Enforced lockdowns or restricted movements in India, Indonesia and Malaysia have pushed consumers to begin looking digitally for insurance solutions that may not have been there prior to COVID-19.
According to a recent study from the Swiss Re Institute the confluence of COVID-19, increased digital penetration, faster download speeds and smarter ‘phones are changing the insurance purchasing landscape in these three countries.
Titled ‘Going Digital – Insights to Optimise Consumer Appetite for Online Insurance’, the study surveyed 1,800 consumers in these countries in June 2020 to understand their attitudes toward digital platforms and perceptions of buying insurance online.
Survey respondents were household decision-makers aged between 18 and 65 and had used digital platforms at least once within three to six months prior to being surveyed. These digital platforms include e-commerce apps/websites, payment/digital wallet apps, health-tracking apps and connected commuter platforms.
The study also found that the growing presence of e-commerce and digital wallet apps presents opportunities for innovative partnerships between insurers and digital platforms to bridge the $498bn health protection gap in India, Indonesia and Malaysia.
“Health and safety measures intended for curbing the spread of COVID-19 have now driven a clear paradigm shift towards digitalisation in the post-virus era. With an increasing number of digital platforms extending their business reach into financial services, insurers need to adapt their business models to become more relevant and responsive to the latest customer needs,” said Swiss Re managing director and head of global and life and health South Asia Marianne Gilchrist.