Companjon consumer survey reveals growing desires for embedded insurance that is fully digitized, more flexible, and event triggered.

The Irish-based tech company that specialises in delivering fully digital experiences from embedded insurance, conducted its third extensive survey across the EU and UK. Top of mind desires included travel insurance, flexible cancellation, and delay insurance.

DUBLIN, Dec. 22, 2021 /PRNewswire/ -- Companjon, Europe's leading tech company specializing in embedded insurance, today announced the findings of its Q4 2021 survey of consumer behaviors and demands toward travel, transportation, ticketing and events, banking and fintech services.

As part of an ongoing series, 'Embedded Insurance I A Proven Consumer Desire And Business Growth Enabler' is the company's third extensive survey that gathers insights on consumers attitudes towards providers and future outlook. In partnership with world-leading data & insights company Dynata, the survey involves a large sample size of 5,000+ from major markets including the UK, Germany, France, Italy, and Spain.

No surprise it revealed that consumers are most attracted to digital experiences and immediate payouts when it comes to insurance - automated claims processing and Instant refunds were top reasons for consumers to opt for this type of insurance across all industries. For many, combining a digital experience with event-triggered insurance cover has never been more feasible. Millennials (69%) and gen z (68%) ranked the highest generations for stating that they would purchase this type of modern-day insurance, although gen X (64%) and boomers (58%) were still open to it.

Innovation and digitization in insurance appeal more to consumers as Insights show that consumers don't feel convinced to purchase a non-digital, traditional insurance as almost 30% would not consider it in the future, with a quarter of these being high income earners.

Other insights digital businesses need to consider:

• Providers can increase acquisition and satisfaction by offering hyper-relevant embedded insurance offerings as most consumers are ready to switch providers for offerings such as Delay Insurance and Flexible Cancellation.
• Digital embedded insurance offerings can create significant revenue opportunities for online businesses as consumers will pay 5-15% more for quality of service and flexibility.
• If Flexible Cancellation with automated claims is not available for consumers across all industries, they run the risk of losing them as up to 68% would switch providers for this offering.
• Fintech and neobanks have an opportunity to attract and satisfy new customers by offering Flexible Cancellation. 59% of said that they would to be willing to switch banking providers if this was offered.
• Fintech and neobanks can take advantage of embedding an event triggered solution such as embedded Cyber Insurance or Phone Screen Protection into their offerings.

The results also point out that consumers in 2021 are less concerned with ensuring that covid requirements were met compared to the 2020 report, Rising Expectation for Add-on Insurance.

"We continue to see an increased desire for flexible cancellation, transparency when it comes to insurance and an appeal towards a digital claims experience, said Companjon CEO, Matthias Naumann.

"Although younger generations naturally favour digital embedded insurance, we are also seeing an openness of gen x and boomers opting for this too due to its automated claims, immediate payouts and the fact that non-traditional risks are covered. Online businesses need to consider embedding flexible digital insurance on to their platforms and customer journey to meet their needs, desires of and give them the best possible experience as we enter 2022," said Companjon CEO, Matthias Naumann.

Click here to access the full survey report.

About Companjon

Companjon is Europe's leading tech business specializing in embedded insurance that is 100% digital and hassle-free. Its highly successful business model allows the company to partner with leading online providers and digital businesses to bring fast, flexible, and fully automated insurance to their customers' - giving them a peace of mind if plans change. Recognized by Forbes as a tech-driven disruptor that is changing the way people think about insurance, Companjon is reinventing insurance.

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