The Swedish market has a well-established insurance sector which emerged relatively strong from the COVID-19 pandemic. In the face of disruptive events around the world, the 9th edition of ReMark’s Global Consumer Study (GCS) has found some interesting insights on Sweden that can help insurers empower consumers in their market.
Among EU countries, Swedes are more open to sharing personal data...
The pandemic in the past two years have prompted a shift in our daily activities and transactions to move online, so it is only natural that an increasing amount of personal data is being shared digitally. As this becomes more regulated and commonplace, it is valuable to know that 65% of Swedes are open to sharing their data if it means they can learn their risk of illness from insurers, as this can help them take early preventive measures.
65% of Swedes are open to sharing personal data to learn their risk of illness from insurers
When looking at other types of data such as wearable data, mental health history or employment information, Swedes are far more open to sharing than their French or German counterparts but a little bit less than Irish, Italians or Spanish. Overall, the findings show a willingness to exchange information for health predictions, which complements the Swedish appetite for technology that can improve aspects of their health and lifestyle.
But cyber protection still needs to catch up
While the above may sound promising, there are also opportunities for education around staying protected when using technology, as only 37.6% of Swedes would buy insurance to cover their personal data, digital assets and digital identity, with 41.5% having no opinion on the subject.
Only 37.6% of Swedes would buy insurance to cover their personal data
Family & friends have an impact on mental health
The conversation on wellness and mental health has positively expanded post-pandemic. When investigating the main triggers of stress, financial issues came out top for all markets surveyed globally. In Sweden, the second biggest cause of stress after financial issues was family and relationship issues (intriguingly this factor ranks as the least concerning for the average global respondent). What is worthy of note here is that friends and family are the first point of contact when an individual considers making an insurance purchase. It may be useful for insurers to know that familial social aspects in the Swedish market may be a particular pain point for people in this market ahead of purchasing insurance.
Ample opportunity to improve perceptions on embedded insurance
In the case of embedded insurance, most Swedes (83.3%) are aware of the concept that insurance can be bundled with the purchase of a good or service. However, 38.2% found it too expensive and 39.6% have cited it as unnecessary leading to refusal. The latter figure is curiously higher than the global average, so Swedish insurers may want to reconsider the types of embedded insurance offerings that are currently in the market.
Swedes are open to road safety tracking in exchange for benefits
Almost half (45.6%) of the Swedish respondents surveyed rate themselves as good drivers, with a fair number willing to install a telematics device on their car for benefits such as receiving a customised price on car insurance based on driving behaviour (45.4%) and car-related services like free roadside assistance or theft alerts (47.2%). These figures come close to the other European markets surveyed, which indicate parity of thought in the region on the concept of being rewarded by insurers for responsible driving behaviour.
Sweden was included in the latest GCS among 22 other global markets. With a representative sample size of 508 people, we sought to gather the latest insights on the consumer journey, life and health, and property & casualty (P&C) insurance from Swedish consumers. To discover more in-depth insights on Sweden, visit our dedicated GCS page to download the full report and access our dynamic dashboard to explore all the data.