COVID-19 Changed Consumer Priorities, and Insurers Stand to Gain: EY Survey

February 18, 2021

Consumer priorities have changed in a major way because of COVID-19, and insurers stand to benefit if they adapt and respond in kind, according to the latest EY Global Insurance Consumer Survey.

“By proactively connecting with the most financially impacted consumers, communicating the value of insurance and providing protection solutions in a time of need, insurers can help this group recover, while forming the foundation for long-term customer relationships, Bernard Klein Wassink, EY Global Insurance Customer & Growth Offering Leader, said in prepared remarks.

The survey found that 45 percent of consumers are planning to save more, and those most impacted financially want to mitigate future financial uncertainty. At the same time, however, 60 percent of respondents said they haven’t been contacted by their insurance provider since the pandemic started.

Here are some additional survey highlights:

“Insurers need to think differently about how they demonstrate their purpose,” Fayaz Jaffer, EY Americas Insurance Product Innovation Leader, said in prepared remarks. “They have a unique opportunity to reach an energized audience by amplifying and better communicating their corporate social responsibility efforts.”

The survey – by EY Global Insurance and EY QUEST – includes responses from more than 2,700 personal lines and life insurance consumers in the U.S., Canada, and Europe – particularly France, Italy and the UK. Surveyors focused on gathering data on how the COVID-19 pandemic affected life and insurance needs.

Source: EY