Swiss insurance market characterized by digital change

The Swiss Insurance Monitor of the Institute for Marketing and Analysis at the University of Lucerne is the second survey of the nationally representative study on insurance perceptions and consumer attitudes towards the Swiss insurance landscape. The new edition shows that information on insurance in Switzerland is mainly searched for online.

When it comes to digitization, the Swiss insurance market presents an ambivalent picture: forms of online interaction cannot yet be established everywhere. (Image: Unsplash.com)

Swiss Insurance Monitor 2022 one-pager corrected The “Swiss Insurance Monitor 2022” is the second edition of the annual series of studies on consumer behavior in the Swiss insurance market planned by the Institute of Marketing and Analysis (IMA) of the University from Lucerne. The content has a special focus on topics related to the ongoing digitization of the Swiss insurance market and focuses on the interaction between the customer and the insurance company throughout the customer journey, as well as new approaches to insurance. In addition, the report draws comparisons with 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 study results

According to the study, insurance customers purchased 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 issues, a third of the population has actively sought insurance information in the last 12 months; 28 percent have signed a new contract and/or changed their insurance. In general, insurance customers feel better insured compared to 2021, although there are regional differences here: for example, there is a slight east-west split and the tendency for people in the countryside to feel better insured than in the city.

Positive evaluation of insurance companies

Most people who live in Switzerland rate the insurance positively. In particular, insurance companies are rated positively by their clients if they have had damage before, can be identified by insurance company branding, or if personal client advisors are available. When it comes to sustainability, insurance companies fare quite poorly: Respondents perceive insurance companies and their services as quite unsustainable.

Some more conclusions of 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.

The insurance market at the crossroads between online and offline

An ambivalent panorama emerges regarding 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 entering into contracts, the trust aspect plays a very important role,” explains study leader David Finken, a doctoral student and research associate at the Institute of Marketing and Analytics. “Therefore, customers see offline channels as having a slight advantage over online offerings in this regard, although there are age differences in this regard.” The preference for online or offline also depends on whether people live in the city or in the countryside. City residents are more likely to interact with insurance companies online. Younger groups of people perceive online and offline insurance offers to be equally reliable. 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. Also, customers want to be rewarded for their loyalty.

Source and more information: University of Lucerne
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