The COVID-19 pandemic has drastically accelerated the growth of e-commerce and digitalization. According to a COMEOS1 study, the number of people making weekly – or even daily – purchases on the internet has known the strongest increase in years. 94% of the people surveyed indicate that they are considering buying online in the future, and 80% already do. COMEOS also looked at the financial sector specifically and found that 37% of respondents had bought financial services online in 2020.
Still, the Belgian insurance market shows a lower digital maturity. In some of our neighbouring countries, digital is already the new normal when it comes to purchasing and using insurance. In Belgium however, the traditional distribution channel for non-life insurance composed of agents and brokers remains strong.
Our intention with the “EY Online Insurance Barometer – Non-Life” is to give an in-depth view of consumer expectations related to the use and significance of online practices within retail insurance. For this, we chose the most important Non-Life insurance products: car and home. Our research has generated a very rich dataset and a myriad of insights, which are documented in this report and in a dynamic Power BI dashboard.