Blockchain Press Releases
The “Digital Wallet Race” Intensifies as Banks and Fintechs in Europe and Around the World Invest in Insurance: Chubb Survey
- Strong consumer demand accelerating adoption of digital insurance offerings globally, with Latin America and Asia leading the pack and gaining momentum in Europe
- Banks and fintechs are bullish on embedded insurance: majority expect offerings to comprise 10% or more of revenue in just three years
LONDON, Aug. 16, 2023 /PRNewswire/ — A new survey from Chubb, the world’s largest publicly traded property and casualty insurance company, reveals that a majority (56%) of financial executives involved in insurance decision-making globally expect to generate more than 10% of their revenue from embedded insurance within three years. Today, just 11% of firms in Europe report that level of revenue, compared to 20% globally, but 62% say their customers are interested in obtaining embedded insurance.
Digital insurance embedded in websites and apps is becoming a must-have rather than a nice-to-have offering, according to 81% of financial executives globally, and 77% in Europe. This sets the stage for accelerating adoption of insurance products in financial services platforms. The trend is most pronounced in emerging markets in Latin America and Asia, with booming consumer interest in Europe.
“Banks and the Digital Wallet Race – The Embedded Insurance Strategy,” a global survey of 2,000 consumers and 200 finance leaders conducted during the second quarter 2023, reveals the rapid adoption and investment by banks and fintechs in embedded insurance to meet blossoming consumer demand. Over half of consumers globally are interested in purchasing more insurance and in Europe, 42% believe that digital is the obvious way to buy it.
“The race to win a greater share of consumer digital wallets is intensifying – banks and fintechs are advancing with expanded offerings of insurance products to deepen customer relationships, drive growth and narrow the protection gaps of their customers,” said Sean Ringsted, Chubb’s Chief Digital Business Officer. “Digitized insurance is already widely popular with global consumers, and financial service providers are building trust and loyalty while unlocking new avenues for growth by offering customers simple, relevant and affordable insurance protection options embedded in their digital customer journey. As highlighted in the report, this is a global phenomenon, with companies in Asia and Latin America investing heavily in these digital insurance capabilities. Banks and fintechs in North America are in the race too, but not yet at the pace of their counterparts in other regions.”
Booming Consumer Demand, Led by Emerging Markets
According to Chubb’s survey, consumers are responding to a growing landscape of risk exposure with booming demand for insurance. Overall, 56% of consumers globally believe they are underinsured, including more than half (51%) of those surveyed in Europe. These figures are more pronounced in certain markets: Sixty-two percent of consumers in Latin American and 60% in Asia express interest in purchasing more insurance that not only protects their “stuff,” but also their lifestyle.
Opportunity for Established Firms
Established banks and insurers have a unique opportunity to leverage these trends, especially in developed markets in Europe, all while structuring the insurance offers in compliance with applicable insurance laws and regulations. Over 60% of consumers in the region expressed high levels of trust purchasing insurance from established banks, and 63% indicated the same for established insurers. This compares with nearly 40% expressing high levels of trust in insurance purchases with digital-only insurers and 31% with digital-only banks. Globally, fifty-five percent of financial executives agree that established insurers have an edge over digitally native insurtechs because they have consumers’ trust.
“Markets in Asia and Latin America already demonstrate the massive growth opportunity for banks and fintechs with embedded insurance,” said Gabriel Lazaro, Head of Digital, Chubb Overseas General Insurance. “Consumers view legacy banks and insurers as the benchmark in this space, and as a result, we have seen our network of digital distribution partners around the world continue to scale. Global consumer demand is massive for embedded insurance, and we believe the next stage of expansion will come in developed regions and from established financial institutions.”
“Across the European region, established banks and fintechs are looking at embedded insurance as an opportunity to not only drive revenue, but to build customer satisfaction and ‘stickiness,’” said Israel Rayan, Senior Vice President of Consumer Distribution for Europe, the Middle East and Africa (EMEA) for Chubb. “With a growing consumer appetite for buying insurance digitally, the embedded insurance market in Europe is quickly gaining momentum and is a growth avenue for the banking sector.”
Survey Methodology
The results presented are based on a survey conducted by iResearch Services, a leading global provider of first-party consumer and professional data. The online survey was fielded during the second quarter of 2023 and results are based on completed surveys by 2,000 consumers and 200 financial executives.
Respondents represented all age groups, levels of education, and professional status. Consumers were evenly split among four regions: North America (500), Latin America (500), Asia Pacific (500) and Europe (500).
Financial executives represented established banking organizations (52%) and fintechs (48%). They were also evenly split among four regions: North America (50), Latin America (50), Asia Pacific (50), and Europe (50). The majority of fintechs (84%) had revenues of $10 million to $500 million; the majority of established banking organizations (89%) had AUM (Assets Under Management) of at least $1 billion. All executives are engaged in decision-making about insurance products, such as embedded insurance.
