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The intention to contract savings and insurance products grows, and that of loans falls


The covid-19 pandemic has changed the mentality of the population in some areas. One of them is savings and consumption. In relation to the acquisition of financial products, the intention to increase coverage or contract more products savings and life and health insurance. By contrast, home and auto insurance and credit products fall.

Specifically, up to 27% of respondents without health insurance indicate an intention to hire him in the short term and 20% in the case of life insurance, according to a study carried out by the consulting firm Bain & Company. On the other hand, among the percentage of people with the intention of acquiring new products, deposit and values ​​stand out, indicated by half, while the credit card barely names it 7%, whose use, in addition, falls 6%.

It should also be said that the profile of clients who indicate that they intend to purchase life and health insurance is younger and lower income and coming from smaller municipalities than the current holders.

Something that has also changed in consumers is the greater interest in knowing the products that they are going to be hired before doing so, especially in the insurance field, since more and more they carry out their own research, either searching the Internet or asking acquaintances, instead of relying solely on agents. As detailed in the global insurance report published by Capgemini, the "millennial mindset" has reached all age groups, that is, the research itself is increasingly relied on through various channels to obtain information.

"Digital adoption is no longer an age issue; for people who have access to the Internet and social media, research and purchase insurance directly electronically it has become normal for all generations"they explain, noting that the number of people born in 1980 or earlier (members of Generation X and older population groups) who carry out online operations daily, such as purchases or bill payments, has doubled: 30% It did so in 2018 and 64% in 2020.

Regarding consumer preferences when purchasing insurance, more than 50% want a pay per use, something that allows you to calculate the premium in a personalized way and make the price more rational. However, they ensure that only half of insurers offer that option.

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