Figure 4

How key trends in behavioural change may impact insurers

  Insights Impacts for insurance
Digital adoption
  • Increased use for shopping, entertainment, financial services, fitness, education and more
  • Surveys found the majority of consumers using digital channels intended to continue after COVID-19
  • Consumers expect better digital experiences from insurers
  • Increasing acceptance of electronic policy documents
  • Shift towards on-demand ownership of assets and services
  • Opportunity to adapt insurance offerings to the digital environment
  • Increased virtual meetings
  • Reduction in air travel
  • Reduced use of public and shared transport and higher use of private vehicles
  • Reduced use of vehicles affects demand for motor insurance
  • Higher miles driven and/or driving at higher speed affects claims
  • Changes in driving behaviour can lead to new products and partnerships
  • Working from home could increase exposure to cyber risk due to weaker security in home set-ups*
  • Opportunity to offer flexible, needs-based mobility insurance for emerging risks
Personal finance
  • Shift to value-based purchasing
  • Consumers experimenting with lesser-known brands
  • Preference to buy from local shops and producers
  • Insurers need to adapt to changing customer experiences and expectations
  • Bundling additional services with core insurance
  • Opportunity to embed insurance in the purchase experience
  • Increased awareness of health and well-being
  • People adopting healthier lifestyles and focusing on fitness
  • Increased awareness of and focus on mental health
  • Greater focus on nutrition to build immunity
  • Increasing demand for insurance protection
  • Use of digital channels to issue health insurance policies
  • Opportunity to launch COVID-19-specific products (i.e. mental stress)
  • Spike in divorce rates
  • Rise in pet adoption across geographies
  • Increasing protection gaps
  • Opportunity to meet higher demand for pet insurance

Source: Swiss Re Institute. *Cyber risk to become more important in trends being impacted by digitalization beyond remote working.