Survey: Over 40% of the respondents purchased life insurance online in the past year

more than double the amount just six months, likely driven by the COVID-19 outbreak

04-05-2020

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Blue, the first digital life insurer in Hong Kong, today revealed the latest findings of its Blue Customer CouncilTM survey (“the Survey”) as well as some corporate data from the COVID-19 outbreak.

Blue Customer CouncilTM findings

In the survey that GfK was commissioned to conduct in February 20201 , the findings show that 41% of respondents purchased insurance online in the past year, which compares favourably to just 20% of respondents stating to have used online payment platforms to purchase insurance back in August 20192 .

The continued growth in demand for digital insurance in Hong Kong was likely propelled by the outbreak of COVID-19 and a greater degree of customer empowerment across digital platforms.

Insights during the COVID-19 outbreak

Other than the Survey findings, Blue also shared some insights3 from corporate metrics produced during the COVID-19 outbreak that showed a surge in activity on Blue’s digital insurance platform following the COVID-19 outbreak:

  • An increase of over 80% in the number of applications for life protection insurance products in the two weeks immediately following the COVID-19 outbreak in Hong Kong;

  • An over 40% year-on-year increase in the first two months of 2020 in the average sum assured on life protection products, which range between HK$1 million and HK$4 million;

  • An over 40% increment in website traffic from the search terms “life insurance” and “term life insurance” in March 2020 compared to February 2020.

Ms. Sarah Tam, Vice-President and Head of Customer at Blue said, “We see that Blue’s digitally-enabled insurance platform has allowed customers to easily and safely acquire life protection products that are suited to their needs during the COVID-19 outbreak. Analytics from the proprietary data on our platform also enable us to respond to market needs by adjusting our marketing strategies and developing innovative offerings.”

Remarks:

  1. 842 interviews were conducted in February 2020 with consumers aged between 24 and 59 with a monthly household income of HK$30,000 or above.

  2. Blue commissioned GfK to survey 321 consumers aged between 24 and 59 and with household income of HKD30,000 or above who would consider online life insurance in August 2019.

  3. Blue’s figures.

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