The COVID-19 pandemic leads to a change in lifestyles and insurance demands and expectations drastically. When customers have access to overwhelming amounts of information and choices, insurance industries have accelerated digital adoption to meet the demands. Customers benefit from the significant digitalisation in different aspects in the service.

Insurance products are more flexible after COVID-19. Products with flexible coverage and payment terms are gaining prominence. Moreover, consumers are more interested in digital distribution channels for convenience and value transparency. Insurance companies also shift product catalogues online, enabling customers to perform premium comparisons with ease, facilitating more product selection. In terms of customer engagement, customers now can have more information on comparison between premiums and prices. Insurance companies can also improve operational efficiency by analysing customer data and behaviours to strive for a more effective processing and identify potential frauds, thus lowering premium.

Technological advancement results in customisable product solutions based on individual needs of customers. The customised product consists of various features based on customers’ preferences. Customers can modify the products online at their comfort.  For example, customers can select insurance solutions with critical illness benefit and savings benefits. Customers have the options to receive the payout as well.

In short, customers enjoy the flexibility in product design which best suits their own needs. With the assistance of professional financial planner, customers can make the most informed decision in financial planning.