Starling is building a marketplace of providers on its platform – including insurance. What does this mean for the future of bancassurance?

Dougie Willins, analyst at Oxbow Partners takes a look at a UK challenger bank, Starling Bank.

"Today, insurance products available to personal and business customers include:

  • Personal insurance: Mobile phone cover from SoSure, life insurance from Anorak and contents insurance from Churchill
  • Pensions & investments: Pensions management from PensionBee and investment & savings management from Wealthsimple and Wealthify
  • Commercial insurance: Invoice protection from Nimbla and a range of SME insurance products from Digital Risks (e.g. cyber, professional indemnity)

Starling is not the only digital bank to partner with insurance providers. Monzo and Revolut, both of which are popular with younger customers due to their preferential rates for foreign exchange, have previously partnered with incumbent insurers to provide travel insurance."

Willins looks at what this means for insurers in the linked article below. Also read "Bancassurance - where Fintech meets Insurtech".

And then to put it all in context "The future of insurance is happening without insurance firms"