It has been more than two years since the World Health Organization officially declared Covid-19 a pandemic, many lives have been lost, as well as our sense of security in many ways.
Swiss Re, one of the world’s leading insurance and reinsurance providers, has just released the results of the global survey of consumers following Covid-19, this work explores the impact of the pandemic on consumer behaviors and the resulting implications in the life and health business.
This is the third edition of the survey by the Swiss Re Institute in which more than 11,000 consumers around the world were consulted and, fortunately, it shows a very positive trend: a greater focus on health and financial security in many of the nations that participated in the research.
This has led to more online insurance purchases and a greater willingness to share personal health data, especially in younger generations.
For example, 60% of respondents in emerging markets are increasingly concerned regarding their health as a result of the pandemic, nearly 20 percentage points more than in advanced markets.
In advanced markets, a third of the surveyed population reported deteriorating mental health during 2021.
Globally, 40% of respondents are concerned regarding the adequacy of their current level of insurance coverage. And it is that, the rise in costs is not for less.
To learn more regarding this read: Medical inflation, 4 times higher than general inflation: the cost of taking care of your health
There is a perceived increase in consumer concern regarding their physical and mental well-being due to the pandemic, once more this is more noticeable among young people.
For their part, 54% of those under 40 years of age have sought new or additional policies in the six months prior to the survey.
“Consumers continue to prioritize their well-being two years following the pandemic. The reinsurance industry has an opportunity to help bolster this resilience in the post-pandemic world,” said Paul Murray, Swiss Re’s managing director for Asia reinsurance, in a press release.
Relevant data from Mexico
The report also includes relevant findings in the case of Mexico:
- Consumers express more concern regarding the resilience of their physical and mental health due to the pandemic. Mexico had one of the highest levels of concern with 68% of respondents, even more so among young adults (25 to 34) with 75%.
- Covid-19 was a catalyst for people getting more regular health checkups, especially in emerging markets (46%). 42% in Mexico said they plan to go for health checkups more often
- 32% of those surveyed in Mexico reported a deterioration in their mental health status in the last 12 months. This points to an increasing role for insurers to help clients find ways to improve their mental resilience.
- In terms of taking steps to manage mental health issues, 64% of respondents in emerging markets said they had sought support since the start of the pandemic, slightly less in Mexico (61%)
- Price is the most important factor in insurance purchase decisions for respondents in Mexico (75%), online processing and the flexibility to combine coverage plans are other determining elements. In contrast, in advanced markets, respondents who want to buy insurance pay a lot of attention to the affordability and convenience of online processing.
- The impact of the pandemic on future insurance purchasing behavior shows that the main influencing factor is paying attention to having insurance coverage for different areas of life (47% in Mexico), followed by the breakdown of insurance policies (36%) and invest in policies with more comprehensive coverage (35%)
- Survey participants revealed that they were primarily attracted to health and wellness app features that help them improve their health (25% in Mexico) and receive health advice (26%)
- Digital channels for health monitoring and interactions with insurers and health services have gained traction among all age groups in Mexico since the start of the pandemic, unlike the global average that shows the greatest traction among younger
- For respondents in Mexico, fitness app programs (34%) and healthy diet plans (21%) captured the most interest
- Online platforms stand out as the dominant insurance purchasing channel globally. But respondents in Mexico (40%) mentioned agents and brokers as the main way they buy insurance. Only 23% of respondents purchased insurance in the past six months through insurer websites and apps
- The use of digital channels by consumers to access health services is gaining strength in Mexico, with around 50% of respondents saying they plan to use telehealth or video conferencing services for these purposes in the future.
We suggest you also read: The relationship between money and mental health
In sum (and fortunately), this year’s report from Swiss Re shows that the pandemic is changing consumer behavior in emerging markets towards preventive care and disease prevention, as well as a growing popularity towards the use of digital channels for health management.