Product features and financial stability are the two most important factors for Singaporeans purchasing life insurance.

In Singapore, about a third of the surveyed customers indicate that they have a positive view of the insurance industry generally, and the majority are neutral. Supporting this positive view of the industry, only 18% of Singapore respondents did not express confidence that the life insurance products they purchased are the right ones for their needs.

In interacting with their service providers, a majority of the Singapore respondents (life insurance: 54%, non-life insurance: 55%) are satisfied with their overall experience of the service by their insurance provider, while the bulk of the remaining respondents are neutral. 

“The existing overall satisfaction with their insurance experience possibly explains why a majority of the respondents (life insurance: 89%, non-life insurance: 78%) has kept to the same service providers in the last five years. For those who did switch insurers in the last five years, better product or cheaper price offered by another provider were main drivers of change.”

Contrary to the rest of Asia-Pacific respondents, Singapore respondents rank customer service as a less significant factor when making a purchase decision. Product features and financial stability, and price and trusted brand, are perceived as the top two most important factors for consideration when purchasing life and non-life insurance respectively.

Source:  E&Y Global Consumer Insurance Survey 2012 (Asia Pacific)