For both consumers and financial executives, the regions included the following countries: North America: U.S. and Canada; Latin America: Brazil, Mexico, and Chile; Asia Pacific: South Korea, Singapore, Thailand, The Philippines, and Vietnam; Europe: United Kingdom, France, and Spain.
About Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 40,000 people worldwide. Additional information can be found at: www.chubb.com.
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Blockchain
Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them
The financial landscape is rapidly evolving, with the integration of blockchain technology and cryptocurrencies becoming more prominent. Among these, Ethereum ETFs (Exchange-Traded Funds) have emerged as a significant investment vehicle, offering exposure to the Ethereum blockchain’s native cryptocurrency, Ether (ETH), without requiring direct ownership. However, it’s crucial to understand that Ethereum ETFs are distinct from the blockchain itself and serve different purposes in the investment world.
Understanding Ethereum and ETFs
Ethereum: A decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). It operates using its cryptocurrency, Ether (ETH), which fuels the network.
ETF (Exchange-Traded Fund): A type of investment fund that holds a collection of assets and is traded on stock exchanges. ETFs can include various asset classes, such as stocks, commodities, or bonds.
Ethereum ETFs: The Intersection of Traditional Finance and Cryptocurrency
An Ethereum ETF provides a way for investors to gain exposure to the price movements of Ether without directly purchasing the cryptocurrency. This is achieved through an ETF structure, where the fund holds assets linked to the value of Ether, and investors can buy shares of the ETF on traditional stock exchanges.
Key Features of Ethereum ETFs:
- Indirect Exposure: Investors gain exposure to Ether’s price changes without needing to manage or store the cryptocurrency themselves.
- Regulatory Compliance: Unlike the relatively unregulated cryptocurrency market, ETFs operate under the oversight of financial regulators, offering a layer of investor protection.
- Accessibility: Ethereum ETFs are available through traditional brokerage platforms, making them accessible to a broader range of investors.
Why Invest in an Ethereum ETF?
- Diversification: Including an Ethereum ETF in a portfolio can provide exposure to the cryptocurrency market, potentially enhancing diversification beyond traditional assets.
- Convenience and Familiarity: ETFs are a familiar investment product, simplifying the process of investing in cryptocurrencies.
- Professional Management: ETF managers handle the investment decisions, including the buying and selling of assets, which can be advantageous for those less familiar with the cryptocurrency space.
- Regulatory Oversight: ETFs are subject to regulatory scrutiny, potentially offering more safety and transparency compared to direct cryptocurrency investments.
- Potential for Growth: As the cryptocurrency market grows, ETFs linked to assets like Ether may benefit from rising prices.
Key Differences Between Ethereum and Ethereum ETFs
While both are related to the Ethereum blockchain, Ethereum itself and Ethereum ETFs represent different forms of investment:
- Ethereum (ETH):
- Direct ownership of the cryptocurrency.
- Full exposure to Ethereum’s features, including staking and network participation.
- Traded on cryptocurrency exchanges.
- Highly volatile and largely unregulated.
- Ethereum ETF:
- Indirect exposure through shares representing Ether’s value.
- Traded on traditional stock exchanges under regulatory oversight.
- Offers a more stable and familiar investment structure.
- Typically lower volatility compared to direct cryptocurrency ownership.
Future Considerations for Ethereum ETFs
The approval and launch of Ethereum ETFs mark a significant milestone in bringing cryptocurrencies closer to mainstream finance. They offer a convenient and regulated means for investors to gain exposure to the growing digital assets market. However, they also come with limitations, such as not allowing direct participation in the Ethereum ecosystem’s innovations, like dApps and smart contracts.
As the market evolves, we may see more sophisticated financial products that better capture the full potential of the Ethereum ecosystem. For now, Ethereum ETFs provide a balanced option for those interested in cryptocurrency exposure within the framework of traditional finance.
In conclusion, while Ethereum ETFs offer a gateway into the world of digital assets, they should be viewed as complementary to, rather than a replacement for, direct investment in the underlying blockchain technologies. Investors should carefully consider their investment goals, risk tolerance, and the unique attributes of both Ethereum and Ethereum ETFs when making investment decisions.
Source: blockchainmagazine.net
The post Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them appeared first on HIPTHER Alerts.
Nexo, a leading institution in the digital assets industry, has reinforced its commitment to data security by renewing its SOC 2 Type 2 audit and attaining a new SOC 3 Type 2 assessment without any exceptions. This rigorous audit process, conducted by A-LIGN, a respected independent auditor specializing in security compliance, confirms Nexo’s adherence to stringent Trust Service Criteria for Security and Confidentiality.
Key Achievements and Certifications
- SOC 2 and SOC 3 Compliance:
- SOC 2 Type 2: This audit evaluates and reports on the effectiveness of an organization’s controls over data security, particularly focusing on the confidentiality, integrity, and availability of systems and data.
