How Fintech Companies Can Unlock Insurance Cross-Selling Opportunities

Published on
March 1, 2023
Ray Huang
Head of Marketing

Ray is the Head of Marketing at Canopy Connect and has helped dozens of startups and growth companies over his 20-year career to develop strategies and implement tactics that yield high-impact results.

Discover how fintech companies can build embedded insurance experiences to boost revenue through cross-selling.

Many fintech companies might not realize it, but they’re perfectly positioned to offer customers insurance products. Banks, for example, already exist as personal finance hubs for their users. Whether a client is buying a house, starting a business, or going to college, their bank is usually one of the first parties to know.

With such close insight into every customer’s reality, offering insurance seems like a natural extension to help clients minimize risk and protect what’s important to them.

With consumer data at the core of their business, fintech companies can offer customers tailored insurance solutions precisely when they need them. Provided they leverage the opportunity to collect and connect data in customer portals, fintech companies have the potential to launch a friction-free cross-selling solution. They can provide clients with information about financial and insurance products relevant to their changing life stages. They can also make personalized recommendations based on their demographics and needs.

In this article, you’ll discover how fintech companies can build connections across the finance and insurance ecosystem. Ultimately, this drives partner opportunities to boost revenue and improve customer experience.

Why Your App Should Cross-Sell Insurance

Fintech apps are powerful customer portals—digital platforms where customers can access their banking, brokerage, trading, credit, or insurance accounts. This customer-specific online platform can also include digital wallets, financial data aggregators, and more innovative uses.

Acquiring customers is one of the most challenging parts of business, so it makes sense, once acquired, to maximize the revenue potential while delivering considerable additional value to them.

By cross-selling additional products to your existing customer base, you spend less time and money to hit your sales goals. Instead of having to cover a lot of groundwork with new prospects, existing customers already know the basics. Since they already have a trusting relationship with you, the process is significantly simplified.

Fintech companies should leverage the information that already resides in an existing customer’s portal to pinpoint their exact needs for effective cross-selling. The more comprehensive the data contained in the portal, the more accurately you can make recommendations. When what you present is thoughtfully aligned with your customer’s unique needs, there’s a greater likelihood of a purchase.

To identify embedded insurance opportunities, consider the following:

What Correlations Exist Between Your Data and Insurance Behaviors

There are triggering events that make people re-evaluate their insurance situations. The obvious ones are home or vehicle purchases, life-changing events, and economic shifts. But your product and user data may surface other correlations, or show early signs of these triggers.

Existing Policy Information and Life Stage

Knowing exactly what coverage a client already has can help you identify complementary products as they move through different life stages.

Fintech companies and banks often have a glimpse into new developments in their customers' lives. This might include a growing family, home purchase, or retirement. This awareness opens up a significant opportunity to recommend add-ons and amend current policies to suit their evolving needs better.

Insurance Coverage Gaps

Clients aren’t always aware of small coverage gaps in their policies. When you have insight into the exact insurance policy your client has, you can offer information about aspects that are not covered.

For example, your client may have auto coverage that doesn’t include uninsured motorist coverage—a small detail that could make a big difference.

Lapses in Coverage

Having insight into accurate dates of coverage allows agents to reach out to customers at the most strategic times for renewals and upgrades.

Taking a proactive stance on protecting your client base opens the opportunity for cross-selling in fintech and insurance offerings. And this can be a game changer for your business.

man standing in front of group of men

Embed Insurance Experiences Into Your Product

Cross-selling challenges the traditional dividing line between different categories of insurance. It refers to promoting and selling various insurance products to a single customer.

Embedding insurance into your app doesn’t just broaden your product offerings—it reinforces client relationships. Integrating property, casualty, and life brokerage operations with financial services and wealth accumulation products can have a significant impact on revenue generation.

While you can achieve cross-sell success through multiple methods, embedding insurance into customer portals offers the most strategic insights into every customer's needs. By assessing a customer's existing policies to identify sales opportunities, you can execute email campaigns, online advertising, and in-person meetings a lot more strategically.

Although embedded insurance is a smart strategy for many insurance and fintech companies, there are some essential factors you need to consider to ensure your success:

Define Your Strategy

Before expanding your product portfolio, formulate a clear understanding of your cross-sell strategy. Put processes in place and make sure your entire team is clear regarding procedures.


Consider how you’ll communicate your improved offerings to customers. Having a clear communication and marketing strategy in place will ensure your clients don’t get confused.

Product Value

You don’t want to cause issues with overlapping or competing brands and dilute the value of what you’re offering. Make sure that the products you offer can share space in a single hub and that they complement each other, thus boosting the value presented to your customers.

Embedding insurance has allowed some of the largest insurance companies to transform their concentrated brokerages into full financial services providers.

How Marble Uses Customer Portals for Cross-Selling

Meet Marble, a Canopy Connect partner paving the way forward as one of the biggest insurance wallets for American households. Marble’s application provides a single hub for a customer’s entire insurance portfolio. A Marble account not only centralizes your insurance policies but offers exclusive tools, support, and rewards for being actively engaged.

On the other side, fintech companies use Marble Link to connect to their clients’ insurance data, integrating it effortlessly into the application interface. Insurance companies and brokers take advantage of Marble’s unique tools to increase engagement and retain their customer base.

With Marble’s API-powered platform, you can offer your customers one-click access to a tailored rewards and engagement service. As opposed to interacting only annually with their insurer, you can engage members consistently via Marble’s user-friendly digital wallet and prompts. You can offer rewards within the Marble app or embed them anywhere in your policy administration system. These meaningful interactions are key to improving carrier loyalty.

As the first rewards-based membership program in the insurance industry, Marble puts money back into the customer’s pocket. Marble alerts clients when policies are nearing expiration and offers unbiased rate comparisons for the most suitable policies.

The Data Connection

How does Marble manage this mountain of customer data for seamless integration and instant access to all related parties? Canopy Connect.

Marble uses Canopy Connect's API to allow their users to easily connect their insurance accounts and send insurance data into Marble's database—a key component to the cross-selling opportunities provided for D2C businesses through the platform.

Marble and Canopy together deliver a fully functional consumer-integrated experience. Clean data is not only accessible in under 10 seconds from Canopy Connect, but it is delivered and contextualized visually in an existing financial app. Consumers can actually look at it and make sense of it. It's going to be very powerful, and 2023 is going to be very big for these integrations.
Stuart Winchester, Founder & CEO

Enhance Your Embedded Insurance Experience with Canopy Connect

From managing home and auto policies to staying on top of commercial insurance and business owner policies, managing insurance has become complicated. In trying to minimize business and personal loss, customers often end up with multiple policies and piles of paper in an unstructured framework.

By implementing partner opportunities across insurance, finance, and tech companies, the complexity of the consumer's insurance portfolio radically decreases. A streamlined insurance ecosystem improves the customer journey. It sets the stage for comprehensive agent overviews of what’s in place and what may be lacking.

As fintech companies unlock insurance cross-selling opportunities, automated and accurate policy data integrations are key. In fact, your success and competitive advantage hinge on access to accurate real-time data. When you employ the right tech tools, you can greatly simplify and streamline your cross-selling strategy. This improves the user experience, building favor and trust in your service.

Canopy Connect allows you and your prospects to save time gathering the required policy information for accurate quote formulation. Instant access to your prospect or customer’s policies, premiums, claims history, and limits give you the opportunity to spot gaps, cross-sell, and upsell.

Find out exactly how Canopy Connect can help you harness your data, service your customers, and boost your sales. Learn more about how Canopy Connect can help you »