Consumers in Malaysia, China and Indonesia are more open than Singaporeans.
Despite the proliferation of insurtech firms in the city state, only 70% of Singaporean customers have expressed willingness to buy insurance products from new players including non-insurance companies, according to a survey from management consulting firm Bain & Company.
Singapore trails behind Thailand which nabbed the top spot as nearly all (97%) of customers are open to buying insurance from newcomers. It is followed by Indonesia (93%), China (89%), Malaysia (88%) and Hong Kong (78%).
Nevertheless, the proportion of consumers willing to purchase policies from new entrants in Singapore still ranks ahead of Japan (68%) and Australia (63%).
The survey revealed that the share of customers that have used digital channels to make an insurance purchase in Singapore hit over 40% in 2018 from over 20% in 2016, suggesting that new market entrants need to make more effort in tapping on the strong digital appetites of locals.
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