Swiss Insurance Monitor 2024: Despite rising premiums, only a few policyholders switch providers

The Swiss Insurance Monitor collects the representative opinions of the Swiss population on the insurance industry every year. In 2024, the people surveyed stated that they were better able to understand health and property insurance premium increases compared to the previous year. Overall, 89% of the 1,009 people surveyed were affected by an increase in health insurance premiums. The figure for non-life insurance was 50%. Despite the premium increase, 31% of the customers affected have not taken any action for health insurance and 42% for non-life insurance. While 21% of health insurance customers and 18% of non-life insurance customers have considered changing their insurance, only 8% (health insurance) and 3% (non-life insurance) have chosen a different policy. Of those affected, 5% and 4% respectively have changed providers.

Online channels are used more frequently

Online channels are increasingly in demand for customer interaction, as the latest data confirms: Online channels are increasingly favoured when searching for information, calculating quotes and processing claims. This trend is particularly strong among younger people and those living in urban areas. In the last 12 months, 41% of respondents have obtained information about new or alternative insurance policies online, particularly on insurance websites and independent comparison portals. However, offline channels are still preferred for contract-related processes such as taking out/cancelling policies. However, there is also a slight increase in online use for amended or newly concluded contracts, while a tendency towards offline channels is recognisable for cancellations. Despite a slight decline, customer advisors remain the preferred contact persons for the conclusion of insurance policies.

Increasing acceptance of artificial intelligence

AI applications are being used for the first time to search for information and are on par with social media (3% each). The respondents believe that AI applications can make it easier to search for information, calculate quotes or report claims. In particular, customer groups that are in favour of AI applications expect improvements in the form of time savings and more precise search results. Compared to 2023, it can be seen that customers are much more open to AI applications. Transparency is a decisive factor: 80% of respondents believe it is important for companies to inform them about the use of AI.

About the study

The Swiss Insurance Monitor is based on a representative online survey of 1,009 people living in Switzerland. The survey was conducted from 4 to 12 June 2024 in collaboration with YouGov. In 2024, the Monitor was conducted for the first time by the Institute of Marketing and Analytics at the University of Lucerne together with ETH Zurich and the University of St.Gallen. The project is supported by VDVS - Swiss Digital Insurance Association, elaboratum suisse GmbH, FinanceScout24 (SMG Swiss Marketplace Group AG) and a consortium of insurance companies, health insurers and service providers.

The complete study (80 pages; in German) can be ordered at swissinsurancemonitor.ch. Selected results are also freely available there as PDF files.