Swiss insurance market characterized by digital change

Swiss Insurance Monitor 2022 one-pager corrected The “Swiss Insurance Monitor 2022” is the second edition of the Institute for Marketing and Analytics (IMA) series of studies planned annually by the University of Lucerne on consumer behavior in the Swiss insurance market. The content puts a special focus on topics related to the ongoing digitization of the Swiss insurance market and focuses on the interaction between customer and insurance company along the customer journey as well as new insurance approaches. In addition, the report draws comparisons to the results of the previous year’s study at selected points. The study format, which is representative of Switzerland, was implemented in cooperation with the Swiss Digital Insurance Association, elaboratum suisse GmbH, FinanceScout24 (Swiss Marketplace Group) and a consortium of insurance companies.

Selected results of the study

According to the study, insurance customers have taken out slightly more insurance policies in the 12-month observation period from February 2021 to February 2022 than in the same period a year earlier. At the same time, the number of insurance companies has decreased slightly. Although the population living in Switzerland is on average less interested in insurance topics, one third of the population has actively searched for information about insurance in the past 12 months; 28 percent have signed a new contract and/or changed their insurance. Overall, insurance customers feel better insured compared to 2021, although there are regional differences here: For example, there is a slight east-west divide and the tendency for people in the country to feel better insured than in the city.

Positive assessment of insurance companies

People living in Switzerland rate insurance mostly positively. In particular, insurance companies are rated positively by their customers if they have already had damage before, can identify with the brands of the insurance company or if personal customer advisors are available. When it comes to sustainability, insurance companies fare rather poorly – those surveyed perceive insurance companies and their services as rather unsustainable.

A few more findings from the study: 80% of the population living in Switzerland would like more transparency in the composition of premiums and damage coverage. 55% of the population can imagine “signing” insurance matters exclusively digitally in the future.

Insurance market at the crossroads between online and offline

An ambivalent picture emerges with regard to the preference for online or offline forms of interaction: Customers prefer online channels when searching for information, calculating offers and interacting in the event of a claim. When it comes to contract-related processes, opinion is changing: offline channels are preferred when it comes to contract conclusions and terminations. “Especially when concluding contracts, the aspect of trust plays a very important role,” explains study leader David Finken, doctoral student and research associate at the Institute for Marketing and Analytics. “Customers therefore see offline channels as having a slight advantage over online offers in this regard, although there are age differences in this respect.” The preference for online or offline also depends on whether people live in the city or in the country. City residents are more likely to interact with insurance companies online. Younger groups of people perceive online and offline insurance offers to be equally trustworthy. When asked what customers want from insurance companies in the future, it turns out that many would like more transparency in the composition of premiums and damage coverage. In addition, customers want to be rewarded for their loyalty.

Source and further information: University of Lucerne
A detailed overview is available here.

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