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June 2021 One year on: how COVID-19 has impacted consumer views on insurance in Asia Pacific Findings from 2021 survey 01 Executive summary 02 Key takeaways 03 Introduction 04 COVID-19 and concerns about health and financial security 15 Recommendations for insurers 16 Conclusion 17 AppendixSwiss Re Institute One year on: how COVID-19 has impacted consumer views on insurance in Asia Pacific June 2021 1 The public health and economic crisis induced by COVID-19 has exposed shortfalls in consumers insurance protection needs. During the pandemic period, Swiss Re conducted two consumer surveys across the Asia-Pacific (APAC) region, the first in April-June 2020 and the second in January-February 2021. The results provide valuable insight into the impact of the pandemic for life and health (L Mental health in South Korea: an evolving market offers long-term promise for insurers, March 2021, Swiss Re Institute. Many respondents to our survey said preserving mental health during the pandemic has been a main concern. Figure 17 Respondents ranking of Big Six health concerns due to COVID-19 (LHS); Respondents who have established routines to manage health during COVID-19 (RHS) f R Sf P dd df P d y C fd y B If /v fq k Rdf ,d, Others have upped that usage of health and fitness apps. The pandemic experience appears to have lessened the stigma attached to mental health issues.14 Swiss Re Institute One year on: how COVID-19 has impacted consumer views on insurance in Asia Pacific June 2021 The reports show that insurance for mental health conditions is an under-developed segment and that historically, consumers in these markets have not been comfortable openly discussing mental health issues. This may well be changing. In the 2021 survey, 87% of respondents across APAC showed some openness towards having insurance also provide cover for mental health (see Figure 18). Respondents in the emerging markets were most open; those in Japan, Hong Kong and South Korea least so. In Japan specifically, more than a third said they were not open to the idea at all. Across all markets, younger generations and higher earners appear more open. Source: Swiss Re Institute Figure 18 Openness to mental health issues being part of insurance offerings 0% 20% 40% 60% 80% 100% Not open Somewhat open Very open Very open Somewhat open Not open Japan Australia New Zealand South Korea Singapore Hong Kong Indonesia Malaysia Thailand Vietnam China India All markets COVID-19 and concerns about health and financial securitySwiss Re Institute One year on: how COVID-19 has impacted consumer views on insurance in Asia Pacific June 2021 15 Recommendations for insurers The COVID-19 pandemic will have long-lasting repercussions on peoples lives. With the heightened risk awareness around personal health and financial security that the experience of pandemic has generated, the insurance industry is in a unique position to help households strengthen their resilience at this difficult time. The findings from our 2021 consumer survey provide insights on how L&H insurers in APAC can best respond. First, providing affordable insurance products with comprehensive coverage remains key. Across all markets, price remains one of the most important factors for consumers when making insurance purchase decisions. This partly reflects the financial stress that households have experienced during the COVID-19- induced global economic recession, but also comes as a result of increasing competition, with more digital players and non-incumbents (eg, WeChat in China and Grab in southeast Asia) entering the insurance space. In addition, with more options to compare products across platforms, the survey responses indicate that consumers are looking for products that offer wide scope of cover. Insurers should look to offer products that cover illnesses of both body and mind, another finding of the survey. Products with shorter terms and flexible premium structures have also become more popular during the pandemic Second, insurers should continue to engage in digital innovation and strengthen data analytics across the insurance value chain. During the COVID-19 period, consumers in APAC have made a significant shift to online purchasing, a trend that insurers can capitalise on by developing their digital distribution capabilities. Moreover, insurers have an opportunity to revamp their entire value chain from product design, underwriting, distribution, claims and after-sales management. Traditional underwriting models rely on risk assessment at the point of customer entry. With expanded data sources and engagement models, insurers can now access policy holders lifestyles and risk profiles more frequently, while still complying with data privacy regulations. We have observed an increasing trend of sharing of lifestyle and activities data through wearable connected devices or through e-commerce purchase history, allowing insurers to provide personalised offers/services to consumers. It also allows insurers to engage with customers more