MoneySmart's Car Insurance White Paper 2022
PUBLISHED ONJuly 08, 2022 1:00 AM
The MoneySmart Guide to Cheaper Car Insurance
SINGAPORE, July 8, 2022 /PRNewswire/ -- Leading personal finance comparison site, MoneySmart, has compiled a guide for drivers looking to get the best price and value for car insurance in Singapore. Based on survey research conducted by MoneySmart, this guide serves to help car insurance customers achieve what they deemed most important when it comes to selecting a policy—competitive pricing and good value. The guide further elaborates on the digitisation of the car insurance industry and why in particular, it is primed for fully digital end-to-end purchase journeys via self-serve platforms like insurance apps. The digital transformation of the car insurance experience also extends into claims processes, a once tedious and offline undertaking now being redefined by InsurTech companies across the region.
With rising inflation, Singaporeans have to be more cautious about their spending and are looking for ways to save money on non-discretionary expenses. Car insurance is a yearly mandatory expense that can quickly add up, and the lack of transparent pricing makes it hard for consumers to ascertain that they are getting the best policy.
MoneySmart has identified three key steps to getting lower car insurance premiums:
- Don't blindly renew your policy with your existing insurer
- Compare at least 3 insurance quotes
- Customise your policy to your needs
Consumer insights from 2 surveys that MoneySmart conducted over 2021 and 2022 reveal that consumers look for three things when considering a car insurance policy—value for money, a fully digital purchase experience, and the ability to make claims online.
- Value for money: Value for money is the determining factor for car insurance. Consumers are the most willing to purchase (79%) and recommend (35%) a value-for-money insurance product¹.
- A digital purchase experience: The majority of consumers surveyed purchased their car insurance policy online, and did not require or want the help of an advisor. Digital platforms like insurer websites and financial aggregators are sufficiently informative for them to feel comfortable enough to make the purchase².
- An option to make claims online: There is a growing demand for a convenient, time-saving online claims process, despite 50% of consumers still making claims through agents. Respondents wished to be "able to submit [claim documents] online instead of having to submit physically at the office"³.
With inflation and the cost of living continuing to rise, consumers are doing more to save money where they can, especially on non-discretionary expenses like car insurance. Following MoneySmart's three tips to cheaper car insurance will allow any consumer to get a cheaper car insurance premium on their next renewal.
Leveraging on 13 years of experience as car insurance brokers, MoneySmart knows what consumers want when buying car insurance. It's why MoneySmart created Bubblegum as an answer to what tomorrow's car insurance consumers want: competitive prices, good value, and easy applications via an all-in-one app.
Download the full white paper here.
Footnotes: |
¹Taken from an internal MoneySmart report based on MoneySmart customers and is not for public release. |
²The most frequent touch points for information and validation are insurer websites, financial aggregators as well as advisors where available. |
³The high percentage of respondents using agents to process their claims can be attributed to the current state of self-serve options: it is perceived to be too complex and lengthy, with the risk of customer error that may jeopardise a successful outcome. |
About MoneySmart
MoneySmart Pte Ltd (MoneySmart) is Southeast Asia's leading personal finance comparison site founded in 2009. MoneySmart started as a mortgage comparison company operating under SmartLoans.sg. It has since expanded beyond mortgages to help consumers maximise their financial decisions by putting the power in their hands to compare loans, insurance, and credit cards. Today, MoneySmart Group is the largest financial portal in Southeast Asia - helping over 100 million people across Singapore, Hong Kong, Taiwan, and the Philippines to make smarter financial decisions.
Headquartered in Singapore, MoneySmart Singapore has more than 70 financial institution partners with over 170 financial products. MoneySmart focuses on creating customer-centric financial technology products, innovative programs, and original content to expand its positive impact throughout Asia.
MoneySmart was recognised with the Emerging Enterprise Award in 2018, jointly presented by The Business Times and OCBC Bank.
About MoneySmart Group
Wholly owned by Catapult Ventures Pte Ltd, MoneySmart Group comprises of MoneySmart Pte Ltd, and MoneySmart Financial Pte Ltd (MoneySmart Financial / "MSF") which was founded in 2016 as the financial advisory arm of MoneySmart Group. MoneySmart Financial houses the insurance advisory aspect of the business including the newly launched insurance brand "Bubblegum". MoneySmart Financial is an Exempt Financial Adviser and Registered Insurance Broker licensed by the Monetary Authority of Singapore ("MAS").
For more information about MoneySmart, please visit: www.moneysmart.com
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Contact:
Nini Russell
nini.russell@moneysmart.com