Embedded Finance Review Podcast, episode 14. Published 29 November 2024. Guest: Nikolaus Sühr, co-founder and CEO of KASKO. Host: Lars Markull.
Lars Markull: Welcome to the Embedded Finance Review Podcast. My name is Lars Markull. Today I'm speaking with Nik Sühr, who is the co-founder and CEO of KASKO. Nik is a true expert with over 10 years of experience, and with KASKO they offer digital insurance solutions to insurances and brands. In this episode, Nik and I are taking a deep dive into the world of embedded insurance. We're speaking about the most popular use cases within embedded insurance, the type of insurance products that can be embedded, and we explain how these products can be built. Let's dive in.
Welcome
Lars Markull: Hey Nik, welcome to the podcast. How are you doing today, and in what part of the world are you located right now?
Nikolaus Sühr: Hi Lars, thank you very much for having me. I am very good. I'm in Hamburg, Germany.
Lars Markull: Yeah, and we just spoke in the pre-chat about that. That's actually the place also where we met the first time a couple of years ago, back then when I was still working in open banking, and you were already heads down on the insurtech trends. And yeah, this episode will be completely focused on the topic of insurance.
It's episode number 14. The first 13 episodes, I covered a lot of other financial products in the embedded finance world. Now it's time finally to do a little bit of a deep dive into the world of embedded insurance. And I guess I couldn't have any better guest to help me to guide through this jungle.
Nikolaus Sühr: Let's see how it goes.
What counts as embedded insurance
Lars Markull: Let's see. So maybe let's kick things off very easily. Embedded insurance, when you think about the term embedded insurance, let's start very practically from a user perspective, what are typical use cases where we as a consumer, or maybe even business owner, engage with embedded insurance? What are the use cases?
Nikolaus Sühr: Listen, in my little world there is a whole range about, is it embedded, truly embedded, affinity, partnership, collab. For me, embedded insurance is ultimately offering an insurance product through a non-insurance brand or non-insurance distributor. I would even include banks, where the area is a little bit grey.
But these are things like getting a CPI product when you take out a loan, credit protection product, right, when you're unemployed or you die. Travel insurance when you buy an airline ticket online, or a car rental thing. But also warranties, when you buy a washing machine you have a purchase protection. Credit cards is a big one, obviously. Car.
So at the end of the day, the main premise is it's an insurance product that is either attached without your choice to a good or service, or you have the option of buying it at the point of sale.