The future of insurance starts by listening to people: ReMark unveils ‘10 key insights for insurers to empower consumers’

ReMark publishes its 9^th Global Consumer Study (GCS). This year, the annual survey covers 12,728 respondents across 22 markets. In an uncertain climate riddled with extreme weather events, rising energy prices, soaring inflation and geopolitical instabilities, the new GCS looks at insurance as a tool of consumer empowerment. From improving insurance literacy and providing data-optimised consumer experiences to embracing tech responsibly, ReMark calls on the industry to put people at the heart of the insurance experience.

This year’s study examines 10 insights covering insurance consumer journeys, life & health insurance (L&H), and, for the first time, property & casualty (P&C), as follow:

1. Insurance literacy – People scored an average of 6.25/10 in our insurance literacy test
2. Triggers of purchase – The #1 trigger is family and friends
3. Digitalising underwriting & claims – 80.8% of people used online tools during their recent insurance purchase
4. Rising usage of data – Globally, 67.7% are comfortable sharing data with insurers
5. Momentum for health & wellness – 54.4% exercise for more than 20 minutes, 3 times a week
6. The power of mental health – 65.8% of all respondents feel mental health is still stigmatised
7. The benefits of health apps – 61.4% believe health & wellness apps motivate them
8. The case for embedded insurance – 71% are aware insurance can be purchased while buying other goods/services
9. The rise & need for cyber security cover – 76.8% are conscious about protection of online data & assets
10. Improving road safety with telematics – 89.8% are interested in customised premiums based on driving behaviour.

To accompany the launch, SCOR & ReMark will host a public LinkedIn Live Session on 11 October 2022 at 5pm (CEST) to discuss the findings of this year’s GCS with a panel of experts:

• Na Jia, CEO at ReMark
• Damien Bartlett, Head of Global Markets-UK/Ireland, South Africa, Canada & ANZ at SCOR
• Henri Douche, Product Development and Innovation CUO at SCOR
• Priya Raghunatha, Sr. Vice President, Digital Client Experience at Marsh

The discussion will be moderated by journalist Rudy Ruitenberg.

The GCS is available to download from www.remarkgroup.com in English, French, Spanish, Japanese and Chinese (Simplified). A dynamic data dashboard is also available to filter all the insights by country, individual market, age and gender.