September 2021
Featured in this insight: Financial services
43% of Britons would be highly interested in embedded property insurance: A survey has found that 43% of banking customers would by highly interested in bank-embedded offers in the property sector, with a further 28% stating their support for the embedded offers in travel insurance.
The survey was commissioned by Momentive.ai to understand the opinions of bank and online banking customers on proposed embedded insurance offers. More than 500 bank customers in the UK were polled, uncovering an increasing amount of support for bank-embedded insurance offers in the automobile sector (26%), with 43% also stating they would be interested in embedded offers for high-value personal and household items.
When asked about whether they would be interested in bank-embedded offers based off their transaction data, 71% stated they would support the idea. Furthermore, 64% of traditional bank customers would also be interested in embedded offers in relation to their transactions. When questioned about the reason for their decision, 49% stated convenience as the main motive.
Three quarters of customers who use mobile wallets would be highly interested in receiving insurance offers from their banks. In addition, 89% of both ‘buy now pay later’ loan users and small business owners would also like to receive insurance offers; with 79% of people who chose to use investing apps or accounts feeling the same.
The study also found that eight in teb of those who chose a traditional insurer or broker in the last year would prefer it if they were offered bank-embedded offers next time.
A similar study was conducted in America of over 3,500 participants, which found a correlation between certain life events (such as the birth of a child and the purchase of property or car) and the opinions participants had about bank-embedded insurance offers; the amount of people in support of receiving these offers would increase when drastic changes occur in their lives.
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