MANILA - Filipinos sought insurance and investment products that are available online in the past few years due to the COVID-19 pandemic with more of the younger generations showing interest, according to a study by Manulife Philippines.

Some 41 percent of Gen Zs intend to buy insurance products online in the next 12 months, according to Manulife and Insights Consulting study called "The Modern Filipino Family: Exploring Family Dynamics and Digitalization in the new normal.

Meanwhile, 33 percent of millennials have bought insurance online in the last 12 months, the study, conducted with 500 respondents nationwide aged 18 to 55, showed.

Gen Zs are defined as those aged 15 to 24, while millennials are those aged 25 to 40.

"Like many businesses, we need to shift and digitize the way we do business….as we evolve our customer, evolve with us. We’ve seen a 200 percent increase in customer engagement transacting with us online," Manulife Philippines Chief Marketing Officer Melissa Henson said in a briefing.

"We have to be as nimble and agile in deriving our products to them," she added.

This is evidenced in the uptick in the top insurance products bought online in the last 12 months including life insurance (28 percent), medical/health/accident (28 percent), investment-linked insurance (10 percent), child's education (9 percent) and pension or retirement (9 percent), Manulife said.

Filipinos cited the following convenience (45 percent), sense of security (22 percent) and protection (17 percent) when deciding to purchase insurance online, the study showed.

Other firms have also offered financial products online, which were traditionally not available through these channels in order to reach consumers during the pandemic.

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Henson said understanding the needs of the youth is crucial since they would be the next driver of growth.

"The reason why we always try and understand our younger generation is that 70 percent of the Filipino population is comprised of Gen Y and Z. Long term view, this is where future growth is going to come from. They are earning, working individuals," she said.

"These are 2 generations that we’re trying to understand because we do want to make sure that we are able to evolve our products to cater to their needs," she added.

Another key finding of the study is that Filipino parents approve of the responsible use of personal data as homes become a one-stop-shop or hub for all members of the family.

Data showed that 95 percent of family members go online for leisure and entertainment, 92 percent communicate with friends and family through social media, 90 percent use e-commerce apps and 82 percent use financial apps, among others.

The study also discovered that parents and their children have different levels of adapting to the digital shift.

• Manulife says investment business delivered over 50 pct growth in Q1

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