Digital wallets have become widely adopted, with around 4.3 billion users globally in 2024, expected to grow to 5.8 billion by 2029. The transaction value reached US$10 trillion in 2024 and is projected to exceed US$17 trillion by 2029. Wallets represent 83% of global digital payment volume, split evenly between in-store and online spending, while consumers increasingly demand seamless digital experiences, contrasting with insurance interactions that still rely on traditional methods like paper cards and call centers.

This disparity is driving momentum for change. According to a survey conducted by EasySend, 81% of executives in banking and fintech assert that embedded insurance is transitioning from a "nice-to-have" to a strategic necessity. Three-quarters of these executives believe that offering insurance within a customer's primary financial journey fosters trust, and more than half of consumers indicate they would purchase additional coverage if it were integrated seamlessly. Furthermore, customer experience research indicates that a company with USD 1 billion in annual revenue can generate approximately USD 700 million in additional revenue within three years by investing in customer experience. These trends underscore an urgent opportunity for insurers to meet customers where they are and deliver value throughout the policy lifecycle.

1. Mismatch in Digital Experiences: While consumers increasingly demand seamless digital experiences, insurance interactions still rely on traditional methods such as paper cards and call centers. This disparity is driving momentum for change.
2. Embedded Insurance as a Strategic Necessity: According to a survey conducted by EasySend, 81% of executives in banking and fintech assert that embedded insurance is transitioning from a "nice-to-have" to a strategic necessity. This indicates a need for insurers to integrate insurance offerings within the primary financial journey of customers to build trust.
3. Consumer Demand for Seamless Integration: More than half of consumers indicate they would purchase additional coverage if it were integrated seamlessly into their financial journey. This highlights the importance of providing a smooth and integrated insurance experience.
4. Revenue Opportunities through Customer Experience: Customer experience research indicates that a company with USD 1 billion in annual revenue can generate approximately USD 700 million in additional revenue within three years by investing in customer experience. This underscores the financial benefits of enhancing customer experience.
5. Leveraging Existing Digital Wallets: Miss Moneypenny Technologies, led by founder Anna Bojic, aims to address these challenges by leveraging existing Apple and Google wallets. Their platform creates a digital card that acts as a two-way communication channel, allowing carriers to push real-time messages to policyholders and enabling policyholders to file claims, send documents, or update details with a tap.

These challenges highlight the urgent need for insurers to meet customers where they are and deliver value throughout the policy lifecycle.

The performance data indeed supports the wallet-native approach. Download-conversion rates for wallet-native insurance cards are impressively high, ranging from 60-80%, which is significantly higher than typical insurance-app adoption rates. Additionally, more than 90% of users retain their wallet card throughout the policy period, and about 80% would recommend the service to others.

From an operational standpoint, interactive wallet cards reduce process costs by over 90% and cut redundant call-center traffic by approximately 85%. For example, Zurich Insurance has implemented wallet-based insurance cards across its business units, providing customers with easy access to information and push-notification reminders. Similarly, the car-rental company SIXT integrates loyalty cards into wallet passes for smoother vehicle pick-up.

These micro-engagements can transform the policyholder relationship. For instance, in a travel delay scenario, a wallet notification can inform customers that trip disruption coverage applies and offer a link to book accommodation. Other triggers might send a claims checklist after a detected collision or remind drivers about maintenance when they approach a garage. The platform connects to core systems through secure APIs, ensuring that actions on the card automatically open cases or update records, with the status flowing back to the customer's card. This approach relies on tokenization and biometric authentication built into native wallets, reducing data-security concerns for carriers.

The growth potential extends beyond any single market. Spending patterns vary; Asia‑Pacific led with US$36.8 trillion in wallet transactions in 2024, compared with US$2.2 trillion in the Americas and US$2.0 trillion in Europe, the Middle East and Africa, but consumers across regions are gravitating to digital wallets because of convenience and security. Younger demographics often leave home without physical wallets, making mobile‑first engagement essential. Embedding insurance services into these ecosystems could help carriers keep pace with evolving expectations and differentiate themselves from competitors.

“The future of insurance isn’t another app,” Bojic says. “It’s showing up in the digital moment when customers need us.” By turning mobile wallets into dynamic insurance touchpoints, Miss Moneypenny Technologies’ Activation Fabric demonstrates how carriers can move beyond static cards to deliver personalised, context-aware service. As digital wallets dominate commerce and consumers demand effortless experiences, insurers that embrace this model will be well-positioned to build loyalty, trust, and growth. For an industry that has long struggled to engage customers, meeting them in their digital wallets offers a practical route to deliver value at precisely the right time. 

About Sabine VanderLinden

Sabine VanderLinden is CEO of Alchemy Crew Ventures and the architect behind their venture-client labs transforming how insurers adopt breakthrough technology. Through her DIVAAA framework, she has accelerated 160+ ventures from 55,000 globally sourced startups, converting innovation theatre into commercial reality. With 28 years revolutionizing insurance ecosystems from Lloyds of London to Fortune 500 carriers Sabine chairs leading international insurance conferences, lectures on corporate venturing and tech disruption at Bayes Business School and co-edited the bestselling INSURTECH Book. She partners with companies like Miss Moneypenny Technologies through her Amplification practice, showcasing how wallet-native experiences and embedded insurance escape pilot purgatory. Her venture-client methodology proves that strategic partnerships deliver measurable business impact, not just proof-of-concepts.

Contact: Sabine VanderLinden

CEO & Venture Client Partner Alchemy Crew Ventures

Site: https://www.alchemycrew.ventures/