Swiss Re's global consumer survey reveals increase in demand for online insurance, and other news

Swiss Re’s survey of 11,000 respondents worldwide finds online insurance purchases increase as consumers become increasingly concerned with their health and financial security since the COVID-19 pandemic. 

The COVID-19 pandemic has pushed consumers to seek out more regular health checks, with 46% of respondents in emerging markets saying that they plan to attend check-ups more frequently….

Additionally, 40% of respondents expressed concerns regarding the adequacy of their existing insurance coverage. Among those aged 40 and below, 54% said they’ve done research on new or additional policies in the six months prior to taking the survey.

In taking on insurance, consumers also showed a preference for digital solutions. Online insurance has gained particular traction among the younger generation, with respondents saying that they prefer the affordability and convenience of online processing, as well as the flexibility to customise coverage plans.

 

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Legal and regulatory update for the life and health insurance sector

1 Sept 2021 – Privacy Commissioner issued guidance on mandatory record keeping for contact tracing. Most of those clipboard lists of visitors will not comply with this advice: https://privacy.org.nz/publications/guidance-resources/guidance-on-mandatory-record-keeping-for-contact-tracing/

2 Sept 2021 – FMA issued an updated information sheet titled, “Customer vulnerability – our expectations for providers” a high level guide. More good detail around the circumstances can be found in the Human Right Commission paper. It is well worth working on practical responses for helping clients in difficult circumstances. https://www.fma.govt.nz/assets/Reports/CustomerVulnerability-ourexpectationsforproviders.pdf