Zurich, June 1, 2022 – Two years after the start of the COVID-19 pandemic, a Swiss Re Institute survey of 11,000 consumers worldwide shows that the pandemic has led to greater attention to health and financial security. This has led to an increase in online insurance shopping and a greater willingness to share personal health data, especially among the younger generation.

“The sudden shock to healthcare systems and accelerating digital adoption, among other behavioral changes, have had a profound impact on people’s livelihoods. As a result, many consumers continue to express concern about their health resilience and the quality of their insurance against potential health shocks in the future,” said Jérôme Jean Haegeli, Swiss Re Group
Chief Economist.

This is the third edition of the Swiss Re Institute survey and an extension of the 2021 and 2020 studies focusing on Asia-Pacific. The ensuing report, Digital Touchpoints Build Resilience for Physical and Mental Health, reveals that changing consumer health and financial security concerns have led to a new prioritization of the importance of policies, sparking a new shift towards more online insurance shopping.

“Consumers continue to prioritize their wellbeing two years into the pandemic. The re/insurance industry has an opportunity to help build that resilience in the post-pandemic world,” said Paul Murray, CEO of Reinsurance Asia at Swiss Re. trust in the industry and to get the most out of it, we must collectively respond to their changing preferences by meeting their expectations of us – multiple digital touchpoints, new products for the new normal, and more efficient underwriting .”

Digital touchpoints for health and insurance management have gained traction, especially among younger cohorts. In advanced markets, respondents looking to purchase insurance pay particular attention to the affordability and convenience of online processing, while in
emerging markets, the focus is on price, online processing and the flexibility to mix and match hedging plans.

Changing consumer attitudes towards health care

This year’s report shows that while the pandemic has shifted consumer behavior in emerging markets towards preventative care and disease prevention, COVID-19 has become a catalyst for more regular health checks across the world. .

The results reveal that 46% of respondents in emerging markets plan to have health checkups more frequently, compared to 16% in advanced markets. This is especially true for India and China, where the United States has seen the highest impact on health checks (21%), while Japan has the least (7%).

Respondents also expressed growing concerns about the adequacy of their current level of insurance coverage. Among respondents aged under 40, 54% said they had researched new or complementary fonts in the six months preceding the survey.

Among advanced markets, respondents in Japan (55%) and the UK (49%) expressed the highest level of insecurity. Insurance searches and purchases were notably highest in China and India, with an average of 40% of respondents purchasing new coverage. Over the past six months, those under 40 in emerging markets have been the most active in exploring new or
additional coverage and are the fastest growing target group for insurers.

Mental health also remains a priority, with results showing that a third of respondents in advanced markets reported a deterioration in their mental health over the past 12 months. It was highest in the UK (28%) and Australia (26%), while in Germany (26%) sentiment around overall health declined the most.

Growing health awareness, digital acceptance

This year’s report reveals the growing popularity of using digital channels for health management. The rise of telehealth and virtual healthcare continues to grow in advanced markets.

One in three respondents globally also said they are interested in using health and wellness apps, particularly in the 18-39 age category, to help them build mental toughness. Respondents continue to prioritize their mental health, sleep management and eating habits.

This year’s results demonstrate once again that the ongoing global pandemic is an opportunity for insurers to reduce the protection gap in personal insurance. With a better understanding of consumer perceptions of overall health and financial security, attitudes toward digital applications, and factors that influence insurance purchasing decisions, re/insurers can work
with governments and consumers to enhance physical and mental well-being.