Priya PatelTLDR:
- Qover’s Chief Revenue Officer, Parker Crockford, discusses the rise of embedded insurance at MoneyLIVE Summit 2024.
- Embedded insurance is seeing growth alongside embedded payments, with Qover doubling in size and generating US$30m in Series C funding.
In a conversation at MoneyLIVE Summit 2024, Qover’s Chief Revenue Officer, Parker Crockford, highlighted the increasing prominence of embedded insurance in the financial services industry. Crockford, coming from a background in payments and identity, noted that while embedded payments have spread rapidly, the adoption of embedded insurance has been slower due to regulatory challenges. He emphasized the shift from in-person to hybrid onboarding processes in insurance, creating opportunities for embedded insurance offerings.
Qover has witnessed significant growth in tandem with embedded payments, securing US$30m in Series C funding and doubling in size in recent years. Crockford explained that Qover’s platform enables partners to integrate multiple risk carriers and products through a single API, empowering them to tailor insurance programs and drive revenue growth under a new model. This flexibility, according to Crockford, sets Qover apart in enabling partners to take control of their insurance programs and offering a seamless, meaningful insurance product at the point of transaction.
As the industry continues to evolve, Qover aims to expand its offerings and support partners in navigating the complexities of global insurance distribution while remaining compliant in diverse jurisdictions. By providing a simplified, integrated insurance experience, Qover expects to see increased adoption of embedded insurance solutions across various sectors in the coming years.
