Digitalization enabled organizations and consumers to continue with their lives amid the lockdowns caused by the COVID-19 pandemic. In Manulife Philippines’ latest study, insurance is among the industries that saw increased (and renewed) interest from consumers reporting that 82% of respondents use finance apps for cashless payments or to buy insurance.
The new study, “The Modern Filipino Family: Exploring family dynamics and digitalization in the new normal,” explored how digitalization played a role in surviving the two-year-long pandemic. While technology ensured business and work continuity, there are respondents who said they experienced digital fatigue, having to do almost everything, including video conferences, online.
According to the report, most Filipinos recognize the convenience (45%), sense of security (22%), and protection (17%) that buying insurance online offers. In the past 12 months, 25% of Generation X and 33% of Millennials bought insurance products online, while 41% of Generation Z intend to purchase insurance products in the next 12 months. Top insurance products purchased in the last 12 months were life insurance (28%); medical/health/accident insurance (28%) and investment-linked insurance (10%).
Both the global health risk and the strengthening of financial technology (fintech) provided consumers to rethink their view of insurance and health protection products and services. The report found parents have become more conscious of their health, with 31% going online to buy life and medical insurance.
Filipinos bought life insurance and medical insurance both garnering 28% share while insurance that also offers investments garnered a 10% share.
“Driving our efforts toward becoming the industry’s digital customer leader, Manulife will continue offering seamless and intuitive end-to-end digital experiences. We will also provide Filipinos with best-in-class protection plans and investment opportunities to help them achieve financial security and make their every day better,” said Melissa Henson, chief marketing officer, Manulife Philippines.
While the willingness to conduct transactions through mobile apps or online, respondents didn’t forget the need for data privacy. Generation X, Y, and Z, who comprised the survey, said the use of personal data is “acceptable” when it is used to improve and personalize their experiences. Filipinos surveyed are open to personal data collection when it is used to: develop better products and services (80%); to serve them better (78%), and to show advertisements for relevant products and services (68%).
The study also saw the varying impacts of the pandemic on family members, which saw 38% of Gen X and Millennial parents and 40% of Generation Z children said their well-being had suffered. Across generations, they identified as the top negative pandemic effects: isolation from family or friends; financial difficulties; increased occurrence of negative emotions such as stress, fatigue, and depression; and a decline in physical activities.
Manulife’s study, conducted in partnership with InSites Consulting via online self-completed questionnaires, surveyed 500 Filipinos, aged 18-55, in May 2022 across the country. This included insurance and non-insurance owners.