Amid the anxiety and disruption caused by the COVID-19 pandemic, insurance customers in Asia are beginning to adopt healthier lifestyles in terms of fitness and intellectual well-being, and are detecting the convenience of the virtual generation in their daily lives. according to a new survey conducted through Manulife.
Manulife Asia Care’s survey of 2,400 insurance owners in 8 markets takes a closer look at the long-term effect of the pandemic on local economies, non-public wealth and insurance buying habits. The survey, which took place last May, covered mainland China, Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore and Vietnam. All of the interviewees were existing insurance consumers who had policies from Manulife or other insurers.
About 50% of the insured surveyed said improving their fitness was a new habit they had adopted since the pandemic, and 41% said they expect to continue living healthier lives for the next 18 months. At the same time, 33% of respondents in Asia also began monitoring their intellectual aptitude, about a quarter (24%) of them say they intend to incorporate intellectual well-being into their daily way of life over the next 18 months.
The emerging style is significant because if policyholders can make those behaviors replace or if many of them start adopting those new lifestyles, there would be primary benefits in the long run. The effects of the survey involve other larger, fitrs in the region in 18 months. This can have great benefits for people’s local fitness and quality of life.
The survey provides a greater understanding of customer concerns, priorities and aspirations. Expanding our fitness activities is a central component of our strategy to satisfy customers’ desires, and those effects drive the design of our products and services, not only at the time of illness, but also in daily life. Through behavioral systems like ManulifeMOVE, we can inspire and help our clients better control their fitness and lives every day. “
The considerations expressed through the respondents of manulife Asia Care on the effect of COVID-19 on their local economies correlate with the rate of new cases. In mainland China and Vietnam, where new cases are relatively low, respondents were more positive about minimizing the severity of the pandemic over the next six months, with only 11% and 18% respectively expecting COVID-19 to worsen during this period. . In Indonesia and the Philippines, where the number of new cases is increasing, insurance owners were much less positive: 74% and 58% respectively estimated that COVID-19 would be a little more or much more serious six months later. This is in contrast to the average of 41% in all markets.
Respondents’ appetite for a more active and fit lifestyle is also vital, given the nascent burden of fitness care and the need for local fitness facilities to meet the highest demand in many regions for an ageing population. Across Asia, prices for fitness services have risen dramatically over the more than 20 years, expanding by nearly 500% in this period, according to the World Bank.
Along with his increasingly health-conscious behavior, there were some other notable effects on the monetary plan survey. First, most respondents lack monetary preparedness to go back a few more months in the event of a new pandemic wave. On average, only 46% reported having more than six months of savings or if they suffered a sudden loss of income.
Second, the vast majority of respondents (62%) stated that they would develop their insurance over the next six to 18 months. Of particular interest were life insurance and products that offer coverage against serious illnesses, fitness disorders and hospitalization. Concerns about COVID-19 may have contributed to your insurance claim, but they also imply a greater understanding of how insurance can help them with recurrent illnesses and serious illnesses, adding hospitalization and related monetary impact.
In emerging markets that tend to have insufficient insurance, such as Indonesia, the Philippines and Vietnam, the interest in buying safer is visibly more powerful than elsewhere. The pandemic is likely to have led to greater awareness of the coverage that insurance can offer. At the same time, insurance is now more available through digitization.
The fact that insurance consumers, along with Manulife and others, are looking to build their insurance policy in the coming months shows that they see the price of the policy and the security that is provided and appreciate less difficult online access. Digitization is at the heart of Manulife’s customer-centric strategy. It is promising to see an appetite in development among consumers across Asia to use virtual technology for their monetary plans and insurance purchases. “
Manulife has implemented face-to-face functions across Asia, allowing agents and consumers to virtually find and close sales digitally. Customers can submit complaints electronically and discuss their monetary wishes with agents through video conferencing and screen sharing over encrypted networks. This can help meet the main demand for insurance products, as other people are more aware of their fitness and desire for coverage during the pandemic.
According to the survey, the virtual trend goes beyond monetary facilities. The use of online facilities (61%), e-commerce equipment to buy food and virtual platforms (54%), adding social media for news (54%), has increased markedly. “Digitization was already underway in Asia; the pandemic simply accelerated the process,” Wadhwani added. “People have temporarily learned to appreciate the speed and convenience of easy-to-use online equipment, so it’s up to us, as an industry, to replace the way we do business. That’s why Manulife aims to accelerate its own virtual transformation, employing virtual generation to make our business simpler, more agile and, above all, customer-centric.”
Manulife Finance Corporation
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