Insurance coverage

New normal drives Filipinos to avail of insurance

The pandemic has increased interest in insurance coverage, according to a Manulife Philippines official who said the “new normal” is encouraging more Filipinos to buy insurance products online.

In a briefing on Tuesday, Manulife Philippines chief marketing officer Melissa Henson said sales through their digital channel have increased nearly 200% since the start of the pandemic, most of which is insurance. life and medical or health-related insurance.

Citing results from the nationwide online survey the company conducted in partnership with InSites Consulting in May 2022, Henson said respondents’ positive experiences with online transactions encouraged them to purchase insurance and insurance products. investing through digital means.

The survey was conducted among 500 Filipinos who were not necessarily Manulife policyholders.

The top consideration is convenience at 45%, followed by security at 22% and protection at 17%, she said.

The results of the survey titled, “The Modern Filipino Family: Exploring Family Dynamics and Digitalization in the New Normal,” showed that over the past 12 months, approximately 25% of respondents belonging to Gen X and about 33% of millennials have insurance. online products.

Additionally, 41% of those in Gen Z intend to purchase insurance products in the next 12 months, Henson said.

She said the results of their latest online survey are in line with the results of their previous surveys in which respondents indicated the need to have insurance coverage to protect them from the impact of untoward situations, such as pandemic.

Henson said people now have “a greater desire to be financially ready” and “to be physically and financially fit.”

“And I think that’s what we’ve seen among the parents we’ve interviewed this year, that they’ve really taken advantage of new digital tools a lot to improve their planning so they can prepare for the unexpected. “, she told the Philippine News Agency.

And noting the impact of the pandemic on people’s financial capability, with some workers losing their jobs, Henson said they would continue to provide protection products and investment opportunities “to help them achieve safety. financial situation and to improve their daily lives”.

She said while businesses have also struggled due to declining sales during the pandemic, the economy is recovering in line with the continued rise in economic activities.

“We therefore anticipate this resurgence (in sales) again at all levels,” she added, without giving details. -30-