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Exploring Embedded Insurance 2.0: A New Paradigm

In the rapidly evolving field of insurance, embedded insurance has emerged as a revolutionary concept that integrates insurance products seamlessly into consumers' daily lives. The recent book, "Embedded Insurance 2.0: Essentials for Success" published by PwC, examines this new wave of insurance with a special dialogue featuring Shigetaka Minada, the CFO of Sasuke Financial Lab, alongside other industry leaders.

The Evolution of Embedded Insurance

Embedded insurance (EI) is no longer just an additional protection mechanism; it has transformed into a model that fosters value creation based on customer experiences. Through discussions held in the book, Minada and other prominent figures address how EI reflects current market needs and foreshadows a future where insurance fits naturally within daily activities.

A New Standard in User Experience (UX)

South to Minada’s insights, the conversation articulates the need for insurance to be delivered not as an optional choice but as an integral part of life’s flow. “We aim to innovate the insurance UX based on life events, ensuring that insurance reaches consumers seamlessly,” he states. This approach fundamentally shifts traditional perceptions of purchasing insurance, encouraging a more user-centric model.

The Gathering of Minds

The dialogue includes influential voices from the insurance industry:

• - Hiroshi Hyodo, CEO of PayPay Insurance Services, who highlights the challenges and ambitions tied to creating a world empowered by data.
• - Tsuyoshi Kuno, formerly Executive Officer at Neo First Life Insurance, shares insights on adding new value to insurance through the fusion of health and digital innovations.

Through their diverse perspectives, they collectively shape an understanding of how EI will continue to redefine the insurance landscape.

Challenges and Prospects

The book dives deep into the challenges ahead for implementing EI, including data utilization, health integration, and user experience innovation. It raises crucial questions about how to transform transactional insurance models into ecosystems that base insurance offerings on everyday behaviors and preferences.

“There’s a revolution brewing where embedded insurance will become a routine aspect of transactions, just like it is with flight insurance or purchase guarantees for smartphones,” explains a PwC consultant in the book. They assert that integrating insurance into daily transactions will not only elevate customer experience but also catalyze industry growth.

Sasuke Financial Lab's Mission

Sasuke Financial Lab aims to break down barriers in the insurance domain. The company operates a digital insurance代理店, コのほけん！, which aims to empower individuals to select insurance products that suit their needs through an easy and intuitive online experience.

Founded in 2016, Sasuke Financial Lab’s mission emphasizes simplifying insurance for consumers: “We envision a world where choosing the right insurance becomes hassle-free and accessible,” says Matsui, CEO of the company. Through digital innovations, they strive to make insurance comprehensible and straightforward, aligning with their commitment to enhancing the customer journey.

The Future is Embedded

As the landscape of insurance continues to evolve, the insights shared in Embedded Insurance 2.0: Essentials for Success provide both a reflective look at the past and a forward-thinking approach to the future. Sasuke Financial Lab’s contributions are vital to understanding how embedded insurance can solve modern challenges in a consumer-driven market.

In summary, this book not only outlines the changing tides of embedded insurance but also strengthens the dialogue around the necessary adaptations for success in this exciting new era.