Over six out of 10 consumers trust established banks for insurance plans

Only 40% trust digital-only insurers.

In Asia, 64% of consumers trust established banks for insurance purchases, and 57% trust established insurers, according to a Chubb survey.

This compares to lower trust percentages (40% and 31%) for digital-only insurers and banks, respectively.

Globally, 55% of financial executives believe established insurers have an advantage due to consumer trust compared to digitally native insurtechs.

The survey, titled "Banks and the Digital Wallet War - The Embedded Insurance Strategy," polled 2,000 consumers and 200 finance leaders in second quarter 2023.

It highlights the swift rise of embedded insurance adoption by banks and fintechs to meet growing consumer demand.

Also, 62% of financial executives involved in insurance decisions anticipate generating over 10% of their revenue from embedded insurance within three years.

ALSO READ: Only 30% of Singaporeans trust financial institutions, amongst the lowest in the region

Globally, 56% of financial leaders expect the same.

Furthermore, 81% of financial executives consider digital insurance embedded in websites and apps as a necessity, signalling a shift towards integrating insurance products into financial services platforms. This trend is particularly strong in emerging markets in Asia and Latin America.

Over half of global consumers express interest in purchasing more insurance, with even higher numbers in Asia (60%) favouring digital channels for buying insurance.

The survey indicates that consumers are increasingly seeking insurance to cover a wider range of risks.

Around 56% of global consumers believe they are underinsured. This sentiment is more pronounced in specific markets, with 62% of Latin American and 60% of Asian consumers interested in insurance that safeguards not only their possessions but also their lifestyles.

In developed markets, established banks and insurers can capitalise on these trends, ensuring compliance with insurance laws.

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