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Banks and the Digital Wallet War: The Embedded Insurance Strategy

By the Numbers

Introduction

A Global Survey of  Established Banks, Fintechs & Consumers

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Sean Ringsted
Chief Digital Business Officer, Chubb


Executive Summary
 

The survey demonstrated that fintechs and established banks around the world overwhelmingly agree that including digital insurance as part of their porVolio of products and services is becoming a must-have to compete in today’s global financial services market. And the demand and expectaJon from consumers is clear.

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Leadership voices

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Gabriel Lazaro Head of Digital, Chubb Overseas General Insurance

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Leadership voices

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Amy McNeece SVP Digital Consumer Partnerships North America

Financial organizations offer insurance Jed to different financial products or as a standalone offering to bolster their customer base, increase consumer trust in financial products, and create addiJonal revenue streams.

A modern-day, intuiJve experience comes with embedded offers for financial protecJon and must be a fricJonless stage of the customer journey. For example, when a consumer is offered a relevant insurance product such as cyber insurance with a phone purchase or travel insurance with a plane Jcket.

A survey of financial execuJves worldwide involved in making decisions about embedded insurance products—whether they

currently offer embedded insurance or not—reveals that 81% of them believe that embedded insurance will turn from a nice-to-have to a must-have.

This report, based on a survey of 2,000 consumers worldwide and 200 execuJves from financial organizaJons, including established firms and fintechs—as well as interviews with Chubb’s execuJves—will address:

  • The state of play of embedded insurance: The revenues that financial organizaJons currently derive from insurance and how they expect it to grow over the next three years; the key benefits of embedded insurance for those who offer it; and which financial organizaJons, established banks or fintechs, are leaders in embedded insurance.
  • How consumers around the world feel about buying insurance: Consumers’ needs and expectaJons in terms of insurance coverage, main areas of underinsurance, consumers’ aPtudes toward buying insurance via digital channels, and the omnichannel approach to embedded insurance.
  • The partnerships between financial organizaJons and insurance companies: The most important characterisJcs that financial firms are looking for in their insurance partners (and the ones they ignore), challenges with forming partnerships and how to overcome them.

 

Based on a survey of 2,000 consumers worldwide and 200 financial organizaJons’ execuJves, conducted by iResearch Services in the second quarter of 2023. Consumers were evenly split among four regions: North America (500), LaJn America (500), Asia Pacific (500) and Europe (500). They represented all age groups, levels of educaJon, and professional status.


Financial execuJves represented established banking organizaJons (52%) and fintechs (48%). They were evenly split among four regions: North America (50), LaJn America (50), Asia Pacific (50), and Europe (50). The majority of fintechs (84%) had revenues of $10 million to $500 million ($250 million in some Asian markets); most established banking organizaJons (89%) had AUM (assets under management) of at least $1 billion. All execuJves surveyed engaged in decision-making about insurance products, such as embedded insurance.

For both consumers and financial execuJves, the regions included the following countries: North America: U.S. and Canada; LaJn America: Brazil, Mexico and Chile; Asia Pacific: South Korea, Singapore, Thailand, The Philippines and Vietnam; Europe: United Kingdom, France and Spain.


Section 1: Going Mainstream
 

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Amy McNeece SVP Digital Consumer Partnerships North America

 


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Ready for Takeoff

What percentage of your revenues are currently generated by embedded insurance, and what percentage of your revenues do you aim to generate from embedded insurance in the next 3 years?

Ready for Takeoff
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Focusing on Added Value

What type of embedded insurance do you offer?

Focusing on Added Value
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Case study

Bon Voyage!

French travelers who carry Boursorama Banque’s premium card, Ultim, can plan their trips with greater peace of mind because the card o!ers comprehensive travel insurance underwritten by Chubb.

The French-based online financial group created in 1995 by Société Générale, Boursorama boasts a rapidly growing businesswith 4.7 million clients and a goal of reaching 5.5 million by the end of the year.


