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

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