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 Press Releases
Webb Unveils Tangle Network Testnet, Pioneering the Future of Private, Decentralized Applications
NEW YORK, Sept. 29, 2023 /PRNewswire/ — Today, Webb announced the launch of its much-anticipated Tangle Network Testnet, setting the stage for a new era of private and decentralized applications.
About Webb
Led by founder Drew Stone, Webb is the premier cross-chain zero-knowledge messaging layer, committed to revolutionizing blockchain privacy. Backed by industry giants like Polychain, Lemniscap, and Commonwealth Labs, Webb introduces a suite of tools aimed at advancing zero-knowledge (ZK) and multi-party computation (MPC) applications across multiple blockchains.
The Challenge and Our Solution
Blockchain networks today face significant hurdles: limited interoperability, scaling difficulties, centralized control, and privacy concerns. Webb’s Tangle Network, built on the powerful Substrate framework, is designed to tackle these challenges by offering a next-generation blockchain platform.
Why Tangle Network?
Our vision is to make it easier for developers to create secure, private zero-knowledge (ZK) and multi-party computation (MPC)-based decentralized applications. Tangle Network simplifies:
- Proof Generation: Delegate computational tasks to our validators.
- Trusted Setups: Tangle Network manages complex ceremonies for you.
- Secure Signing: Utilize our threshold signing for cross-chain operations.
By removing these barriers, we massively improve the time to launch for ZK and MPC-based decentralized applications.
Noteworthy Features
- Unparalleled speed, security, and scalability via Substrate.
- Decentralized control through Distributed Key Generation (DKG).
- Advanced protocols for zero-knowledge applications.
- Cross-chain compatibility with IBC and XCM.
- Easy migration of existing apps through Ethereum Virtual Machine (EVM) support.
- Smooth, forkless upgrades.
What’s Next?
The Testnet launch kicks off with an in-depth whitepaper, followed by a series of engagement events during the testnet phase. Our mainnet is scheduled for a Q1/Q2 2024 launch, featuring hackathons, workshops, and a targeted grant program to accelerate the adoption of privacy-focused applications.
Testnet Quick Links
- Whitepaper: Read here.
- Get Started: PolkadotApps for Tangle Network
- Documentation: docs.webb.tools
Get Involved
- Developers: Start building on Tangle today. Learn More
- Validators and Relayers: Help secure and maintain the network. Learn More
- Join the Community: Follow us on Twitter or join our Discord.
Contact Us
For media inquiries, partnerships, or more information, email us at [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/webb-unveils-tangle-network-testnet-pioneering-the-future-of-private-decentralized-applications-301940846.html
Blockchain Press Releases
ChainUp Celebrates 6th Anniversary, Charting Blockchain Innovations beyond Digital Assets
SINGAPORE, Sept. 29, 2023 /PRNewswire/ — ChainUp, a Singapore-based trailblazer and global leader in the blockchain industry, marked its sixth anniversary celebration with more than 500 business partners at Ce La Vi Singapore. During the celebration, ChainUp Founder and CEO, Sailor Zhong reflected on the journey, “Six years in the blockchain industry showcases our resilience, innovation, and forward-looking approach. As we look to the future, we are committed to shaping a digital asset environment that is reliable, transparent, and unparalleled. ChainUp aims to champion blockchain solutions beyond the applications of digital assets and bridge the gap between digital asset markets and traditional finance (TradFi) to increase effectiveness and market efficiency.”
The DEX Renaissance
As decentralized finance (DeFi) comes into prominence and focused on returning control to users, one of the sectors impacted by DeFi are the exchanges where cryptocurrencies are traded. Data from CoinMarketCap reveals that trading volumes on Decentralized exchanges (DEX) reached $1.2 trillion in 2022, indicating a 340% YoY growth. However, factors such as poor user experience impeded the rate of adoption of DEX. Recognizing this trend, ChainUp has updated its white-labeled DEX solution, incorporating advanced features, strengthening its security, improving its liquidity and aims to provide a decentralized trading experience that is on par with commonly-used centralized exchanges (CEX).