How Chubb helped

The UlEm travel insurance, introduced in January 2023, is the outcome of Boursorama’s collaboraEon with Chubb, the world’s largest publicly traded property & casualty insurance company.

The digital travel soluEon was built from scratch over four months, with up to 50 people from Chubb involved in creaEng the insurance service. Thanks to its consumer lines experEse, Chubb was able to streamline processes and leverage the strengths of both organizaEons to create a ready-to-plug-in soluEon that will benefit customers for years to come.

Activated at purchase

The travel insurance, provided at no addiEonal cost to consumers, is acEvated when a card holder makes a travel-related purchase, such as buying a plane Ecket or booking a hotel.

The premium card holders are automaEcally covered for many types of mishaps that may happen during travel, including flight cancellaEons, an accident abroad, rental car troubles or medical expenses. Overall, there are 32 different benefits offered under this travel insurance.

While disrupEng the market with the lowest card fees, Boursorama competes with other premium cards by offering travel insurance coverage.

Read more

Building Trust

Top Benefits of Embedded Insurance
 

1.1 Embedded Leaders


The Digitally native fintechs led the curve in terms of embedded insurance.

Which of the following types of insurance does your firm offer?

Which of the following types of insurance does your firm offer?
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Isabella Carvalho, Head of Digital, APAC at Chubb, is not surprised.

 

Leadership voices

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Isabella Carvalho Head of Digital, APAC, Chubb

 

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"While there are obvious di!erences between fintechs and banks in terms of size and culture, the digitally savvy banks and "ntechs are very much alike. The winners are not established firms or fintechs, but those who are obsessed with their customers. It’s not about innovating for the sake of it; rather it’s developing the technolo#y capabilities needed to deliver those exceptional experiences to the customers"


Gabriel Lazaro Head of Digital, Chubb Overseas General Insurance

 

When Is the Right Time for Fintechs to offer Embedded Insurance?

“Fintechs tend to have a real focus on the customer experience and technolo#y, which is the foundation of a great embedded nsurance experience. They don't divide technolo#y from customer experience.”

Rodrigo Valiente Vice President of Digital, LaEn America, Chubb

 

Fintechs start out of the gate with an advantage over tradiConal banking organizaCons when it comes to embedded insurance, believes Rodrigo Valiente, Chubb’s Vice President of Digital, LaCn America.

 

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1.2 Global View: A Tale of Two Worlds, Converging
 

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The Leapfrog Effect in Embedded Insurance

What percentage of your revenues are currently generated by embedded insurance, and what percentage of your revenues do you aim to generate from embedded insurance in the next 3 years? (Percentage of financial organizaCons that generate at least 10% of their revenue from insurance).

The Leapfrog Effect in Embedded Insurance
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Case Studies
 

GCash Boosts Confidence in App-Based Transactions

GCash is a cashless ecosystem in the Philippines with millions of users and empowering partner merchants towards digitalization…

Closing the Protection Gap Across Latin America

A major digital banker sought to add insurance services to its growing customer base, many of whom were unbanked or underserved customers buying insurance for the first time…

The French-based online financial group created in 1995 by Société Générale, Boursorama boasts a rapidly growing businesswith 4.7 million clients and a goal of reaching 5.5 million by the end of the year.


How Chubb helped

The UlEm travel insurance, introduced in January 2023, is the outcome of Boursorama’s collaboraEon with Chubb, the world’s largest publicly traded property & casualty insurance company.

The digital travel soluEon was built from scratch over four months, with up to 50 people from Chubb involved in creaEng the insurance service. Thanks to its consumer lines experEse, Chubb was able to streamline processes and leverage the strengths of both organizaEons to create a ready-to-plug-in soluEon that will benefit customers for years to come.

Activated at purchase

The travel insurance, provided at no addiEonal cost to consumers, is acEvated when a card holder makes a travel-related purchase, such as buying a plane Ecket or booking a hotel.

