I am generally more interested in insurance products and offers
Not all markets have the same inclination toward more or better insurance coverage
While the average figure across markets clearly indicates a significant increase in interest in insurance, the detailed view per market shows that not all markets have the same inclination toward more or better insurance coverage.
Interestingly, there is a correlation between the percentage of increase of interest in insurance with the level of access to insurance coverage (public or private) and insurance maturity in the market. In other words, markets offering less or limited access to both private and public health and unemployment insurances are the ones with strong increase in interest for insurance products and offers (India with 71% vs. Germany 14%).
In markets offering good access to public and private insurance coverage (e.g. Switzerland) the increased interest in insurance can be driven by the share of independent workers and freelancers that have suffered more from income loss during the pandemic.
of the insurance industry
So how should insurance brands be changing to address this concerns expressed by consumers?
What areas do you think businesses and brands should be focusing on in light of the current global situation?
If not yet the case, insurance actors should reinforce their commitment to environment and climate change, as half of respondents expect that type of engagement from brands. This needs to be demonstrated beyond a marketing statement, as many brands will be surfing on the pandemic to increase their share of voice on such topics.
Additionally, surveyed consumers expect brands having a positive impact by contributing to a better physical and mental health of society. This is supported by a significant 37% of respondents in favor of brands having such an impact.
of all respondents think that Climate Change should be the one of the focuses for brands
think that contributing to better physical and mental health of society should be a focus for brands
Based on the insights from MetrixLab’s UTNN data from October 2020, the following recommendations reflect how the insurance industry can best address the increased interest regarding health and life insurance, as well as income protection due to COVID-19.
Commit to the environment and sustainability
Not only is there a need to address consumer expectations for businesses as seen through the results of the UTNN data, but equally to be part of a global energy transition to better protect our environment and planet. Becoming a change agent of climate change will help insurance companies to better mitigate risks and losses associated with global warming or related natural catastrophes.
Support people’s health and well-being
Heavily exacerbated by the pandemic’s impact on people physical and health, insurance companies have the opportunity to help people most exposed to health risks by providing affordable and reliable health coverage. In this way, insurance companies can be in the driver seat when it comes to increasing prevention and awareness to make healthier daily lifestyle choices.
Support the future of work and income protection
With the impact that COVID-19 has on flexible work options, the gig economy and unemployment, solutions for income protection and to protect workers in new ways of working to meet society’s changes are critical to maintain a financially stable society. This type of support will minimize the consequences of potential risks associated with massive incomes losses.
About MetrixLab’s Understanding the New Normal global consumer insight tracking program
What actions can brands take to help consumers navigate “the new normal” brought on by COVID-19? The situation isn’t the same in every market and it’s constantly evolving around the world. Our 12-month Understanding the New Normal consumer insight program has a finger on the pulse of consumers in 17 markets worldwide (US, Brazil, UK, France, Italy, Switzerland, Germany, Netherlands, Spain, Kingdom of Saudi Arabia, India, China, Indonesia, Vietnam, Japan, Thailand, Australia). The sample includes 200 people per month per market, age 18+, with quotas on gender, age and region.
Running from April 2020 – March 2021, this program leverages survey data, social insights and external sources to provide a holistic perspective and key actions for brands. Our aim is to create a collaborative learning community of researchers, experts and clients.
For more information, visit Understanding the new normal consumer insight program
Managing Director of Switzerland
About the author
Hassan Mouheb is the Managing Director of the recently opened MetrixLab office in Switzerland. Hassan has been working in market research and marketing, both on the client and agency side, for more than two decades. Hassan has a passion for helping brands across industries create breakthrough campaigns, innovative products and superior experience to better engage with their audiences and markets through actionable insights.
MetrixLab provides consumer insights that drive smarter business decisions. A truly global digital research agency, we pioneer new technologies and integrate multiple data sources to push the boundaries of research. This enables our experts to provide high-quality insights at scale, at speed and for an unparalleled value. Our passion, expertise, and solutions enable our clients to succeed at product innovation, brand engagement, and consumer value.
Active in over 90 countries, MetrixLab is a proud partner of more than half of the world’s top 100 brands and part of Toluna.