Australian banking customers want embedded insurance offers from banks and other lenders, a new survey from insurtech Cover Genius reveals.

It found 70% of digital bank and fintech app customers want embedded insurance offers based on their transaction data.

The data indicates a strong trend for banks as insurance distributors will emerge, with 67% of Australians who chose a traditional insurer or broker in the last year saying they would prefer bank-embedded offers next time.

Cover Genius Co-Founder and CEO Angus McDonald said banks are uniquely positioned to offer their customers “hyper-relevant, transaction-based embedded insurance, and add value to the most important purchases their customers make”.

“The past two years have seen a greater acceleration of digitisation than the previous twenty,” Mr McDonald said.

The poll looked at 14 life events/activities/major purchases that lead to insurance consideration, such as childbirth, purchases of car, property, pets and expensive items, contracting for a wage and becoming a lessee or landlord.

The countries most interested in embedded insurance products from their banks were in India and Italy, where 93% said they would be extremely or very interested.