A recent survey from Swiss Re Institute, two years into the COVID-19 pandemic has shown that the pandemic has led to a greater focus on health and financial security, resulting in more online insurance purchases and a greater willingness to share personal health data, especially among the younger generation.
It was the third edition of the Swiss Re Institute survey and the third year that the company has conducted a survey to study the impact of the COVID-19 pandemic on people’s behaviours. This year’s responses show that COVID-19 was a catalyst for people in emerging markets to have more regular health check-ups, with mental health a key concern.
The institute survey was conducted among 11,000 consumers worldwide, and the ensuing report – ‘Digital touchpoints build physical and mental health resilience’, reveals that changes in consumer health concerns and financial security have led to a reprioritisation of policy importance, triggering a further shift to more online insurance purchases.
A particularly interesting finding from the survey, showed that globally, 40% of respondents are concerned about the adequacy of their existing level insurance coverage.
At the same time, results from the survey highlighted that respondents are also concerned over the adequacy of their existing level of insurance coverage. Of those surveyed and under the age of 40, 54% declared having researched new or additional policies in the six months preceding the survey.
Among the advanced markets, respondents in Japan (55%) and the UK (49%) expressed the greatest level of insecurity.
Insurance searches and purchases were notably the highest in China and India, with an average, 40% of respondents purchasing new coverage. In the past six months, the under-40s in emerging markets were the most active in exploring new or additional coverage and constitute the fastest growing target group for insurers.
“The sudden shock to healthcare systems and accelerated digital adoption, among other behavioural changes, has had a profound impact on people’s livelihoods. As a result of this, many consumers continue to express concern regarding their health resilience and how well they are insured for potential health shocks in the future,” said Jérôme Jean Haegeli, Swiss Re’s Group Chief Economist.
Paul Murray, CEO Reinsurance Asia at Swiss Re, added: “Consumers continue to prioritise their wellbeing two years into the pandemic. The re/insurance industry has an opportunity to help strengthen this resilience in the post-pandemic world.
“The good news is that more and more consumers are putting their faith in the industry and to make the most of this, we must collectively respond to their changing preferences by meeting their expectations of us – multiple digital touchpoints, new products for the new normal, and more efficient underwriting.”
