Estimated 41 million Americans say they need life insurance, but they haven’t bought it yet. Despite this perception among consumers, the Life Insurance Marketing Research Association estimates a $ 12 trillion coverage gap. About 50% of millennials I plan to purchase the coverage within the next year.
There is currently potential demand for life insurance that many financial services industries do not support, and embedded finance could be the solution. It is imperative that companies consider product lines and partnerships to expand their markets, create new revenue streams and add value to their customers.
There is currently potential demand for life insurance that many financial services industries do not support, and embedded finance could be the solution.
Connecting consumers with the products they need through channels they already know and trust is both a huge revenue opportunity and a social benefit, giving families financial resilience when they need it most. Offers.
Why bundle life insurance?
The concept of digitally bundling financial products into customer packaging is certainly not new, but it is in the life insurance arena.
Embedded finance uses technology and operational infrastructure to deliver products and services through entities that may not be financial institutions. Think of embedded finance like on-demand shopping. Customers benefit from both the transaction (purchasing family financial protection) and the convenience it provides (from the platform they are currently using).
Similar to the method Amazon saves shoppers 75 hours a yearBy bundling life insurance, consumers can regain their time of the day and improve their financial health.
Embedded finance will help fill the life insurance coverage gap – TechCrunch Source link Embedded finance will help fill the life insurance coverage gap – TechCrunch