Bridging TradFi and Digital Assets Market
The traditional financial sector has been progressing very cautiously on digital assets. As more institutions lean into RWA tokenization, they unlock unparalleled liquidity in a borderless trading environment. Amidst this evolution, ChainUp’s RWA solutions emerge as an industry pioneer, offering robust tokenization protocols, seamless integration, and enhanced security, bridging the gap between TradFi and the digital future with unmatched finesse.
Minimizing Risk and Maximizing Security
ChainUp’s MPC Wallet revolutionizes crypto security by integrating MPC technology with advanced hardware isolation, ensuring utmost safety and encryption on data. The wallet offers dynamic key-refreshing mechanisms, chain-agnostic compatibility, and eliminates single-point vulnerabilities. With efficient multi-address management and 24/7 expert support, users enjoy full asset control, scalability, and cost-efficiency, all under one roof.
Compliance: The Guiding Principle
Navigating global regulations in the blockchain sector can be complex. ChainUp’s KYT subsidiary, Trustformer, offers peace of mind for enterprises tackling compliance-related challenges. ChainUp’s advanced solutions in Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) show their commitment to a more secure blockchain environment.
For detailed insights into ChainUp’s innovative solutions, please visit: https://www.chainup.com?channel=pr&type=article
About ChainUp
Headquartered in Singapore, ChainUp is a global leading end-to-end blockchain technology solutions provider covering infrastructure development and ecosystem support. Built on the mission to empower businesses through blockchain technology, ChainUp’s innovative and all-around compliant solutions include digital asset exchange, KYT, NFT trading, wallet, liquidity, Web3.0 infrastructure, digital asset custody, security token offerings and more. Established in 2017, ChainUp has offices around the world, serving more than 1,000 clients in 30 countries, reaching over 60 million end-users.
CONTACT: Jacelynn Pang, [email protected]
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SINGAPORE, Sept. 27, 2023 /PRNewswire/ — BingX, a leading global cryptocurrency exchange, is thrilled to announce its integration with WunderTrading, a cutting-edge platform that allows users to trade and invest crypto seamlessly using automated trading bots. This strategic partnership is aimed at enhancing the automated trading experience for BingX users and introducing a new level of convenience and innovation.
WunderTrading is a cloud-based cryptocurrency trading platform that simplifies cryptocurrency trading experience for beginners. Users can easily copy strategies of renowned traders or create their own. The platform offers an advanced trading terminal and automated bots integrated with TradingView, allowing users to manage portfolios efficiently within a single app. WunderTrading stands out by consolidating trading tools, enhancing user experience, and introducing unique features like the Spread-trading Terminal.
The integration of BingX and WunderTrading offers BingX users a significant advantage. With access to TradingView integration and the innovative Spread-trading Terminal, users can automate their trading strategies and diversify their portfolios with minimal risk. The Spread-trading terminal enables BingX users to choose assets for constructing a spread and will execute buy and sell orders simultaneously for the selected pairs. This integration empowers BingX users to create and fine-tune crypto trading bots swiftly, providing a unique opportunity to optimize their trading while minimizing market volatility risks.
Megan Nyvold, Head of Branding at BingX, expressed her excitement about the collaboration, saying, “BingX is always striving to offer our users the most innovative and user-friendly tools to navigate the crypto market with efficiency and greater ease. Our partnership with WunderTrading is a significant step forward. With this integration, we empower our users to trade smarter, diversify their portfolios, and navigate the crypto market with newfound confidence. We’re excited to see our users leverage the power of automated trading through WunderTrading and make the most of this enhanced trading experience.”
As BingX and WunderTrading join forces, users can look forward to an enhanced trading journey filled with innovative tools and features designed to optimize their trading strategies.
About BingX
BingX is a leading crypto exchange that offers spot, derivatives, copy, and grid trading services to over 100 countries and regions worldwide with over 5 million users. BingX continues to connect users with expert traders and the platform in a safe and innovative way. Please visit https://bingx.com to learn about BingX.
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