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Making travel plans is a hassle when you know a third wave of Covid-19 could come. What if lockdown gets imposed and you have to cancel your tickets? You will lose your money. There is a way out — take insurance. The concept of embedded insurance is being popular. A recently released survey by Cover Genius, an insure-tech for embedded insurance, reveals that over 90% of bank customers in India want embedded insurance offers based on transaction data.
So, if you are a customer of banks, neobanks and other fintech apps, these platforms may suggest you contextual insurance products. For example, if you have a bank account with a neobank and you are booking a flight or a train ticket with it, the platform may suggest you to insure your trip. Buying a new mobile phone? It may alert you to protect it against damage.
Cover Genius is in “advanced conversations” with a couple of neobanks in India to launch such products in next two-three months.
Value for customers
“Banks, neobanks, and financial institutions are uniquely positioned to offer their customers hyper-relevant, transaction-based embedded insurance, and add value to the most important purchases their customers make, due to their long history and high level of trust with consumers,” says Arijit Chakraborty, Managing Director, India and SEA of Cover Genius.
In partnership with neobanks, Chakraborty wants to reach out to tier-2 and tier-3 cities to offer embedded insurance when they are opening the bank accounts.
“When small shopkeepers or business owners are opening bank accounts with neobanks, we can prompt them to buy bite-sized insurance product in life and health. Two-wheeler insurance, property insurance and fire insurance are also relevant for them. This will help in better penetration of insurance products,” says Chakraborty.
Survey findings
The survey further confirms that there is broad support for bank-embedded offers for property insurance such as renters, homeowners and/or landlords (70% of respondents are highly interested), auto insurance (54%), health insurance (53%) and a range of warranties for high value personal and household items (77%).
Such embedded insurance products could be a great starting point before they move to traditional insurance products.
“There are several bank-led insurance companies which have access to a huge database of customers’ bank accounts. They may glean interesting insights to offer suitable insurance products. Such sachet insurance products can be bought instantaneously, unlike big-ticket insurance that requires a deep understanding of the product along with an expert’s advice,” says Naval Goel, founder and CEO, PolicyX.com.