Can Banks Crack the Insurance Code? Customers Are Ready
Increasing Enthusiasm: The Effects of Purchasing Bank-Provided Insurance
Three-quarters of consumers who’ve purchased insurance from their bank want to buy more. But here’s the rub: Many bank customers are unfamiliar with their bank’s insurance offerings. PYMNTS Intelligence’s latest report, “Increasing Enthusiasm: The Effects of Purchasing Bank-Provided Insurance,” a collaboration with Franklin Madison, makes the case in five charts why banks would be well served to boost awareness of their insurance offerings.
Inside the August Data Brief
- 76%: Share of consumers with FI-provided insurance who would be at least somewhat interested in purchasing more in the next 12 months
- 63%: Portion of consumers with FI-provided insurance who say they prefer their FI to be their insurance provider
- 53%: Share of consumers without bank-provided insurance who have not received information from their primary FI about their insurance offerings
