Are you planning a big trip this summer? I noticed a recent travel survey calling 2022 the year of the GOAT, with people taking their “Greatest Of All Trips.” I know my family is planning one! We are excited to head east and introduce our one-year-old to her cousins for the first time. These big trips and vacations still have uncertainty, which is why many travel providers offer embedded travel insurance.
While travel sites introduce insurance into the purchase journey, they aren’t the primary insurer. This presents a big opportunity for insurance companies to underwrite this insurance and enter a new market. And while today's global market for embedded insurance is $50 billion, by 2030 embedded insurance ecosystems could account for 25% of all personal lines premiums.
That’s why I’m excited to announce that Guidewire is introducing our Embedded Insurance Solution for travel as part of the Elysian release. In just 12 weeks, insurers can launch an end-to-end insurance offering. The solution includes core functionality, a prebuilt travel insurance product line, integrations, and a customizable embedded micro-frontend.
Here are a few more reasons why we’re excited about Guidewire’s Embedded Insurance Solution:
End-to-end insurance lifecycle support: Enables you to quote and write policies, handle claims, and support billing.
Prebuilt travel insurance product: A complete product model which can be customized in Advanced Product Designer (APD) to meet your needs.
Experience-based implementation approach: Implemented in partnership with Guidewire’s trusted cloud delivery team and the customer.
Embedded APIs: PolicyCenter REST and Cloud APIs connect the core and deliver Cloud capabilities.
Embedded Insurance micro-frontend: Customizable to suit your distribution partner purchase journey.
To learn more, please join us for the Guidewire Elysian Release Launch event on Thursday, May 19, where you can check out the Embedded Insurance Solution walkthrough with Eugene Lee.