Swiss digital insurers are growing faster than the market – also thanks to the increased digital maturity of the Swiss population.

According to a survey by the Swiss Digital Insurance Association (VDVS), Swiss digital insurers rate the digital maturity of the Swiss population higher than before the COVID-19 pandemic. This increased digital maturity is also reflected in the growth of digital insurers. Around 60% of InsurTech companies observed an increase in customer and premium volume exceeding market value, while 30% experienced growth in line with the market average.

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In an anonymous survey, VDVS members confirmed that the Swiss population has gained in digital maturity as a result of the COVID-19 pandemic. All members expect this digital development to continue in the future, with an increasing reliance on digital insurance solutions. The positive effect is already evident in customer and premium volumes, with 80% of members reporting an increase compared to last year.

Further details about the survey:

• Around 60% of digital insurers observed an increase in customer and premium volume above market value. For a further 30%, volumes developed in line with the market.

• All members of the VDVS agree that the coronavirus pandemic has increased interest in digital products among the Swiss population.

• All members of the VDVS see a connection between the Corona pandemic and the demand for digital insurance solutions.

• All members of the VDVS agree that the population will increasingly rely on digital insurance solutions in the future. Reasons given for this assumption include the increasing flow of data, the agility of InsurTech, and the ability to directly compare providers.

10% of survey participants are active in both life and non-life insurance. 70% of respondents work in the non-life insurance sector, while the remaining 20% offer their insurance services in the life insurance sector.

The survey was conducted anonymously among all VDVS members between September 3rd and 8th, 2021.

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Zurich, September 16, 2021