According to Chubb, Latin America and Asia are leading the way in digital insurance adoption

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According to Chubb, Latin America and Asia are leading the way in digital insurance adoption

According to a survey by insurance company Chubb Growing consumer demand is accelerating the adoption of digital insurance offerings around the world, with Latin America and Asia leading the way. The results were disseminated on August 18, 2023 through the digital media 100% Seguro.

The report entitled “The race between banks and digital wallets – The strategy of integrated insurance”, based on a global survey of 2,000 consumers and 200 financial managers conducted in Q2 2023.

according to the message, 81% of global executives say digital insurance integrated into websites and apps is evolving from an optional to a must-have. This trend can be observed most clearly in the emerging countries of Latin America and Asia.

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This was announced by property and liability insurance in their study 56% of global finance executives involved in industry decisions expect more than 10% of their revenue to come from integrated insurance within three years.

According to the company, in Latin America, 43% of these executives said their finance organizations already generated more than 10% of their income from integrated insurance at the time of the survey, compared to just 20% of national-level executives. global.

The Chubb survey shows that consumers are responding to growing risk exposure with increased demand for insurance.

56% of consumers worldwide believe they are underinsured, meaning they do not have adequate insurance coverage. This number is increasing in certain markets: 62% of consumers in Latin America and 60% in Asia are interested in getting more insurance that protects both their property and their lifestyle.

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The Chubb survey reflects the rapid adoption of digital insurance and increasing investment by banks and fintechs in this space to meet growing consumer demand. The digital insurance offering is expected to evolve to meet the changing needs of consumers around the world.

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