Insurance companies are in the lead when it comes to implementing cutting-edge integrated financial solutions that may benefit them, their industry, and their clients.
The insurance industry, according to 36% of financial institutions (FIs), is the one most likely to use embedded finance solutions, according to the October edition of the “Embedded Finance Tracker.”
The survey found that insurance companies are more likely to adopt new technologies than organizations in three other sectors. Only 11% of FIs agreed with this statement for the sports business, 23% agreed with it regarding healthcare, and 31% agreed with it regarding retail.
Driving Value
The goal of the insurance industry is that this technology will allow them to deliver the payment experiences that both B2B and consumer clients have grown to expect.
The supply of insurance, according to Derek White, CEO of Galileo, is one of the most significant parts of value when it comes to the flow of money, he said in a July interview.
White cites the example of a truck driver who breaks a tire while traveling great distances and may now quickly authorize and pay for a replacement.
Customers no longer pay attention to the transaction itself because of how much their expectations of payments have changed. White claims that they are instead focusing on the activities associated with transmitting or receiving money.
Attending to Customer Demand
Similarly, FIs are attempting to develop embedded financial solutions in response to demand from both retail customers and commercial clients.
92% of the Fis whose opinions were solicited for the study said they were utilizing or planning to employ embedded financial experiences.
They wish to incorporate integrated finance experiences connected to payment processing, with somewhat more than half of them wanting this. Four out of ten individuals plan to utilize credit cards, loans, accounting services, and bank accounts to adopt integrated financial experiences centered on cash flow management. Three out of ten people want to do this.
These technologies will enable financial institutions (FIs) and their corporate clients to deliver quick and accurate online services to their respective clientele.