frequently. With the right incentive/reward programmes, they can reach higher retention while helping customers to achieve healthier life outcomes, a win-win for both parties. Lastly, there are notable differences in consumer sentiment in the advanced and emerging markets of the APAC region. The emerging economies have a relatively younger demographic profile but lower level of financial services available. Consumers in these markets have demonstrated more interest in insurance during the pandemic. Their responses to the survey questions show emerging economy consumers as more open to discuss mental health issues, to try new digital distribution channels and to share personal data than their peers in the more advanced markets of the region. Insurers should cater to these high-growth markets with digital interaction points. In contrast, in advanced Asia markets where ageing populations are prevalent and insurance penetration is already high, traditional distribution channels such as broker and agencies still play important roles. Here an omni-channel mix of digital and physical touchpoints will likely reap most rewards. Insurers should provide affordable and flexible coverage options. Insurers should accelerate digital transformation across the whole insurance value chain and adopt different strategies for the advanced and emerging markets in the region16 Swiss Re Institute One year on: how COVID-19 has impacted consumer views on insurance in Asia Pacific June 2021 Insurers have a key role to play in strengthening household and societal resilience in the post-COVID-19 era. There are many areas of improvement, some prompted or accelerated by the pandemic, that insurers could reflect on to better serve their customers. Examples include digitalisation of the end-to-end customer journey, more comprehensive coverage that includes both body and mind, and more frequent engagement with incentives to encourage healthier lifestyles. In our survey, consumers have communicated their needs for today and for the future. We hope the insights help the industry develop easy-to-understand, comprehensive, affordable and accessible products to address those needs. Insurance can help build resilience in the post-pandemic era. ConclusionSwiss Re Institute One year on: how COVID-19 has impacted consumer views on insurance in Asia Pacific June 2021 17 Appendix Survey design: respondent profile by country Countries Sample Languages Gender Age Location Australia 500 English 50:50 1875 National New Zealand* 500 English 50:50 1864 National Singapore 500 English 50:50 1859 National Hong Kong 500 English, Mandarin 50:50 1865 Hong Kong Mainland China 1 000 Simplified Mandarin 50:50 1865 Tier 1, 2 and 3 cities Japan 500 Japanese 50:50 1859 National South Korea* 501 Korean 50:50 1859 National India 1 000 English 50:50 1859 Mumbai, New Delhi, Bangalore Indonesia 501 Bahasa 50:50 1859 Jakarta, Surabaya, Bandung, Medan and Bali Malaysia 500 English, Traditional Chinese, Malay 50:50 1859 Klang valley central Thailand 500 Thai 50:50 1859 Greater Bangkok + Central, NE, North, South Vietnam 500 Vietnamese 50:50 1859 HCMC + HanoiPublished by Swiss Re Management Ltd Swiss Re Institute Mythenquai 50/60 P.O. Box 8022 Zurich Switzerland Telephone +41 43 285 2551 Email Authors Jessie Guo Viola Wang Editor Paul Ronke Managing editor Irina Fan Head Insurance Market Analysis The editorial deadline for this study was 19 May 2021. The internet version may contain slightly updated information. Graphic design and production: Corporate Real Estate & Logistics / Media Production, Zurich 2021 Swiss Reinsurance Company Ltd All rights reserved. The entire content of this study is subject to copyright with all rights reserved. The information may be used for private or internal purposes, provided that any copyright or other proprietary notices arenot removed. Electronic reuse of the data published in publication is prohibited. Reproduction in whole or in part or use for any public purpose is permitted only with the prior written approval of Swiss Re Institute and if the source reference “Swiss Re, One year on: how COVID-19 has impacted consumer views on insurance in Asia Pacific” is indicated. Courtesy copies are appreciated. Although all the information used in this study was taken from reliable sources, Swiss Re does not accept any responsibility for the accuracy or comprehensiveness of the information given or forward looking statements made. The information provided and forward- looking statements made are for informational purposes only and in no way constitute or should be taken to reflect Swiss Res position, in particular in relation to any ongoing or future dispute. In no event shall Swiss Re be liable for any loss or damage arising in connection with the use of this information and readers are cautioned not to place undue reliance on forward-looking statements. Swiss Re undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. Order no: 1507770_21_ENSwiss Re Management Ltd. Swiss Re Institute Mythenquai 50 /60 P.O. 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