Increase CLTV with warranties and product insurance
Personal insurance products which put your customer first
Coverage for all shipping industries and providers.
Bikes, OEMs, car sharing or rental cars
Tailored protection for contractors
Protection for anyone, anywhere
Unique coverage for any property type
Sell or embed personal and professional lines of insurance
Tailored commercial insurance to boost ancillary sales
Protection for millions of ticketholders worldwide
Global product warranty
Offers from transaction feeds
Protecting riders and contractors
Warranties on valuables
Book with peace of mind
Instant payouts for travelers
BOPs, Cyber, D&O, WC, Liability & more for any SMB
Tailored insurance & warranties for dealers, DMS's & more
Unbundled insurance with Covid Cover, Smart Delay & more
Comprehensive product insurance and warranties
Insurance for any logistics solution with same day claims
Renters, homeowners, landlords, hosts, guests & more
Personalized pet insurance for any cat, dog or exotic pets.
Price-optimized ticket protection & same day claims
Niche insurance, CLIPs and surplus lines
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: Korea, 502 census-balanced bank customers in Korea were surveyed by Momentive.ai (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 Korean consumers have a strong desire for bank-embedded insurance offers, an opportunity to more effectively connect their digital activities to an existing relationship in an economy undergoing an accelerated shift to digitization. The growing demand for embedded insurance also presents a challenge that “bancassurance” partnerships between traditional banks and insurers — where offers are divorced from underlying activities — cannot solve: 77% of Korean digital bank customers would be highly interested in receiving embedded insurance offers based on their transaction data, as would 65% of traditional bank customers. ‘Tailored insurance and warranty protection’ is the primary driver for their interest, stated by 49%.
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. 68% of Korean customers 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