One in ten buy insurance from their bank

Just one in ten consumers have purchased insurance from their main bank account provider, according to a new survey.

Firstsource Solutions, which carried out the poll of just over 2,000 plus respondents, said the results pointed to considerable scope for banks to sell on additional services, like home and motor insurance.  

Firstsource head of banking and financial services Jeremy Edwards said: “This survey shows that there is a huge opportunity for banks to sell additional products and in particular general insurance products such as home, motor or pet insurance as well as life and pensions and health insurance. 

“There is no doubt that more consumers are visiting price comparison websites but they will still buy products from banks that make it easier for them to do business with – which highlights the importance of getting the right communication channels in place.

“The growth in digital channels such as text, webchat, social media as well as applications such as mobile money  and contactless payments offer significant opportunities for banks to interact with their customers and improve the customer experience.”