Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 40 Survey Findings Intention to purchase products from a virtual insurer in the next 12 months The development of virtual insurance services is still in the initial stage, with only two insurers, Bowtie and Avo, having started operations at the time of this survey. We asked respondents of their likelihood to buy products from a virtual insurer in the next 12 months. The majority of the respondents indicated they are unlikely to engage with virtual insurers in the near future. Almost half of the respondents (49.8%) replied they are very unlikely to purchase from virtual insurers in the next 12 months. Only 6.4% expressed interest in doing so. The situation facing virtual insurers is similar to virtual banks. The pandemic and the economic downturn have significantly reduced economic activities, as well as the demand for personal insurance products, such as travel insurance, which are suitable for online purchase. Exhibit 17 Intention to adopt virtual insurers [1 - Very Unlikely ...... 5- Very Likely]