- Europe's platform economy is
growing rapidly and represents a EUR 500 million+ insurance
opportunity
- The opportunity to distribute insurance through platforms is
under-developed, with two-thirds of platform entities not
distributing any insurance products
- Six of the top ten platforms do not have existing insurance
partnerships in any of the eight countries surveyed
- Finaccord's research gives insurers unique tools to approach
and develop opportunities in this fast-developing space
LONDON, Sept. 29,
2022 /PRNewswire/ -- The platform economy in
Europe has created a new
distribution channel for insurers, which represents an opportunity
of more than EUR 500 million for both
traditional insurance providers and insurtechs, according to a
ground-breaking new report series from Finaccord.
Key findings include:
- The platform economy in Europe represents a considerable opportunity
for insurers: Finaccord's research shows that the opportunity
value for insurers in this space is EUR 509
million
- This opportunity is under-developed: Of the 900
platforms researched, two-thirds did not have an existing
partnership for distributing insurance at the time of writing
- Many of the top platforms do not have insurance
partners: Finaccord has identified the region's top platforms
by opportunity value for insurers, and while some major names like
Airbnb and Uber have existing partnerships, six of the top ten did
not have an insurance partner at the time of writing
- Insurance provision rates vary by platform type, with
mobility a relatively developed sector: However, in all the
other main platform types (food, property, retail and work), no
more than one-third of platforms have an insurance partner
- There is variation in insurance provision rate by country
but the untapped opportunity is great in all of the countries
featured in this research: The insurance provision rate was
less than 50% for platform economy entities in all countries, with
some countries having significantly lower provision rates,
particularly in Scandinavia
- While insurtechs have sought to rapidly develop in
this space, traditional insurers have also responded to this
opportunity: Allianz, AXA and Zurich have established the largest number of
partnerships and are particularly active in the market
Finaccord's report series is an indispensable guide to these
little-understood new opportunities, giving insurers unprecedented
insight into this growing and under-insured space and allowing them
to compare and contrast key markets in Europe. The report explores the opportunity
value by country or region, by platform type and by six product
lines.
Notes to editors:
Finaccord is a market research, publishing and consulting
company specialising in financial services that is part of Aon
Global Operations SE Singapore Branch, a part of Aon plc (NYSE:
AON). It provides its clients with insight into and information
about major issues in financial services around the world, with a
particular focus on marketing and distribution topics such as
affinity marketing, bancassurance and strategic alliances, as well
as commercial lines insurance.
Finaccord's series of reports detailing affinity partnership
opportunities in the platform economy is titled Insurance Affinity
Partnerships for the Platform Economy in Europe 2022. It covers eight key markets in
Europe: Belgium, France, Germany, Italy, the
Netherlands, Scandinavia, Spain and the UK.
To produce these reports, Finaccord researched 900 platforms
across eight key markets. These platforms covered six categories:
property, food, mobility, work, retail and other.
This report series identifies partnerships between platforms and
insurance providers – and therefore which platforms have no
partnerships in place.
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