THE EMBEDDED INSURANCE REPORT:

Data shows Indian consumers lead the world in demand for contextual and convenient insurance & warranty offerings from their banks

This report is a part of a global series of research commissioned by Cover Genius to examine consumer preferences towards receiving embedded insurance offers directly from their financial institution of choice. 

In this report, titled The Embedded Insurance Survey: India, 574 census-balanced bank customers in India were surveyed by Momentive.ai (the research business of SurveyMonkey) on how they would react to receiving insurance offers based on real time transaction data. They were asked the following:

Suppose your bank, with your permission, monitored your transactions and offered a prompt for purchasing protection products based on your purchase history inside of your banking app. Please indicate how interested you would be in allowing them to make these offers.

The results overwhelmingly found that Indian consumers have a strong desire for bank-embedded insurance offers, an opportunity to more effectively connect their digital activities to an existing relationship in an economy undergoing an accelerated shift to digitization. The growing demand for embedded insurance also presents a challenge that “bancassurance” partnerships between traditional insurance models — where offers are divorced from underlying activities — cannot solve: 91% of Indian digital bank customers would be highly interested in receiving embedded insurance offers based on their transaction data, as would 95% of traditional bank customers. ‘Convenience’ is the primary driver for their interest, stated by 63%.

The research aligns with data across the globe that points to significant demand for timely and relevant transaction-based insurance offers, with the majority of consumers showing extremely high preferences if they’ve recently made big purchases or had major life events especially. Notably the data shows that the traditional ‘second step’ of insurance distribution is outdated and not aligned with the expectations of an increasingly digitized customer base. 95% of Indians who chose a traditional insurance model in the last 12 months would prefer bank-embedded offers for next time.

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GLOBAL
AMERICAS
Global Research
US
Canada
Brazil
EMEA
APAC
United Kingdom
Australia
Germany
Singapore
Spain
India
Italy
Thailand
France
Korea
Indonesia