Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 66 Survey Findings Factors preventing the adoption of virtual insurers Similar to virtual banks, we are interested in understanding the reasons for not using services and products offered by virtual insurers. To facilitate this, the question is aimed at the two groups who responded either totally unlikely (49.8%) or unlikely (25.0%) in Exhibit 17. Five options were presented to the respondents, with the highest number of people (38.5%) choosing, “I have already purchased products from my existing insurers.” The next highest (26.0%) was, “I do not trust the new virtual insurers” followed by “I am not sure about the difference between a virtual insurer and a traditional insurer” (20.4%). It is challenging for virtual insurers to attract customers in Hong Kong who have already purchased products from traditional insurers or banks. With only two virtual insurers operating in the market at the time of this survey, most respondents were unaware of the backgrounds, operations, and products available from virtual insurers. It is interesting to note that the reasons for not joining virtual insurers are the same as those of virtual banks. Exhibit 35 Factors preventing the adoption of virtual insurers