Momentive, a leader in agile experience management, announced that Cover Genius, the insurtech for embedded insurance that protects the global customers of the world’s largest digital companies, has selected Momentive to power its global market research campaigns to uncover the insurance opportunities that exist in the financial services industry.
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Cover Genius protects the purchases of customers on ecommerce websites including Intuit, eBay, Wayfair, Tile, and more. The company’s market research team wanted to run research on the growing demand for embedded insurance in 13 different countries. They needed a solution that was fast, powerful, flexible, and had global reach. Momentive allows Cover Genius to gain proprietary insights in less than a week, enabling the team to dig deeper into the results than static, one-time reports allow.
Cover Genius’ research showed that with increased digitization and a major shift away from traditional insurers and brokers, consumers want protection that’s tied to underlying activities or purchases, presenting an opportunity for banks, neobanks, fintechs, retailers and digital companies to gain significant traction in this emerging market. The survey found that, when asked if they would be interested in their bank embedding offers tied to transactions, as a global average, 82% of installment or Buy Now, Pay Later (BNPL) customers, 77% of mobile wallet users, 90% of accounting software users and 78% of business bankers expressed high levels of interest in the proposition, as did 70% of all consumers who have bank accounts, a figure considerably higher than in the US (45%).
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Momentive is a leader in agile experience management with AI-powered solutions built for the pace of modern business. The company offers more than 40 solutions for experience management and market research that leverage the power of the Momentive platform. Companies like IBM, Allbirds, Chime, and Spectrum Equity use Momentive for a variety of market research use cases, including market sizing, brand tracking, ad testing, customer profiling, product development, content marketing, investment research, and more.
“Other research solutions we tried were inflexible, technically incapable, cost-ineffective, or unable to achieve significant samples in so many countries,” said Dave Brune, President of the Americas at Cover Genius. “Momentive was nimble, flexible, and gave us powerful insights into specific regions around the world that we needed, when we needed them. Trends in fintech can be complex and difficult to track, but we’ve been able to prove the untapped business opportunity in embedded insurance with this report.”