Blue Customer Council survey on online insurance consumer behaviours

Blue, the first digital life insurer in Hong Kong, today revealed the findings of its Q4 2019 Blue Customer CouncilTM survey (“the Survey”). The regular survey analyses online life insurance purchasing habits among the Hong Kong public, as well as their access to insurance information. Blue then leverages the consumer insights to help improve its product offerings and customer experiences.

In the survey which GfK1 was commissioned to conduct during August – October 2019, the findings have highlighted tremendous growth potential in Hong Kong’s digital insurance market, particularly among highly educated individuals, higher income earners, and parents.

• Among the respondents1who would consider purchasing life insurance online,

1. 79% are university educated or above;

2. 63% have a monthly household income of HK$50,000 or above; and

3. 35% have a HK$40,000 or above monthly personal income.

• 72% of respondents aged 24 to 59 and 63% of parents aged 24 to 492 use online channels to gather insurance information.

Ms. Sarah Tam, Vice-President and Head of Customer at Blue said, “As part of Blue’s efforts to better understand customers’ needs, we have set up the Blue Customer CouncilTM to collect regular customer feedback and build proprietary data on the digital insurance landscape. We are delighted to see such encouraging results of the survey, with the majority of potential customers welcoming the adoption of online life insurance purchases and online information. We expect the trend to continue in the coming future.

Blue is committed to leveraging this market opportunity by offering a true digital insurance experience with a straight-through application process to our customers, enabling them to receive instant quotes and purchase policies anytime.”

Remarks:

1. 199 interviews were conducted with consumers aged between 24 and 59 with a monthly household income of HK$30,000 or above who would consider online life insurance.

2. Based on 304 interviews with Hong Kong insurance consumers who are parents aged between 24 and 49 with a household monthly income of HK$30,000 or above.

Note: The copyright of the “Blue Customer Council” research data is owned by or licensed for use by us. No part or parts of the research data may be reproduced, distributed, published, modified, displayed, broadcasted, hyperlinked or transmitted in any manner or by any means stored in an information retrieval system without our prior written consent.