UK-based insurtech Eleos, a digital provider of income protection and life insurance in the UK, has released its white paper titled “Financial Super-Apps: Rising on the Digital Tide.”
This tudy offers FinTechs crucial insights into the changing landscape of financial technology and consumer behavior.
Based on a survey of 1,000 UK adults conducted in 2024, the white paper explores the potential of financial super-apps to revolutionize personal finance management and reshape the FinTech sector.
It highlights how these all-in-one platforms are set to disrupt traditional financial services and open new market opportunities.
Key findings include:
- Generational Divide in FinTech Adoption: 85% of 18-25-year-olds actively use FinTech services, compared to just 33% of those aged 59 and older.
- Mobile Banking Dominance: 85% of 18-25-year-olds and 83% of 26-42-year-olds primarily use mobile apps for banking, signaling a significant shift to mobile-first financial services.
- Untapped Investment Market: Fewer than 50% of respondents participate in stock and share investments, indicating substantial growth potential for accessible investment platforms.
- Data Security Concerns: 19% of respondents across all age groups cite financial data safety as their main concern with super-app usage, underscoring the need for robust security measures.
- Service Expansion Potential: 77% of respondents would increase super-app usage if offered a wider range of services, highlighting opportunities for diversification and integration.
The white paper also discusses the role of super-apps in fostering innovative business alliances and generating new revenue streams. It emphasizes how embedded financial services can significantly reduce customer acquisition costs and improve business performance.
“Our Insurance Market research reveals a significant disparity in insurance adoption rates across various types of coverage. Motor insurance was found to be the most popular which was to be expected due to it being a requirement of vehicle ownership. Buildings insurance followed, presumably driven by mortgage agreement stipulations.”
Our research shows we’re on the brink of a major shift in personal finance management. Financial super-apps can transform how consumers interact with financial products and services.
Kiruba Eswaran, CEO of Eleos
The study stresses the importance of addressing data security concerns and building consumer trust. It also highlights the need to tailor services to different age groups and expand product offerings to meet diverse financial needs.
The findings provide valuable guidance for FinTech companies, traditional financial institutions, and businesses aiming to integrate financial services into their offerings.
Founded in 2022, Eleos quickly became the UK’s sole provider of fully digital life insurance and income protection products. The company projects revenue exceeding £1 mn by the end of 2024.
Insurtech Eleos committed to revolutionizing the insurance industry by focusing on customer-centric operations.
Its B2B2C solution allows partners to embed insurance into their platforms with no setup costs. Through strategic partnerships and innovative technology, Eleos enables seamless integration of insurance products, creating new revenue streams and enhancing customer retention.
Eleos raised $4 mn in a seed funding round to support its planned expansion into the United States. Fuel Ventures and Indico Capital led the recent investment, which occurred just six months after the company’s pre-seed round.
The seed round expands on earlier insurtech funding from Fuel Ventures, Founders Factory, Insurtech NY, Magic Fund, and Indico Capital Partners.
