Global consumer demand for embedded insurance is huge
Embedded insurance is becoming a popular trend for financial companies that plan to receive at least 10% of this type of service within three years. This is stated in the report of the international reinsurance company Chubb.
According to the Chubb survey, 81% of respondents believe that digital insurance embedded in websites and apps is becoming mandatory rather than a “nice to have”. According to respondents, this trend lays the groundwork for accelerating the introduction of insurance products on financial services platforms.
According to the Chubb report, UkrStrakhovanie’s online resource, the development of embedded insurance is most active in Latin America and Asia.
“The Asian and Latin American markets are already showing tremendous growth opportunities for banks and fintechs with insurance built in,” commented Gabriel Lazaro, Head of Digital at Chubb. “The global consumer demand for embedded insurance is huge, and we believe the next phase of expansion will be in developed regions and through reputable financial institutions,” he said.