Embedded insurance: The trend that people are “constantly talking about”
Over two-thirds (67%) of Canadian digital bank customers reported being highly interested in receiving embedded insurance offers based on their transaction data, as would 57% of traditional bank customers, according to a recent survey of 504 Canadian bank customers.
The study was conducted by Momentive.ai on behalf of Cover Genius, an embedded insurance company that protects the global customers of some of the world’s largest digital companies, including Booking Holdings, Intuit, eBay, Skyscanner, Wayfair, Descartes ShipRush, Tile and Shopee. Canadian consumers were asked how interested they would be in allowing their bank (with their permission) to monitor their transactions and offer optional financial protection products based on their purchase history. The majority of respondents were highly interested in the prospect.