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DBS Bank is working to improve its digital insurance platforms to encourage young adult customers to purchase cover online, rather than through an agent.
However, a report by Today said that some millennials are still wary of buying policies online.
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DBS said on May 30 that it will increase its online insurance offerings to meet the needs of younger customers. Health insurance plan CancerCare will be available online in July for existing DBS and POSB customers.
The product covers all stages of cancer and can be renewed automatically every five years, with no need for a health check-up.
The report quoted several millennials, who expressed the advantages as well as their reservations about buying insurance online.
Alicia Liang, a 22-year-old customer service executive, said that she would be open to buying insurance online if the terms were “easy to understand” and “clear.” While she buys travel insurance online, she said that “for longer-lasting or more important insurance, I would prefer comprehensive advice from an expert in person.”
Meanwhile, bank executive Javier Hee, 26, said that while digital platforms can be quite convenient, it requires “a lot of micromanaging” on his part. “When something happens, I would want to look for someone (who can help me with my insurance claims),” he said.
DBS noted these reservations during its media briefing on May 30. It said that while digital platforms have provided ease and flexibility for millennials, some people may still prefer face-to-face consultations for major purchases such as life insurance.
