The "Digital Wallet Race" Intensifies as Banks and Fintechs Around the World Invest in Insurance: Chubb Survey
- Majority of financial executives expect to generate more than 10% of revenue from embedded insurance within three years
- Over half of consumers globally are interested in purchasing more insurance
- Latin America and Asia show high demand for insurance products
- North America historically lags behind in digital insurance offerings
- Strong consumer demand accelerating adoption of digital insurance offerings globally, with
Latin America andAsia leading the pack andNorth America playing catch-up - Banks and fintechs are bullish on embedded insurance: majority expect offerings to comprise
10% or more of revenue in just three years
Further, an overwhelming
"Banks and the Digital Wallet Race - The Embedded Insurance Strategy," a global survey of 2,000 consumers and 200 finance leaders conducted during the second quarter 2023, reveals the rapid adoption and investment by banks and fintechs in embedded insurance to meet blossoming consumer demand. Over half of consumers globally are interested in purchasing more insurance and
"The race to win a greater share of consumer digital wallets is intensifying – banks and fintechs are advancing with expanded offerings of insurance products to deepen customer relationships, drive growth and narrow the protection gaps of their customers," said Sean Ringsted, Chubb's Chief Digital Business Officer. "Digitized insurance is already widely popular with global consumers, and financial service providers are building trust and loyalty while unlocking new avenues for growth by offering customers simple, relevant and affordable insurance protection options embedded in their digital customer journey. As highlighted in the report, this is a global phenomenon, with companies in
Booming Consumer Demand, Led by Emerging Markets
According to Chubb's survey, consumers are responding to a growing landscape of risk exposure with booming demand for insurance. Overall,
Opportunity for Established Firms
Established banks and insurers have a unique opportunity to leverage these trends, especially in developed markets, all while structuring the insurance offers in compliance with applicable insurance laws and regulations. Nearly
"Markets in
"Embedded insurance channels continue to gain momentum in
Survey Methodology
The results presented are based on a survey conducted by iResearch Services, a leading global provider of first-party consumer and professional data. The online survey was fielded during the second quarter of 2023 and results are based on completed surveys by 2,000 consumers and 200 financial executives.
Respondents represented all age groups, levels of education, and professional status. Consumers were evenly split among four regions:
Financial executives represented established banking organizations (
For both consumers and financial executives, the regions included the following countries:
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in
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SOURCE Chubb
FAQ
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