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How insurance customers are changing because of Covid-19

The experience of living in a world threatened by a virus leaves no one indifferent. Many studies carried out in recent months have shown a change in consumer behavior and purchasing habits. The effects are diverse, but there is a broad consensus that price has become more important in our purchasing decisions. This is seen in all sectors, including insurance. Online queries, comparing different insurance product prices, grew during the confinement and continue to rise. This phenomenon is also observed in most sectors of economic activity.

Health and safety, two concepts closely related to the Insurance offer and values, are two clearly rising priorities for consumers involved in a health emergency situation such as the one we have been experiencing for months. Uncertainty about the economic situation is another element that plays a decisive role in consumer behavior. The news about the evolution of the economy is full of uncertainties and negative omens, which is why citizens are more cautious than ever when it comes to making their purchases. Psychologists point out that spending self-control is reaching levels equivalent to the worst moments of the last financial crisis.

One requirement of the new consumers is to have digital access to information on products and services. In the case of apparently complex products such as insurance, commercial websites that use graphic resources, tables and elements that facilitate the understanding of the different products, as is the case of Verti, are very popular. Likewise, it is essential to be able to make and compare the calculation of each type of insurance to facilitate the client’s decision. The process is rounded off by facilitating contracting from the website itself and, of course, providing the customer with the possibility of making queries by telephone.

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