More people turned to buying insurance online as a result of the Covid-19 pandemic according to a new report by Swiss Re.
However, it seems some of the 500 Kiwis who took part in its global survey are cautious about sharing their personal information with insurers online, with 29% refusing to do so. More than a third (37%) expect a reward for buying online, and 35% enjoy the ease of doing business on their terms.
It appears the pandemic has prompted many consumers to review their insurance cover. The survey of 11,000 consumers says 40% are concerned about the adequacy of their insurance coverage, and that among the under-40s, more than half (54%) have researched new or additional policies in the six months to May 2022.
Of those Kiwis who bought insurance last year, 35% were helped by a financial adviser, around 33% used an insurer’s website or app, and 29% used a bank. Looking at the global picture, 46% used an insurer’s website, 26% turned to an adviser, 23% went to a bank, and 25% used non-traditional channels.
Mental health features heavily in the report with 35% of Kiwis saying they took steps to protect their personal wellbeing. In Australia the figure is around 39%. It also appears that Kiwis are 15% more concerned than a year ago and Australians are 10% more worried.
Paul Murray, CEO Reinsurance Asia at Swiss Re, says the industry “…must collectively respond to [consumer’s] changing preferences by meeting their expectations of us – multiple digital touchpoints, new products for the new normal, and more efficient underwriting”.
The report also reveals increasing popularity toward using digital channels for health management. One in three respondents globally stated their interest in using health and wellness apps, particularly within the 18 to 39-years category, to help build their mental strength.
The report states that the ongoing global pandemic is an opportunity for insurers to narrow the protection gap in life and health insurance.
Download the report here.