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November 23, 2021

GlobalData poll suggests the digital bancassurance channel should look towards personal lines

By GlobalData Financial

A GlobalData poll in Life Insurance International (LII) found that home, motor, and travel are the three product lines that the digital bancassurance channel should target.

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by GlobalData
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A poll conducted on LII found that respondents felt personal lines were the best suited to the digital bancassurance channel. The 65.9% for home insurance was split between contents (24.7%) and overall home insurance (41.2%), which makes motor insurance the largest individual product. Similarly, “any form of business insurance” was made up from multiple individual products: public liability (7.1%), employers’ liability (5.9%), professional indemnity (4.7%), business interruption (7.1%), private medical (9.4%), and key man (7.1%).

digital bancassurance

Source: Life Insurance International, GlobalDataPoll closed November 2021

GlobalData’s 2020 UK Insurance Consumer Survey found that only 3.7% of consumers bought motor insurance through their bank. This rate has been gradually declining since 2018, when it was 4.0%. This poll (which was not region-specific) indicates that people could be interested in this channel if the product was more widely available and accessible via digital platforms.

The poll highlights that there is a wide range of product areas for the bancassurance channel to target. Even niche products such as gadget and cyber insurance received responses of 20% or more, which indicates these could be areas for banks to establish themselves as specialists. It also suggests that consumers might be willing to purchase a range of products from their banks, meaning banks could look to bundle insurance policies together. They could offer consumers home, motor, and travel, for example, or provide SMEs with the essential liabilities products.

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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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