Embedded insurance as a consequence of deepening and expanding integration processes in the market

Abstract

Embedded insurance is a term that has gained considerable popularity in foreign sales practice in recent years and has revolutionized how insurance is integrated into the daily lives of consumers of products and services. The article presents the features of embedded insurance, the development of which was due to the deepening and expansion of integration processes between suppliers of products and services in order to organize and conduct more customer-oriented sales and obtain a synergistic effect on this basis, provides examples of the use of embedded insurance, identifies the advantages and disadvantages of embedded insurance for participants in the purchase and sale of integrated products. The risks that may arise during the integration and convergence of insurance into the products of partner companies both from the perspective of macro- and microeconomics are identified. On the basis of general scientific theoretical methods and empirical methods of comparison, description and observation, the place of embedded insurance in the context of deepening and expanding integration processes was determined, and the use of the induction method allowed us to move to generalized conclusions about the further development of embedded insurance in Russia. The result of the study is a methodology for assessing the economic benefits of integration and convergence of insurance into partner products. In conclusion, it was concluded that the development of insurance in Russia in the context of its integration into consumer products and services is more effective in relation to the traditional provision of insurance services within a separate independent product.