Today's insurance consumers are not only seeking more personalised and accessible insurance products, but they are also prioritising transparency and sustainability in their choices.
The rise of digital platforms has empowered consumers to expect seamless interactions, prompt service and tailored coverage options that reflect their unique lifestyles and needs.
Participants at a life and health insurance roundtable co-organised by Verisk and Asia Insurance Review spoke about the changing consumer demands, specifically among younger customers, or what they call the ‘TikTok generation’.
“We have a significant challenge ahead, particularly when it comes to changing demand, specifically among younger customers. It's not entirely clear to me that the products we offer today are particularly attractive to the new generation,” said AXA Life and Health Reinsurance Solutions CEO Laurent Pochat-Cottilloux.
“I wonder if one of the biggest obstacles in this transformation is the actual point of sale. How is the product being presented and sold? Can we genuinely transition from a financial protection model to a healthcare partner model if the product continues to be sold, rather than actively sought out and bought by customers?” asked Mr Pochat-Cottilloux.
He also raised another concern: “Will the TikTok generation really want to engage with an agent to buy insurance? I'm not convinced. Especially when you consider their parents' experiences—how hard it was to navigate the product and make claims. That legacy of friction may influence how younger customers perceive our products and solutions.”
When asked how insurers can get through to being engaging and appealing to the younger generation, Amplify Health chief commercial officer Leong Siaowearn said, “I think the government has a role to play here, not only in incentivising individuals to purchase insurance but also in encouraging employer participation. But we also must recognise that the workforce dynamic is changing, particularly in Asia. In countries like Indonesia, for example, a large portion of the workforce is in informal employment. That presents significant challenges in terms of outreach.”
“Frankly, I don’t think anyone in the insurance industry has fully cracked this yet. We might be able to learn from other sectors, such as how the telecom industry drove internet penetration. Insurers need to be open to experimentation. But historically, insurers haven’t been great at trying new approaches and failing fast. That mindset must shift. It’ll be interesting to see how this evolves moving forward,” Ms Leong said.
Hannover Re Hong Kong general manager Marian Leung stressed the importance of product innovation to meet consumer demands.
“Fundamentally, the design of insurance products needs to evolve to help companies better capitalise on the investments they make- particularly in terms of returns. Without that, we’ll be left with conventional, traditional products that may no longer be relevant or competitive,” Ms Leung said.
This roundtable on health insurance in Asia was hosted by Verisk and co-organised by Asia Insurance Review.