Are we on the brink of an embedded insurance opportunity? Maybe selling embedded cover, as part of a finance agreement, at the point of sale is the way ahead with big ticket items like luxury watches, kitchens and appliances, racing bicycles, caravans etc?
The “United Kingdom Embedded Finance Business and Investment Opportunities Databook – 50+ KPIs on Embedded Lending, Insurance, Payment, and Wealth Segments – Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
UK’s Embedded Finance industry is expected to grow by 33.8% on annual basis to reach US$8,579.4 million in 2022. The embedded finance industry is expected to grow steadily over the forecast period, recording a CAGR of 20.2% during 2022-2029. The embedded finance revenues in the country will increase from US$8,579.4 million in 2022 to reach US$23,252.2 million by 2029.
The embedded insurance industry in the United Kingdom is gaining widespread popularity among investors and global insurtech firms. Consequently, investment activities have increased in the space over the last four to eight quarters. Several insurtech firms are raising funds to launch new products, scale their platform, and expand their product offering in other European countries. The publisher expects the trend to continue in the United Kingdom from the short to medium-term perspective.
Moreover, global insurtech leaders are eyeing to offer their products in the country to tap the prevailing opportunities in the embedded insurance market.
- In September 2021, United States-based insurtech firm, Open Insurance, announced that the firm is planning to enter the United Kingdom market by early 2022.
- The firm made the announcement after raising US$31 million in September 2021. Apart from the United States, Open Insurance also has its presence in Australia and is about to launch in New Zealand, followed by the United Kingdom.
As the embedded insurance industry continues to grow, the publisher expects more global insurtech firms to expand and launch their services in the United Kingdom over the next four to eight quarters.