initiatives with strategic goals Analyze own positioning and strategic implications

27、 of FiDA for own sales channels and ways to mitigate risks and elevate chances with Embedded Insurance Make expected benefits measurable,incl.improved risk segmentation,increased customer retention,competition levers,etc.Validate feasibility of integrating FiDA insights into Embedded Insurance produ

28、cts and pricing models Validate addressable markets and market preferences for differentiation attributes Identify which product features drive the most market attention and conversions Establish a governance framework with the partner that enables quicker adjustments in the go-to-market approach Fa

29、cilitate early customer consent with the partner while safeguarding the conversion levels Ensure implementation fully complies with financial data regulations and consumer protection laws Define governance policies on how data is processed,stored,and used,and prepare security measures Conduct legal

30、and risk audit incl.the partner to ensure applications align with regulations Define a partnership governance framework to regulate data usage and compliance responsibilities Prepare systems to support real-time financial data ingestion and processing at scale Categorize and standardize financial tr

31、ansaction data to generate meaningful insights Establish AI-driven analytics to extract risk patterns for underwriting and pricing Ensure insights are seamlessly embedded into underwriting and workflows Build API integrations with financial aggregators incl.machine learning models to classify and in

32、terpret transaction data Adapt workflows to incorporate new insights Provide targeted training programs for underwriters,actuaries,and customer service teams Redesign decision-making processes to fully leverage data Establish monitoring and feedback mechanisms to refine strategies continuously12345M

33、ay 2025Implications for insurance archetypesEmbedded Insurance as strategic answer to FiDA7Personalized embedded offeringsFully integrated coverageEmbedded risk profile and pricing Embedded cross-and up-sellingPremium Embedded InsuranceEmbedded price comparison websites1234High relevanceLow relevanc

34、eUse cases and relevance for different archetypesDetails on following pagesLeveraging Embedded Insurance as a response to FiDA may be beneficial for both price and quality leadersMarket positioningGrowth strategyExpandQuality leaderGrowth through competitive pricing and aggressive price transparency

35、Growth through strong quality commitment and above-market servicesPortfolio protection with competitive pricing,optimized costs,and sustainable marginsEnhance the customer experience and retention,with customer selection to lock in high-net-worth clientsSecure high-value portfolio with premium servi

36、ce levels,high pricing,and strong marginsDiversify risk via embedded channels,and automate and optimize to reduce internal costsBroaden market approach,extend market share and exploit digital touchpoints1243Tailor products for targeted customer approach with personalized products,and enrich service

37、value with selected partners and a convenient sales journeySecurePrice leaderMay 2025Strategy&7May 2025Embedded Insurance provides strategic answers to FiDA insurers must choose use cases according to their positioningFiDA-triggered Embedded Insurance Use Cases(1/2)Embedded Insurance as strategic an

38、swer to FiDA8Leverage real-time data sharing to fully integrate insurance into the partners transaction flow.The insurance coverage is automatically tailored,activated,and managed as part of the purchase journeyInclude available data through exchanges with financial institutions to enhance risk asse

39、ssment and pricing within the Embedded Insurance journey.The more detailed risk profile increases customer approval rates while giving insurers greater reliability in their individual risk calculationsUse real-time financial data access to generate instant,personalized insurance quotes within partne

40、r platforms(e.g.,banking apps,e-commerce).Pre-filled customer data streamlines onboarding,making the process seamless and efficientPersonalized embedded offerings Quick,transparent,and pre-filled insurance quotes Personalized offers based on real financial data A seamless buying experience within tr

41、usted brandsInsurer benefitsInsurer benefitsInsurer benefits Faster customer acquisition and lower onboarding costs Improved risk selection and cross-selling opportunities Enhanced digital distribution through partner networksInsurer positioning for applianceInsurer positioning for applianceInsurer

42、positioning for appliance Convenient,one-step coverage bundled with purchases Seamless,automated protection based on actual needs Potential cost savings from dynamic bundled pricing Lowers distribution costs and cuts out intermediaries Boosts retention with a seamless,embedded offering Protects marg

43、ins by bypassing comparison platforms Minimized insurer cancellation rate enhances customer convenience Reduced short-term premium adjustments Competitively-priced offers by reducing risk surcharges Additional certainty in the individual risk profile and pricing Higher customer retention/loyalty and

44、 conversion through reliable,long-lasting information in the embedded sales journey Reduced process and claims costs in after-salesFully integrated coverageEmbedded risk profile and pricing+Customer benefitsCustomer benefitsCustomer benefits-+-+-+-Strategy&May 2025Embedded Insurance provides strateg

45、ic answers to FiDA insurers must choose use cases according to their positioningFiDA-triggered Embedded Insurance Use Cases(2/2)Embedded Insurance as strategic answer to FiDA9Embedded cross-and up-selling A unified view of insurance and financial health Smart,personalized recommendations to fill cov

46、erage gaps Simplified policy management in a single interface Higher conversion levels with real-time and tailored offers timed along customers trigger points and opportunities Stronger customer loyalty through holistic financial insights Improved risk assessment for better product targeting Assuran

47、ce of quality and added value,eliminating the need for external price comparisons Convenient after-sales services at a high-quality level Protects high margins by minimizing price-shopping Enhances brand prestige through value-added service Strengthens long-term customer loyalty with a seamless,prem

48、ium journey A seamless,hassle-free insurance experience giving the same experience as with trusted platforms Transparent,competitive pricing with lower broker markups More relevant,contextual insurance offers at the point of sale Lowers distribution costs by bypassing monopolistic intermediaries Emp

49、owers direct customer relationships,enhancing price control and access to customer dataPremium Embedded InsuranceEmbedded price comparison websites+Aggregate a customers financial and insurance data in a digital dashboard embedded in banking,fintech,or lifestyle apps.AI-driven insights highlight cov

