1 in 2 Singaporeans prefer using online websites to buy travel insurance

43.7% of Singaporeans travel 2-3 times annually.

Sixty-four per cent of Singaporeans stated previous purchases of travel insurance and plans to purchase it in the future regardless of income, according to a survey by KoverNow.

The study surveyed 500 Singaporeans on their behaviours towards using smartphones in purchasing insurance products and services.

Amongst the respondents, 43.7% travel 2-3 times a year with 91% of them considering buying travel insurance in the future.

Twenty-eight per cent travel over 3 times yearly while 84% own or have previously bought travel insurance.

On the other hand, only 1.5% have never bought travel insurance.

The survey also revealed that 53.4% of the respondents have used online websites to purchase travel insurance with 11.8% using mobile apps.

Thrity-three per cent used non-digital channels such as a financial agent while 8% used a landline phone. Of those who travel 2-3 times a year, only 5.8% chose non-digital channels as their preference.

Seventy per cent of the respondents were aged between 22 and 40 years old while the other 30% were aged between 40 and 60.

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When it comes to their comfort in using mobile insurance apps, 38.2% of individuals aged 56-50 and 31.7% of those aged 22-25, as well as 31% of 41-45-year-olds reported a comfort level of 2, on a scale where 1 is most comfortable and 5 being least comfortable.

When choosing a channel to buy insurance, Singaporeans look at personalisation, brand reputation, clearly presented products and services, the provider being available where the customer is, and prompt service as the most important factors.

The least important aspect is the removal of human interaction while the most

For policy preference, 79.6% said that they prefer “metered” insurance that could be turned on and off on demand while 45.3% value an item as an additional service.

The most important priority is premium affordability and coverage.

The survey was carried out by business undergrads at the National University of Singapore from November to December 2023.

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