Can Banks Crack the Insurance Code? Customers Are Ready

PYMNTS Intelligence’s data makes it clear enthusiasm for financial institutions (FIs) as insurance providers is growing. In fact, three-quarters of consumers who have already purchased bank-provided coverage want to buy more. Moreover, these consumers indicate a steadily growing interest.

FIs cannot overlook these customers. Our research shows that these customers state that their FIs’ insurance offerings are important to their relationship with their FI. This suggests that FIs that do not meet consumers expectations here risk losing market share to their competitors.

These are just some of the findings detailed in “Increasing Enthusiasm: The Effects of Purchasing Bank-Provided Insurance,” a PYMNTS Intelligence and Franklin Madison collaboration. This report draws on insights a survey of 2,195 U.S. consumers conducted from March 22 to March 28. This report examines consumers’ growing interest in purchasing coverage provided by their FI and how doing so impacts their satisfaction with their bank, credit union or FinTech.

The report explores consumers’ familiarity and awareness of FI insurance offerings and how that may impact customer adoption.

Inside “Increasing Enthusiasm: The Effects of Purchasing Bank-Provided Insurance”:

• How the interest in bank-provided insurance has changed over the last three years
• Consumers who have purchased bank-provided coverage tend to be more familiar with their FIs’ product offerings
• How much more consumers who already have FI-provided coverage want it compared to those who do not already have it
• How lack of information remains a key barrier to consumers’ purchasing coverage from their primary FI
• Why consumers who use their FI as an insurance provider consider it an important part of their choice of FI
• How frequently consumers say they receive information about their FIs’ insurance offerings

The report features five charts of data as well as crucial insights that FIs need to grow their insurance businesses. Download the report to learn about consumers’ increasing interest in bank-provided insurance.