6 in 10 Singaporeans prefer online processing for insurance

More than half want faster claim processes and add-on healthcare offerings.

Online processing of insurance policies from start to finish is the top consideration for 62% of respondents in selecting an insurer, according to Swiss Re’s COVID-19 Consumer Survey.

Respondents stated that they prioritise speed, simplicity, and fulfilment over financial savings when it comes to insurance policies.

In addition, 57% of consumers want faster claim process/payment, whilst 56% are looking for more flexible conditions, such as additional healthcare providers and access to healthcare products.

The survey reported that many are prioritising insurance as 30% of Singaporeans are overwhelmed and anxious about their financial future. More than half or 56% of Singaporeans expect that insurance companies would pay out valid claims.

This opens opportunities for insurers looking to add more features to appeal to consumers as 31% claimed that they have browsed for new policies, whilst 16% have already bought a new policy.

However, due to the current situation, insurers are less proactive to reach out to consumers as most of the interaction is limited to email or phone. Amongst those approached by insurers, 60% declined to buy insurance, only around 27% showed positive intent, and 5% are still unsure.

Meanwhile, consumers are willing to cut their expenses, with 75% willing to sacrifice expenses for eating out. 61% are willing to sacrifice gym membership whilst only 18% are willing to sacrifice insurance premiums. A quarter would also let go of their home/car insurance if pressed financially.

The report also noted that the primary health concern for 61% of Singporeans is based on social disruption, whilst 51% were concerned about the inability to take care of others.