How SMEs boost growth for embedded insurance

Insurers leveraging on embedded insurance’s capability is not enough to deter the widening global protection gap, with Asia Pacific accounting for nearly half of all uninsured risk. Thus, insurers like Zurich forecast a trend where this costreducing industry will grow: small and medium enterprises (SMEs).

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Projections by Ernst & Young (EY) suggest significant growth potential, with the embedded insurance channel expected to expand by up to 30% globally across P&C lines. Notably, there’s emerging potential for embedded insurance to extend beyond retail customers to segments like SMEs, presenting new opportunities in the Asia Pacific market.

“We’ll potentially start seeing embedded insurance for segments beyond retail customers, such as SMEs. That’s another part of the Asia Pacific (APAC) market that is ready to be explored in the right way in terms of opportunity,” Roopa Malhotra, head of Customer and Digital for APAC at Zurich Insurance, exclusively told Insurance Asia magazine.

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