The premium card holders are automaEcally covered for many types of mishaps that may happen during travel, including flight cancellaEons, an accident abroad, rental car troubles or medical expenses. Overall, there are 32 different benefits offered under this travel insurance.

While disrupEng the market with the lowest card fees, Boursorama competes with other premium cards by offering travel insurance coverage.

Read more

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Feeling Exposed to Modern-Day Risks

In terms of insurance, how protected are you against these risks? (Percentage of consumer parEcipants who feel protected or very well protected)

 


Section 2: What do Customers Want  — And Need?
 

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label

What types of insurance do consumers prefere to purchase digitally?

Almost half (46%) believe that digital is an obvious way to buy insurance, and more than half of all consumers (56%) believe they need more insurance (see charts). ReflecGng lower levels of insurance penetraGon in emerging markets, the interest in purchasing more insurance is higher in LaGn America and Asia than in Europe and North America. However, the differences in the levels of interest are not on par with the differences in insurance gaps among the regions. This points to the need for more awareness about the need for insurance in emerging markets. It also shows that even consumers in mature markets realize they need more insurance

56%
of consumers are interested in purchasing more insurance.
46%
believe that digital is the obvious way to buy insurance

However, the differences in the America levels of interest are not on par with the di!erences in insurance gaps among the regions.

This points to the need for more awareness about the need for insurance in emerging markets. It also shows that even consumers in mature markets realize they need more insurance.

However, the differences in the America levels of interest are not on par with the di!erences in insurance gaps among the regions.
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The survey finds that consumers tend to have tradiGonal insurance coverage such as car, health, and life insurance. There is a high degree of underinsurance in areas such as paycheck protecGon, pet insurance, and shipping or travel delay insurance, with each of these categories seeing adopGon at less than 10% at this point. These underinsurance paSerns are similar across the globe (see charts).

The types of insurance that consumers globally lack oTen relate to modern-day risks, which come with the increase in all kinds of travel, shiTing work models from full-Gme to freelance or nomadic, introducGon of new plaVorm-based business models for workers to look for jobs and customers to shop, to name just a few advances in how we live and work.

Several financial organizaGons have taken note of the needs of a modern consumer. SoFi, an American digital personal finance company, has teamed up with Blink by Chubb to provide simple, easy-to-understand and affordable personal cyber insurance. Chilean fintech Tenpo provides coverage for theT of personal belongings from a vehicle, while Colombia-founded super app, Rappi, provides digital insurance for mobile phone theT.


Case Studies
 

Getting It Right

SoFi is a digital personal "nance company that helps people achieve "nancial independence to realize their ambitions. So" provides its four million members with fast access to tools to get their money…

Chilean Fintech Employs AI to Embed Insurance Offerings

Focused on promoting digital and financial inclusion, Tenpo seeks to provide tailor-made insurance products through an intuitive, user-friendly experience, in which premium quotes, bill payments…

South American Super App as Product Innovation Machine

Rappi, a South American “Super App” platform, has been expanding its digital product lines to include insurance o!erings built on arti"cial intelligence…

The French-based online financial group created in 1995 by Société Générale, Boursorama boasts a rapidly growing businesswith 4.7 million clients and a goal of reaching 5.5 million by the end of the year.


How Chubb helped

The UlEm travel insurance, introduced in January 2023, is the outcome of Boursorama’s collaboraEon with Chubb, the world’s largest publicly traded property & casualty insurance company.

The digital travel soluEon was built from scratch over four months, with up to 50 people from Chubb involved in creaEng the insurance service. Thanks to its consumer lines experEse, Chubb was able to streamline processes and leverage the strengths of both organizaEons to create a ready-to-plug-in soluEon that will benefit customers for years to come.

Activated at purchase

The travel insurance, provided at no addiEonal cost to consumers, is acEvated when a card holder makes a travel-related purchase, such as buying a plane Ecket or booking a hotel.