- SOC 3 Type 2: This public-facing report provides a summary of SOC 2 findings, offering assurance to customers and stakeholders about the robustness of Nexo’s data security practices.
- Additional Trust Service Criteria:
- Nexo expanded the scope of these audits to include Confidentiality, showcasing a deep commitment to protecting user data.
- Security Certifications:
- The company also adheres to the CCSS Level 3 Cryptocurrency Security Standard, and holds ISO 27001, ISO 27017, and ISO 27018 certifications, awarded by RINA. These certifications are benchmarks for security management and data privacy.
- CSA STAR Level 1 Certification:
- This certification demonstrates Nexo’s adherence to best practices in cloud security, further solidifying its position as a trusted partner in the digital assets sector.
Impact on Customers and Industry Standards
Nexo’s rigorous approach to data protection and compliance sets a high standard in the digital assets industry. By achieving these certifications, Nexo provides its over 7 million users across more than 200 jurisdictions with confidence in the security of their data. These achievements not only emphasize the company’s dedication to maintaining top-tier security standards but also highlight its proactive stance in fostering trust and transparency in digital asset management.
Nexo’s Broader Mission
As a premier institution for digital assets, Nexo offers a comprehensive suite of services, including advanced trading solutions, liquidity aggregation, and tax-efficient credit lines backed by digital assets. Since its inception, the company has processed over $130 billion, showcasing its significant impact and reliability in the global market.
In summary, Nexo’s successful completion of SOC 2 and SOC 3 audits, along with its comprehensive suite of certifications, underscores its commitment to the highest standards of data security and operational integrity. This dedication positions Nexo as a leader in the digital assets space, offering unparalleled security and peace of mind to its users.
Source: blockchainreporter.net
The post Nexo Reaffirms Commitment to Data Protection with SOC 3 and SOC 2 Compliance appeared first on HIPTHER Alerts.
Republican Senator Roger Marshall has withdrawn his support for the Digital Asset Anti-Money Laundering Act of 2023, a controversial bill he initially co-sponsored with Senator Elizabeth Warren and others. This bill, reintroduced in the Senate on July 27, 2023, aimed to bring the cryptocurrency industry into alignment with existing anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
Key Provisions of the Bill
The legislation proposed stringent regulations on digital asset providers, including unhosted wallet providers, miners, and validators, by classifying them as financial institutions under the Bank Secrecy Act (BSA). It mandated these entities to adhere to BSA compliance requirements, which include extensive reporting and monitoring responsibilities. Additionally, the bill called for the Financial Crimes Enforcement Network (FinCEN) to establish regulations for reporting significant foreign digital asset holdings and to create compliance measures to address risks associated with anonymity-enhancing technologies.
Senator Marshall’s Shift
Marshall’s withdrawal from the bill comes as a surprise, particularly given his earlier criticisms of cryptocurrencies, which he has described as a “threat to national security.” This includes concerns over stablecoins like Tether potentially facilitating illegal activities and circumventing U.S. sanctions. Despite his earlier stance, Marshall’s departure from the legislation suggests a reconsideration of the bill’s implications or an alignment with broader political and industry perspectives on cryptocurrency regulation. His office has not provided a comment on the reasons for his withdrawal.
Political and Industry Reactions
The bill had garnered significant bipartisan support, with 18 co-sponsors, reflecting a broader concern in Congress over regulating the rapidly growing cryptocurrency market. However, it has also faced criticism for potentially imposing impractical compliance burdens that could stifle innovation and push crypto activities offshore. Critics argue that the bill’s stringent requirements could inadvertently drive users toward unregulated platforms, thereby undermining its intent to enhance security and regulatory oversight.
Broader Context
The withdrawal comes at a time when cryptocurrency regulation is a highly contentious issue in U.S. politics. Former President Donald Trump has promised to relax crypto regulations if elected, contrasting with the current administration’s more stringent stance. Under President Joe Biden, the Securities and Exchange Commission (SEC) and other regulatory bodies, led by figures like Gary Gensler, have taken a more rigorous approach to regulating the sector, which has drawn criticism for being overly restrictive.
Senator Marshall’s decision to step back from the Digital Asset Anti-Money Laundering Act reflects the complex and evolving nature of cryptocurrency regulation in the U.S. While the bill seeks to bring greater oversight and security to the crypto industry, it also raises concerns about regulatory overreach and its potential negative impact on innovation and privacy. As the debate continues, the U.S. legislative and regulatory landscape for cryptocurrencies remains in flux, balancing the need for security with the desire to foster technological innovation.
Source: decrypt.co
The post Marshall Becomes First US Senator to Walk from Controversial Crypto Bill He Co-Sponsored appeared first on HIPTHER Alerts.
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