Page 286 - India Insurance Report 2023- BIMTECH

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Further, this relationship is visible also when analyzing responses both by area of engagement and by
insurance provider (Figure 9). The responses seem to cluster by insurance company along both dimensions,

Figure 9: Engagement of own insurer vs. Importance to customers by company and area of engagement

4. Conclusions

The research we conducted can provide two types of insights, both to support the further development
of retail insurance approaches towards sustainability and to inform additional research efforts.

4.1. Insights for Insurance Companies

Retail customers value sustainability efforts and consider it a priority for their next purchase decision.
About half of the respondents across all age groups and gender consider sustainability as very important
by itself. That number grows to more than 80% when combined with the price. Less one-fifth of customers
consider it less or not important. Insurers should, therefore continue to emphasize their efforts, both in
broader marketing communications and in the sales process. About half of respondents prioritize Social
issues; however both Environmental and Social topics are still significant. Thus, insurers cannot focus
on only a few issues, but should continue to act and communicate across a broad front of activities,
targeting all three ESG topics. Customers feel overall positive towards the efforts of their insurers, with
more than half of the customers ranking their insurers as good or very good. These results are consistent
across age and gender categories. Just as important, only about one in eight customers does not feel
informed enough to evaluate their insurer, indicating a good outreach and communication effort. More
women than men fell not sufficiently informed, suggesting a benefit from more targeted action and
communication around issues women prioritize higher than men: Zero hunger and Gender equality.

Singaporean customers have differentiated views about the different areas of sustainability that
insurers can be involved in. Data security is by far the most important issues, followed by a less
differentiated grouping, finally e-Mobility, while still ranked above the middle point for the answer