Chubb Limited (NYSE:CB), which stands as the largest publicly traded property and casualty insurance firm globally, conducted a survey with results showing banks and fintech-focused companies are highly optimistic about embedded insurance, with most anticipating that such offerings will grow their revenue substantially over the next three years.  

"Fintechs and banks are increasingly turning to embedded insurance as an opportunity to expand their digital product portfolio and drive customer satisfaction – and Chubb has substantial B2B2C partnerships with banking brands around the world," Sean Ringsted, Chubb's chief digital business officer, told Benzinga. 

The Bull Case: The company, which operates across 54 countries and territories, reached a new all-time high of $231.37 on Jan. 27 amid an increase in consumers who have a heightened interest in protecting their belongings and lifestyles, according to the survey. Specifically, the company is projecting major growth for insurance providers with digital products.

"Markets in Asia and Latin America already demonstrate the massive growth opportunity for banks and fintechs with embedded insurance," Gabriel Lazaro, head of digital for Chubb Overseas General Insurance, said in the press release. Lazaro said he "believe(s) the next stage of expansion will come in developed regions and from established financial institutions."  

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Key Findings Of Chubb's Survey 

Revenue Boost: 56% of global insurance decision-making executives predict 10% or more of their revenue will come from embedded insurance within the next 3 years, compared to just 20% who report that level currently. 

Digital Demand: 81% view digital insurance in websites and apps as vital, driving increased adoption globally. 

Global Adoption: Emerging markets in Latin America and Asia lead in digital insurance growth, with North America catching up. 

Consumer Shift: More than 50% of consumers are interested in increasing their levels of insurance and 46% of consumers prefer digital channels for insurance, spurring rapid adoption. 

Established Advantage: Established banks and insurers hold trust advantage over digital-only counterparts, which is driving growth. 

“The findings from the survey provided valuable insights and will help inform our approach to these partnerships, as well as to the banking sector directly as more companies look to insurance as a strategic growth strategy,” Ringsted told Benzinga.  

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