Research shows Italian consumers lead Europe 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: Italy, 529 census-balanced bank customers in Italy were surveyed by (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 Italian consumers are leading the trend when it comes to the shift to bank-embedded insurance offers in Europe, an effective use of technology that connects transactions to protection. The desire for convenience has been witnessed by digital companies that already embed insurance, with growth in insurance attach rates of up to 290% since the start of the pandemic. 89% of Italian digital bank customers would be highly interested in receiving embedded insurance offers based on their transaction data, as would 94% of traditional bank customers. By comparison, bank customers in France, Spain. Germany and the UK are 20% less interested in the proposition. ‘Convenience’ is the primary driver for their interest, stated by 47%. 

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 Notably the data shows that the traditional ‘second step’ of insurance distribution is outdated and not aligned with the expectations of an increasingly digitized customer base. 87% of Italians who chose a traditional insurer or broker in the last 12 months would prefer bank-embedded offers for next time.



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These individual reports include a deep dive by insurance product line