Companjon consumer survey reveals growing desires for embedded insurance that is fully digitized, more flexible, and event triggered.


CompanjonEurope’s leading tech company specializing in embedded insurance, today announced the findings of its Q4 2021 survey of consumer behaviors and demands toward travel, transportation, ticketing and events, banking and fintech services.

As part of an ongoing seriesEmbedded Insurance I A Proven Consumer Desire And Business Growth Enabler is the company’s third extensive survey that gathers insights on consumers attitudes towards providers and future outlook. In partnership with world-leading data & insights company Dynata, the survey involves a large sample size of 5,000+ from major markets including the UK, GermanyFranceItaly, and Spain.

No surprise it revealed that consumers are most attracted to digital experiences and immediate payouts when it comes to insurance – automated claims processing and Instant refunds were top reasons for consumers to opt for this type of insurance across all industries. For many, combining a digital experience with event-triggered insurance cover has never been more feasible. Millennials (69%) and gen z (68%) ranked the highest generations for stating that they would purchase this type of modern-day insurance, although gen X (64%) and boomers (58%) were still open to it.

Innovation and digitization in insurance appeal more to consumers as Insights show that consumers don’t feel convinced to purchase a non-digital, traditional insurance as almost 30% would not consider it in the future, with a quarter of these being high income earners.

Other insights digital businesses need to consider:

  • Providers can increase acquisition and satisfaction by offering hyper-relevant embedded insurance offerings as most consumers are ready to switch providers for offerings such as Delay Insurance and Flexible Cancellation.
  • Digital embedded insurance offerings can create significant revenue opportunities for online businesses as consumers will pay 5-15% more for quality of service and flexibility.
  • If Flexible Cancellation with automated claims is not available for consumers across all industries, they run the risk of losing them as up to 68% would switch providers for this offering.
  • Fintech and neobanks have an opportunity to attract and satisfy new customers by offering Flexible Cancellation. 59% of said that they would to be willing to switch banking providers if this was offered.
  • Fintech and neobanks can take advantage of embedding an event triggered solution such as embedded Cyber Insurance or Phone Screen Protection into their offerings.

The results also point out that consumers in 2021 are less concerned with ensuring that covid requirements were met compared to the 2020 report, Rising Expectation for Add-on Insurance.

“We continue to see an increased desire for flexible cancellation, transparency when it comes to insurance and an appeal towards a digital claims experience, said Companjon CEO, Matthias Naumann.

“Although younger generations naturally favour digital embedded insurance, we are also seeing an openness of gen x and boomers opting for this too due to its automated claims, immediate payouts and the fact that non-traditional risks are covered. Online businesses need to consider embedding flexible digital insurance on to their platforms and customer journey to meet their needs, desires of and give them the best possible experience as we enter 2022,” said Companjon CEO, Matthias Naumann.


Companjon Named as INSURTECH100 Leader Innovating the Global Insurance Industry


CompanjonEurope’s leading tech company specialising in add-on insurance, announced today that it has been named an INSURTECH100 company by Fintech Global. INSURTECH100 represents the world’s most innovative insurtech companies that every leader in the insurance industry needs to know about. The annual list consists of 100 insurtech companies, shortlisted from more than 1,000 by a panel of industry experts and analysts.

“We are honored to be named an INSURTECH100 company as one of the worlds’ most innovative insurtechs of 2021,” said Companjon CEO Matthias Naumann. “Having our business model, digital lifestyle solutions and advanced technology setup recognized as most likely to succeed in the insurance landscape proves that digital businesses need to consider offering insurance add-ons that meet their customers’ needs and desires. Leveraging this opportunity will fuel their ecosystems, empower their customers, differentiate from the competition and significantly grow their business.”

“After launching only last year, Companjon is making big headway in the industry transforming the way people think about insurance,” said Fintech Global CEO Richard Sachar. “Bringing a successful business model from Asia to Europe, developing unique insurance add-ons that match peoples’ lifestyles while acting as both the risk carrier and tech distributor makes the company one to watch over the next year.”

“This recognition is a significant milestone for Companjon. As an early strategic partner, ZA Tech has worked closely with Companjon to develop unique, tech-driven solutions that are highly successful in the Asia market and making them accessible to the European market. I anticipate a successful future for Companjon and we’re very excited to continue innovating the insurance landscape together,” said General Manager of ZA Tech, Adrien Lebegue.

“We’re delighted to hear that Companjon is selected as a global INSURTECH100 company,” said CEO of Sixsentix, Filip Milikic. “Sixsentix was an early partner of Companjon, delivering quality assurance and agile software testing for their advance setup. It’s exciting to be part of their growth journey and we’re looking forward to supporting their continued success in delivering innovative solutions at scale.”