TLDR:
- Strong demand for travel insurance products in Singapore across all age groups
- Preference for digital channels when selecting and buying policies
A recent study by KoverNow and the National University of Singapore has found that Singaporeans have a strong preference for using digital channels when selecting and purchasing travel insurance policies. The research, conducted with 500 Singaporeans, revealed that 64% of respondents have previously bought travel insurance and plan to purchase it in the future. There is also a growing interest in ‘metered’ policies that can be turned on and off on demand.
Stephan Kaiser, CEO of KoverNow, highlighted the importance of insurance for Singaporeans and emphasized the shift towards digital supply channels, especially among Gen Z customers. The study found that 53.4% of respondents have used online websites for purchasing insurance, while 11.8% have used mobile apps.
Among the key findings of the study, 79.6% of respondents across all age groups considered it important to have ‘metered’ insurance that can be adjusted as needed. Premium affordability and coverage were identified as the top priorities for policy features.
