The University of Lucerne asked and described a comprehensive portrait of the Swiss insurance market in the digital age.
Insurance information is collected primarily online. A different image when it comes to concluding contracts or terminating, as offline channels are often preferred. However, there are differences in the different age groups, and the living situation also plays a role, the inhabitants of the cities function differently than the population of rural areas.
Today, customers contract with fewer insurance companies, but purchase slightly more insurance per capita.
These are two of many other results that the University of Lucerne summarizes in the “Swiss Insurance Monitor 2022”. The representative study is based on a survey of a total of 1,032 people from all language regions, who expressed their attitude towards insurers and their preferences in dealing with insurance companies. Some key ideas at a glance.
Seven ideas at a glance
The chart can be enlarged by clicking on the image; the graph can be downloaded here as a PDF in a very large format.
Eight ideas in words and deeds
Insight 1: Insurance Situation Comparison: 2022 vs. 2021
Compared to 2021, the results show that customers are insured with fewer insurance companies in 2022, but have purchased slightly more insurance per capita on average. On average, the older population groups have contracted about a third more insurance. This is also reflected in the increased interest in insurance issues.
Vision two: customers Trip – Comparison: offline vs online
Customers are looking for insurance information and are more likely to calculate quotes online than offline. Contract-related processes (conclusion and termination) tend to be processed offline. In case of damage, there is no clear preference for offline or online. For the 40 percent of people surveyed who had communicated with insurance companies in the past 24 months, the majority of communication throughout the customer journey was through online channels.
Insight 3: Customer journey specification – information search
Customers often get information from insurance company websites or online comparison portals. Compared to the previous year, 2022 online comparison portals were used more to search for information. 74 percent of users of online comparison portals said they use them for health insurance, and 40 percent got information about auto insurance.
Insight 4: Customer Journey Specification – Offer Calculation
In the last 12 months, the Swiss population preferred to calculate offers through insurance company websites and online comparison portals. If it is possible to calculate the offer online, the computer is clearly preferable to the smartphone or tablet.
Insight 5: Customer Journey Specification: Insurance Change
In the last 12 months, 28 percent of those surveyed have changed and/or purchased new insurance. There is a tendency to change if a private event (change of job, etc.) has taken place in the last two years. Most insurance changes and new contracts are done offline. 59 percent of insurance changes and new hires in the last 12 months were made with personal advisors.
Insight 6: Customer journey specification: Needs analysis when entering into a contract and in claims processing
“Trust” in entering into contracts and dealing with claims is more important than the need for “social justice” and “social recognition”. The need for “trust” is more likely to be satisfied through offline channels.
Vision 7: Excursus – medical insurance
The dominant health insurance companies in the market are CSS, Helsana and Assura. 75 percent of the population living in Switzerland have taken out basic health insurance at the lowest (CHF 300) or highest (CHF 2,500) deductible level. Risk-averse people tend to choose a low deductible, risk-averse people tend to choose the highest level.
Insight 8: Excursus – Selected Preferences of Insurance Customers
80 percent of the population living in Switzerland would like more transparency in the composition of premiums and damage coverage. 55 percent of the population can imagine “signing” insurance issues exclusively digitally in the future.
The studio has even more to offer.
The study on the general perception of insurance and attitudes towards the Swiss insurance landscape can provide new insights for insurers and InsurTechs. The full report of the “Swiss Insurance Monitor” study is subject to a fee and can be ordered directly from the University of Lucerne via the following link.