The premium card holders are automaEcally covered for many types of mishaps that may happen during travel, including flight cancellaEons, an accident abroad, rental car troubles or medical expenses. Overall, there are 32 different benefits offered under this travel insurance.

While disrupEng the market with the lowest card fees, Boursorama competes with other premium cards by offering travel insurance coverage.

Read more

Exposed and Underinsured Consumers

What insurance do you have or regularly buy?

Exposed and Underinsured Consumers
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2.1 The Omnichannel Journey
 

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The Human Element

s there any type of insurance that you would purchase only while interacting with an insurance broker (not digitally)? Percentage of respondents who answered “yes”.

The Human Element
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Though there are differences by age, BenneL rejects such cut-and-dried, age-based linear thinking. She stresses that while data may skew toward younger consumers as being more digitally savvy, the delineaJon does not neatly line up in all cases.

 


"I think in terms of digital orientation rather than age. The idea is to design propositions that are relevant to a speci"c set of customers. We can create the 'right' proposition for all customers, irrespective of their age. Every proposition should be as intuitive and frictionless as possible, which is why we are constantly iterating not just our products, but also how we deliver them.”


Amy McNeece
SVP Digital Consumer Partnerships North America

 

label
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12%

Only 12% of financial execuGves globally  believe that embedded digital insurance  is mostly for young customers.


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Leadership voices

“To create a truly e!ective insurance experience, "nancial organizations need to embrace an omnichannel approach that recognizes the importance of a contextually embedded consumer journey. This means calibrating the type of insurance products, channels, and information to meet the unique needs of each consumer, while leveraging the full potential of digital platforms. By following this approach, banks can deliver a seamless, integrated insurance experience that starts online and extends gracefully into other channels, including phone appointments or virtual meetings. Ultimately, this customer-centric approach will drive engagement, loyalty, and superior business results in today’s 'phygital' world."

Israel Rayan Chubb’s Head of Consumer Lines Division for CEMENA

Section 3: Partnering for the Future

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Prevailing Partnerships

Which of the following best describes your digital embedded insurance partner?

Prevailing Partnerships
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Consumers Favor Established Brands

What would be your level of trust when purchasing insurance from these types of companies?

Blind spot: While consumers globally have much higher trust in established brands than in digital-only newcomers, just 10% of financial organiza7ons globally value a trustworthy brand in their insurance partner.

What would be your level of trust when purchasing insurance from these types of companies?
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What's in a name?
What's in a name?

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55%

Only 12% of financial execuGves globally  believe that embedded digital insurance  is mostly for young customers.


3.1 Wanted (in an Insurance Partner)
 

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Amy McNeece SVP Digital Consumer Partnerships North America

 

 

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Most Sought After

What are the most important characteris7cs for an insurance partner to help your company succeed at embedded insurance? (Top 3)

Most Sought After
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Top External Challenges

What are the top challenges that you face with your current embedded insurance partner? (Top 3)

Top External Challenges
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"The success of a partnership between an insurer and a financial organization depends on a collaborative approach between the partners, designing a perfect product together that !ts in the consumer’s journey. Thanks to its global footprint, Chubb is able to execute regional and multinational partnerships, while at the same time providing local level customizations. It’s a relationship, not a transaction.”


Amy McNeece SVP Digital Consumer Partnerships North America

 

Conclusion: Getting to the Next Level
 

AQer a successful spate of innova7on of their core financial products, financial organiza7ons are now ripe for moving to the next level and extending the digital transforma7on to insurance offerings. Consumers are ready for the digital delivery of insurance, with almost half saying that digital is the obvious way to purchase insurance, and who are also in need of more insurance that addresses emerging modern-day risks. More than half feel the need to have more insurance.

Embedded insurance is a digitally savvy way to offer many different types of financial protec7on. There are ways that financial organiza7ons can op7mize their embedded insurance partnership experience:

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