50、erage gaps and generate personalized insurance recommendationsQuality leaders counter price transparency and comparison by embedding premium insurance into partner purchase flows.Using FiDAs secure,real-time data and explicit consent,they deliver exclusive offers that curb price shopping and protect

51、 marginsFiDA-enabled Embedded Insurance integrating products directly into partner platforms.This approach reduces reliance on high-fee comparison platforms by breaking up incumbent monopolies and fostering direct,competitive customer engagement-+-+-+-Insurer benefitsInsurer benefitsInsurer benefits

52、Insurer positioning for applianceInsurer positioning for applianceInsurer positioning for applianceCustomer benefitsCustomer benefitsCustomer benefitsStrategy&May 2025All steps of the embedded sales journey need to be reflected on and adapted to best benefit from FiDA requirements Deep dive:Use case

53、“Personalized Embedded Offerings”Embedded Insurance as strategic answer to FiDA10FiDA-triggered data input FiDA-triggered data processing FiDA-triggered data output Use cases and significant growth opportunities in Embedded Insurance depend on early customer consent Embedded Insurance sales journeys

54、 must carefully balance early customer consent with the risk of higher sales churn rates A convenient approach to obtaining customer consent is crucial Further regulatory requirements and the design of the FiDA schemes are highly relevant for effectively leveraging FiDA opportunities in Embedded Ins

55、uranceAdditional remarksType ofdata flowDescriptionImpactPolicy issuance and onboardingInsurance value chain(simplified)Inflow of recent financial data from the customers financial institution,triggered by explicit consent(e.g.,income verification,transaction summaries)Accurate financial profile as

56、a baseline for tailored underwriting and quotingAuto-population of the application form using verified financial dataInternal checks to ensure completeness and consistencyReduced manual entry and errors,aligning the application with the users real profileIncreased certainty in personalized pricingIn

57、tegrate real-time financial indicators(e.g.,spending trends,credit movements)into underwriting and dynamic pricing to generate an up-to-date risk score and personalized premiumPrecise risk profiling to deliver accurate,personalized quotes,customize product recommendations,and tailor offers that mirr

58、or the customers financial realityFinal check of the underwriting risk profile for policy finalization and activation;preparation for sharing along interfaces with partners Certainty that offer can be made,including reduced probability of premium adjustments in the future;insights generated for furt

59、her up-and cross-sellingApplication initiation and consentRisk assessment and quote generationDemand creationPre-filled application and data enrichmentEmbedded Insurancedistribution/salesPolicy administration and issuanceProduct developmentPricing and underwritingPost-sales services(operations,claim

60、s,renewals)Embedded sales journey(simplified)Trade-off between early consent to maximize FiDA impact and late consent for high conversion levelsn/aCustomization and positioning of products to create interest and demand while attracting customers into the purchase journey leveraging cross-selling opp

61、ortunitiesIncreased customer readiness for“consent”and increased awareness of key benefits of products early on will support a convenient and seamless purchasing experience at increased conversion levels Strategy&May 2025Insurers that swiftly adapt their Embedded Insurance strategy to FiDA requireme

62、nts gain a significant strategic advantageRisks,benefits,and concrete measuresEmbedded Insurance as strategic answer to FiDA11STRATEGIC PLANNINGEvaluate the business strategy and FiDA implication to derive relevant insights for the Embedded Insurance strategy and prepare concrete use casesPARTNERSHI

63、P OPTIONSAnalyze strengths and weaknesses of current Embedded Insurance partnerships and the market to strategically select partners,considering changing conditions under FiDAPRODUCT DEVELOPMENT AND PRICING Adapt Embedded Insurance products by increasing their flexibility;trans-form product developm

64、ent/underwriting incl.pricing to have more agility to meet the bidirectional data exchange requirements,while aligning with strategic objectivesSALES JOURNEYAND DATA INTEGRATIONPrepare the data infrastructure,including the embedded sales journey,for bidirectional data exchange to ensure compliance w

65、ith legal requirements for both the insurer and partners,while enabling structured data processing in the insurers processes at all timesSTRATEGIC REALIZATION AND UP-SCALEImplement strategic objectives(including sales and product strategy)in collaboration with Embedded Insurance partners based on st

66、rategic positioning,and scale advantages by leveraging market benefits gained through swift actionEnhanced Competitive Positioning:Fast adaptation reinforces market leadership and brand positioningNew Revenue Streams:The growing Embedded Insurance market can be tapped more aggressively through early

67、 data and interface readinessImproved Customer Loyalty:Seamless integration enhances customer experience,satisfaction,and retentionOperational Efficiency Gains:Integrated data input improves the individual risk calculation and profitabilityStronger Partnerships:Early alignment with partners unlocks

68、tech advantages and market reachRoadmap to success Benefits for Front Runners Recent developments make clear:FiDA is coming.To realize a competitive advantage based on FiDA success factors,partner and customer targeting as well as customer journeys need to be adapted,and technological investments re

69、spectively defined.Gero Matouschek,Partner Strategy&+“”Strategy&Strategy&Lets get in touch to explore how you can turn FiDA into a strategic opportunityDr.Gero Matouschek12Dr.Gero MatouschekPartner+49 151 +49 151 Christoph HerzogDirectorDirector+49 151 Melanie SchlnderJonas Meereis+49 162 Senior Ass

70、ociateEmbedded Insurance as strategic answer to FiDAEmbedded Insurance business strategy designFiDA regulatory requirementsand complianceMay 2025Thank 2025 PwC.All rights reserved.PwC refers to the PwC network and/or one or more of its member firms,each of which is a separate legal entity.Please see for further details.Disclaimer:This content is general information purposes only,and should not be used as a substitute for consultation with professional advisors.