A preference for "metered" policies that may be turned on and off at will was also found in the KoverNow study, which examined the attitudes and behaviors of smartphone users toward the purchase of insurance goods and services.

Sixty-four percent of all respondents, regardless of income level, to KoverNow's study of 500 Singaporeans stated that they had previously purchased travel insurance and that they still intended to do so. 43.7% of people travel twice or three times year. A staggering 91% of this group stated they would get travel insurance in the future.


Twenty-eight percent of people travel more than three times a year, and eighty-four percent of them either had travel insurance or do so now. Merely 1.5% of people have never purchased a travel insurance policy.


"Singaporeans love to travel and believe in the importance of insurance to protect themselves and their valuables," stated Stephan Kaiser, CEO of KoverNow. The perspectives of our own clients, who use the KoverNow app to make sure they buy both travel insurance and specialized items in one simple transaction, reflect the sentiments indicated in the poll.

"It is a wake-up call for the insurance industry as a whole, as we can now plainly see the tip of the iceberg in consumer preferences entering the market through Gen Z customers who won't even consider non-digital supply channels."


Preferences for purchases

11.8 percent of respondents said they have used a mobile app to purchase insurance, compared to 53.4 percent who said they have purchased it online. A third (33%) responded that their preferred channel in the past had been a non-digital one, such a broker or financial agent. Only 8% of respondents, nevertheless, reported using a landline phone. Merely 5.8% of individuals who travel two or three times a year indicated that they prefer non-digital channels.

Thirty percent of poll participants were between the ages of forty and sixty, while the majority of respondents—70%—were between the ages of twenty and forty.

Of the 11 percent of respondents in the 56–60 age bracket, 38.2% rated their comfort level with mobile applications at two (one being the most comfortable and five being the least comfortable) when questioned about their opinions on mobile insurance apps. Both 31.7% and 31.7 percent of respondents aged 22 to 25 and 41 to 45 agreed. Ninety-five percent of younger people felt generally comfortable using an app to get insurance.


This conclusion is in line with a 2021 KoverNow poll of Singaporean Millennials, which revealed that they would be amenable to buying insurance through a mobile app. It also reflects how quickly Gen Z users are adopting apps, which is like a hockey stick.

When choosing a channel to purchase insurance, Singaporeans rank personalization, brand repute, clearly presented products and services, the provider's availability where the consumer is, and rapid service as the top five most essential considerations. The loss of human interaction is the least significant factor.

Preferences for policies
 

In the KoverNow study, participants were also asked about their opinions of policy elements. 79.6% of respondents in all age categories stated that they felt it was critical to have "metered" insurance that was flexible enough to be turned on and off as needed. Regarding the ability to value an item as an extra service, 45.3% of respondents indicated that it was extremely or fairly significant. The most crucial consideration, though, is premium coverage and price.