Singaporeans want more detailed insurance plans, 90% willing to share more data: Capco

Insurance policyholders want more personalised long-term savings products, life insurance, and health insurance.

Singapore insurance policyholders revealed a strong demand for personalised insurance offerings, Capco's 2023 survey 

Notably, 76% of respondents seek personalisation in long-term savings products, 74% in life insurance, and 73% in health insurance. 

This presents a significant opportunity for insurers to innovate and create products that align with customer expectations.

Moreover, 90% of the surveyed 1,000 Singapore policyholders are willing to share additional personal data with insurers for various advantages. 

Improving the claims process is the main incentive (49%), followed by lower premiums (46%), and personalized services (45%).

While traditional channels like agents remain popular for insurance purchases, many respondents are open to sharing data for personalised products. 

Around 43% are open to sharing data via wireless wearables like smartwatches. The same percentage considers sharing data through a fitness test, and 38% through smart home devices.

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Ways Singaporeans like their insurance plans

Key decision factors for insurance purchase include affordability of premiums (51%) and value for money (45%).

Brand trust (37%) and the ability to meet customer needs (37%) also play crucial roles. When making purchases, 64% prefer agents, while 23% choose third parties, and 13% purchase insurance independently.

A majority (81%) of claimants express satisfaction with their claims experience. For those less satisfied, slow responses, delayed payouts, and excessive paperwork are the main concerns.

Regarding insurance apps, 76% of users have a positive experience. Around 23% find the experience 'very good,' and 53% consider it 'good.'

However, 24% describe it as 'satisfactory' (23%) or 'poor' (1%), citing issues like user-friendliness and sluggishness.

Users express interest in features like doctor appointments (32%) and health resources (32%) on insurance apps. Heart rate monitoring (29%), nutrition tracking (28%), sleep tracking (28%), and mental health coaching (27%) also attract attention.

Older adults (55-65 years) show greater interest in heart rate monitoring (36% versus 25% among young adults aged 18-34).

Capco's Singapore survey covered policyholders aged 18 to 65, capturing insights into attitudes towards insurance, preferred purchasing methods, decision-making factors, claims processes, insurance app preferences, and willingness to share personal data.