The Gen XY Lifestyle
MSIG finds 8 out of 10 travellers looking to buy travel insurance
60 percent of Singapore respondents are looking forward to leisure travel this year; with 82 percent sharing they will buy travel insurance
A recent MSIG survey done in collaboration with Ancileo, polled 400 Singaporeans aged 18 to 69 on their sentiments for post-pandemic travel and their attitudes towards purchasing travel insurance.
3 in 5 respondents (60 percent) expressed a high desire for leisure travel this year, with 36 percent indicating that they plan to travel to countries outside of Asia. For respondents with plans to travel, 82 percent of them says they will purchase travel insurance for their vacation.
The top reasons for purchasing travel insurance are: COVID-19 coverage (21 percent), emergency and medical coverage (19 percent), and trip cancellation coverage (16 percent).
The survey supports our understanding that consumers’ outlook for travel is brightening and there are pockets of opportunities to engage customers from different segments. With travel beginning to take off again, one of our key focus this year is to also expand the availability of our travel insurance to more consumers through the power of collaboration.
Steven Leong , Senior Vice President, Retail Distribution, MSIG Singapore
Ease of online claims an important consideration for travellers
When it comes to choosing a travel insurance plan, pricing is the most important factor amongst respondents (20 percent), followed by ease of online claims service (16 percent) and COVID-19 benefits (15 percent).
In particular, ease of online claims service held significant importance for travellers between the ages of 35 to 44 years old who are married with young children.
Personalisation of plans and other value-added services
The survey found that Gen Z travellers aged between 18 to 24 tend to value personalisation of plans.
Globetrotters tend to place higher priority on trip cancellation coverage as the COVID-19 situation pre-departure or at their destination could lead to flight and accommodation cancellations.
Consumers appreciate value-added services as part of their travel insurance plan. High on the list is the arrangement of services such as advisory and hotline support for COVID-19 formalities (39 percent), airport lounge access in case of flight delay (12 percent) and 24×7 telemedicine (9 percent).
Where do travellers buy travel insurance from?
46 percent of consumers still prefer to buy travel insurance directly from insurers. 36 percent are open to purchasing travel insurance from travel players, with competitive pricing as the biggest motivation.
Some travellers (15 percent) that also belong to an airline members’ programme shared they will purchase travel insurance while doing their bookings if the insurance plan comes with loyalty miles. However, the majority of respondents still prefer a price discount over a miles perk.
MSIG TravelEasy Policyholders enjoy COVID-19 coverage at no additional cost
MSIG has extended automatic COVID-19 coverage at no extra cost to its TravelEasy policyholders. From now till 30 April 2022, customers who purchase an Annual Trip plan will be offered a free Polymerase Chain Reaction (PCR) test.
Image credit: MSIG Singapore
