The new study, “The Modern Filipino Family: Exploring family dynamics and digitalization in the new normal,” by Manulife Philippines showed that most Filipinos recognize the convenience (45 percent), sense of security (22 percent) and protection (17 percent) that buying insurance online offers.
In the past 12 months, 25 percent of Generation X (those born between mid-60s and early-80s) and 33 percent of millennials (those born between 1981 and 1996) bought insurance products online, while 41 percent of Generation Z (those born from 1997 to 2012) intend to purchase insurance products in the next 12 months.
Top insurance products purchased in the last 12 months were life insurance (28 percent), medical/health/accident insurance (28 percent ) and investment-linked insurance (10 percent).
“Driving our efforts toward becoming the industry’s digital customer leader, Manulife will continue offering seamless and intuitive end-to-end digital experiences. We will also provide Filipinos with best-in-class protection plans and investment opportunities to help them achieve financial security and make their every day better,” Melissa Henson, chief marketing officer, Manulife Philippines, in a virtual briefing said.
Manulife’s study showed notable differences in the impact of the pandemic and digitalization within families, with some embracing new passions and hobbies, while others, particularly younger Filipinos, expressing digital fatigue.
“This study has helped us to better understand how family dynamics have evolved during the pandemic and how technology has impacted behaviors at home and influenced everyday decisions. Identifying these shifts in behavior has been vital in helping us to better serve our customers,” said Henson.
As homes become an all-in-one hub of digital activities for families, especially at the height of the pandemic, the results of the study showed that 95 percent go online for leisure and entertainment, including streaming videos, playing mobile games and listening to music, while 92 percent communicate with family and friends through social media, instant messaging and video and voice calls.
To purchase food and products, 90 percent of respondents use e-commerce apps, while 82 percent use finance apps for cashless payments or to buy insurance. Sixty-four percent of Filipinos surveyed also access health and fitness apps, while 45 percent use remote work apps as they embrace hybrid work setups.
Amid a hyper-digitalized lifestyle, data privacy remains a key consideration, the study showed.
However, it noted that across generations, they expressed that use of their personal data is acceptable when it is used to improve and personalize their experiences.
Filipinos surveyed are open to personal data collection when it is used to develop better products and services (80 percent), to serve them better (78 percent) and to show advertisements for relevant products and services (68 percent).
As Filipinos discovered new passions and interests, Manulife Philippines launched its Every Day Better digital content series to provide practical tips and insights to support their evolving needs while looking after their financial future, in collaboration with some of the country’s most influential content creators.
Manulife’s study, conducted in partnership with InSites Consulting via online self-completed questionnaires, surveyed 500 Filipinos, aged 18 to 55, in May 2022 across the country. This included insurance and non-insurance owners.