There’s a sturdy demand for journey insurance coverage merchandise throughout all age teams in accordance with new analysis from KoverNow, the digital insurance coverage platform. Its analysis, finished with the Nationwide College of Singapore, has revealed a desire to make use of digital channels when deciding on and shopping for insurance policies.
The KoverNow analysis, wanting into the attitudes and behaviours of smartphone customers in the direction of the buying of insurance coverage services and products, additionally revealed an inclination towards ‘metered’ insurance policies that may be turned on and off on demand.
Of the five hundred Singaporeans surveyed by KoverNow, 64 per cent of all respondents, no matter revenue, stated that they’d beforehand purchased journey insurance coverage and plan to buy it sooner or later. 43.7 per cent journey two to a few occasions a 12 months. Of this group, an enormous 91 per cent stated that they might purchase journey insurance coverage sooner or later.
Twenty-eight per cent journey greater than thrice yearly, of which 84 per cent presently personal, or have beforehand purchased, journey insurance coverage. Only one.5 per cent have by no means purchased a coverage to guard them whereas travelling.
Stephan Kaiser, CEO at KoverNow, stated: “Singaporeans like to journey, and imagine within the significance of insurance coverage to guard themselves and their valuables. The emotions expressed within the survey will be seen within the attitudes of our personal prospects, who use the KoverNow app to make sure they buy each journey cowl and devoted objects in a single straightforward transaction.
“We additionally now clearly see the tip of the iceberg in shopper preferences coming into the market via Gen Z prospects who received’t even think about non-digital provide channels … which is a clarion name to all the insurance coverage business.”
Buying preferences
Whereas 53.4 per cent of all respondents have used a web based web site for buying insurance coverage, 11.8 per cent have used a cellular app. A 3rd (33 per cent) stated they’d beforehand used a non-digital channel, corresponding to a monetary agent, or a dealer, as their most popular channel. Nonetheless, solely eight per cent had used a landline telephone. Amongst those that journey two to a few occasions a 12 months, simply 5.8 per cent selected a non-digital channel as their desire.
The bulk (70 per cent) of the respondents within the survey had been between 22 and 40 years outdated, and 30 per cent had been aged between 40 and 60.
When requested for his or her views on cellular insurance coverage apps, 38.2 per cent of the 56-60 age group – which accounted for 11 per cent of respondents – ranked their degree of consolation with cellular functions at two (with one being most snug and 5 being least snug). 31.7 per cent of 22-25 12 months olds stated the identical, as did 31 per cent of 41-45 12 months olds. Among the many youthful age group, 95 per cent had been snug total with buying insurance coverage utilizing an app.
This discovering displays the outcomes of a 2021 KoverNow survey of Millennials in Singapore which confirmed that they might be open to utilizing a cellular app to buy insurance coverage. Additionally it is reflective of the fast hockey stick adoption fee for apps amongst Gen Z customers.
The highest 5 most essential components for Singaporeans when selecting a channel to purchase insurance coverage are: personalisation; model fame; clearly introduced services and products; the supplier being accessible the place the shopper is; and immediate service. The least essential facet is the elimination of human interplay.
Coverage preferences
The KoverNow analysis additionally requested respondents for his or her attitudes to coverage options. Throughout all age teams, 79.6 per cent stated they thought it was essential to have ‘metered’ insurance coverage that may very well be turned on and off on demand. When requested in regards to the capacity to worth an merchandise as an extra service, 45.3 per cent stated it was very, or fairly essential. Premium affordability and protection, nevertheless, is crucial precedence.
