Insurance companies are at the head of the pack when it comes to implementing cutting-edge integrated financial solutions that can benefit them, their industry, and their clients.
36% of financial institutions (FIs) stated insurance businesses are the clients most likely to use embedded finance solutions, according to the October edition of the “Embedded Finance Tracker.”
The survey found that organizations in the insurance sector are more likely to adopt new technology than those in three other industries. Only 11% of FIs had this opinion about the sports sector, 23% shared it about healthcare, and 31% shared it about retail.
Driving Worth
Insurance providers hope that this technology will enable them to provide the payment experiences that both B2B and consumer clients have come to anticipate.
In a July interview Derek White, CEO of Galileo, stated that one of the most important aspects of value when it comes to the flow of money is the provision of insurance.
For instance, a truck driver on a long-distance journey who bursts a tire may now authorize and pay for a replacement with only a few clicks on a phone, according to White.
Customers’ expectations of payments are evolving to the point that they are no longer focused on the transaction itself. They are instead concentrating on the events related to sending or receiving money, according to White.
Taking Care of Customer Demand
Similarly, in response to demand from both retail customers and business clients, FIs are seeking to introduce embedded financial solutions.
92% of the Fis questioned for the research stated they are already using or intend to use embedded financial experiences.
A little more than half of them want to include integrated finance experiences related to payment processing. Three out of ten people aim to adopt integrated financial experiences focused on cash flow management, while four out of ten anticipate doing so with credit cards, loans, accounting services, and bank accounts.
With the help of such technologies, FIs and their corporate clients will be able to provide their respective consumers with swift and flawless online services.
