Explore how Embea is transforming insurance with tailored embedded solutions, placing emphasis on cancer and critical illness protection.
1. Greetings Johannes, Can you please give a brief overview of your professional journey, from your early career ventures to your current role as CEO of Embea?
My journey into the startup world began with an academic foundation in law and business, enriched by my coding hobby since childhood. Unlike the typical corporate pathway, my career has been deeply entrenched in digital startups. My experience at Rocket Internet as Venture Development Director was instrumental in shaping my entrepreneurial skills, leading me to launch Getsurance in 2016 after my tenure there. Getsurance, a direct-to-consumer life insurer, marked a significant achievement in my journey, leading up to its acquisition by Nürnberger Life Insurance in 2021. Today, as CEO of Embea, I draw on these experiences, focusing on the potential of Embedded Insurance and AI to innovate in the insurance industry.
2. Embea specialises in providing embedded insurance solutions to companies, focusing on cancer and critical illness coverage. What inspired you to delve into this specific niche within the insurance industry?
The COVID-19 pandemic was a wake-up call for many, highlighting the paramount importance of health. It showcased how quickly health issues could disrupt our lives and finances. Critical Illness insurance emerged as a solution to protect savings and provide a safety net, complementing health insurance by focusing on the financial impacts of serious health conditions. This realization propelled me to focus on critical illness insurance as a means to offer security and peace of mind to a wide audience, including those outside of traditional career paths, such as the self-employed.
3. Embea is known for its innovative and seamless technology. Could you elaborate on how your platform simplifies the insurance process for both companies and customers?
For customers, Embea eliminates the daunting task of navigating insurance options by integrating insurance into platforms they already trust, such as their banks, and tailoring offers to their needs. Our technology simplifies the process by using pre-existing data to minimize the steps needed to secure insurance, reducing it to just a few clicks. On the company side, while insurers are open to collaboration, the technological challenge often falls on non-insurance companies. Embea addresses this by providing intuitive, ready-to-use tech solutions that allow companies to incorporate insurance offerings quickly and efficiently without diverting their own tech resources.
4. As a serial entrepreneur with experience in the B2C life insurance sector, what led you to transition towards a B2B strategy with Embea? How has this pivot influenced the company’s growth and direction?
Transitioning to a B2B model was a strategic move driven by the lessons learned in the B2C sector. Direct-to-consumer experiences taught me the value of understanding customer perceptions and the high cost of traditional marketing. Embedded insurance, through a B2B approach, allows us to reach customers at pivotal moments via trusted brands, making the interaction more relevant and cost-effective. This shift has not only streamlined our marketing efforts but also expanded our reach and impact in the insurance ecosystem.
5. How do you envision Embea’s role in revolutionising claim handling and the customer experience through the integration of AI and other emerging technologies?
Embea aims to transform the insurance experience by leveraging AI and emerging technologies to streamline claim handling and improve customer interactions. Our vision includes using AI to anticipate customer needs, personalize services, and simplify the claims process, making it more efficient and user-friendly. By integrating these technologies, we seek to eliminate traditional complexities and set new standards for accessibility and satisfaction in the insurance industry.
6. Building fruitful relationships with customers is crucial in the insurance industry. How does Embea prioritise customer satisfaction and loyalty through its embedded insurance solutions?
At Embea, customer satisfaction is at the core of our approach. We prioritize simplicity, clarity, and affordability, stripping back unnecessary complexities to focus on essential protection. Our commitment to a seamless user experience, devoid of complicated jargon, and our efforts to offer competitive pricing through digital efficiencies reflect our dedication to building long-term customer relationships and loyalty.
7. With Embea’s recent successful funding round and plans for pan-European expansion, what are your aspirations for international growth in the coming years?
Our vision for international growth focuses on establishing Embea as the preferred embedded insurance partner particularly for digital banks and financial companies across Europe. We aim to develop a portfolio of straightforward, universally applicable insurance products that cater to the diverse needs of the European market, facilitating our expansion and reinforcing our position as a leader in the embedded insurance sector.
8. As CEO, what personal strategies or principles do you prioritise to drive Embea’s success and maintain its competitive edge in the market?
My personal and professional philosophy is centered on minimalism and focus, dedicating our efforts to what truly matters for our partners and customers. This means embracing lean methodologies to iterate and adapt swiftly, ensuring we remain agile and responsive to the ever-changing insurance landscape. By concentrating on our core values and being selective about our initiatives, we maintain our competitive edge.
9. What advice would you give to aspiring entrepreneurs and professionals looking to navigate the digital insurance landscape and create impactful solutions like Embea?
Entering the digital insurance space requires a fresh perspective, especially in an industry known for its adherence to tradition. My advice is to always approach insurance from the customer’s viewpoint, asking what they truly need and how you can simplify that for them. Regulations can seem daunting, but they often hide opportunities for innovation — learn to navigate them creatively. Understand the legal landscape thoroughly yourself and don’t be deterred by those who say “it can’t be done.” The key is to stay focused on delivering real value to your customers, leveraging technology to meet their needs in new and efficient ways.
10. In conclusion, what are the key takeaways or messages you’d like to leave our audience with regarding Embea’s mission and vision for the future of insurance technology?
Embea is pioneering a shift towards seamless, embedded insurance that effortlessly integrates into daily life, challenging traditional insurance models. Our vision is to redefine the insurance experience, making it invisible yet essential, accessible through technology-driven solutions. We’re committed to innovation, focusing on products that truly resonate with modern consumers’ needs. As we lead this transformation, our goal is to make insurance an intuitive part of everyday transactions, ensuring security and peace of mind for everyone.
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