Crisis turns spotlight on health, retirement
The prolonged coronavirus (COVID-19) pandemic has heightened Filipinos’ interest in fitness and well-being, prompting them to exercise regularly, eat healthier meals and consider future-proofing tools such as insurance and retirement planning.
This was according to Manulife Asia Care Survey, which took a closer look into customers’ concerns, priorities and aspirations. The survey polled about 4,000 people across the region who either own insurance or intend to buy it in the next six months. Of the total, 520 respondents were from the Philippines.
About 95 percent of those polled across the region who worry most about COVID-19 have made an effort on a personal level to improve their overall health, mostly through more regular exercise (58 percent) and improved diet (54 percent).
In the Philippines, almost all the respondents (99 percent) said they had taken action to help them manage COVID-19, with 69 percent saying they started doing more regular exercise and 61 percent saying they improved their diet. Both figures were well above the Asian average.
Setting aside their COVID-19 concerns, almost all respondents (92 percent) in Asia said they were tracking their health and fitness, including body weight, sleep quality, blood pressure, heartbeat and steps. In the Philippines, 97 percent were self-monitoring their health, with 75 percent tracking their body weight, at par with Malaysia, as the highest in the region.
About 62 percent of Filipino respondents also said they were monitoring their sleeping quality and blood pressure, above the regional average of 51 percent and 47 percent, respectively. About 36 percent said they were monitoring the number of steps they have taken. In addition, 40 percent of the Filipino respondents own fitness wearables compared to a regional average of 46 percent.
“We see that the pandemic has turned the spotlight on health and retirement for many Filipinos,” said Richard Bates, president and CEO at Manulife Philippines. “Amid all the uncertainty, they are finding ways to take more control of these aspects of their lives.”
About 90 percent of Filipinos said that retirement planning had become more important since COVID-19 started, well above the region-wide average of 73 percent. This high level of interest in retirement emerged despite the fact that Filipinos surveyed were the least concerned in the region about a decline in personal wealth (20 percent) as a result of COVID-19. The regional average was 42 percent.
However, the interest in retirement planning was seen to reflect their increased focus on achieving financial security amid uncertainty.
“Manulife has a wide range of health and retirement solutions, including HealthFlex, the first and only one in the market that provides customers the flexibility both in the cost and scope of their insurance coverage, to give them security and financial peace of mind where it matters; and Freedom, an insurance plan that helps Filipinos save for the long term and which also offers cash payouts that help customers make the most of the next stage of their life journey. So, we’re well-placed to support our customers’ life journeys and help make their every day better,” Bates said.
About 87 percent of Filipino respondents also said they intended to buy new insurance in the next six months, higher than anywhere else in the region except Vietnam (91 percent). The regional average was 71 percent.
The research showed that Filipinos were most interested in health, hospitalization and life cover and were also interested in investing in retirement and their children’s education.
About 70 percent of Filipino respondents – second only to Vietnam (75 percent) in the region – preferred to manage their policies through digital means such as mobile apps, including for claims and payment. The survey also showed that 53 percent of them had spoken to an agent about purchasing insurance, a relatively high percentage but below the regional average of 64 percent.
“The Philippines remains one of the most under-insured markets in the region, but technology is enabling more Filipinos to get the protection they need,” added Bates. “At the same time, it’s clear that many still like to speak to their agents. So, while the trend going forward looks to be more digital, having agents and an omnichannel approach is the way of the future. It’s one that integrates digital, while drawing on human empathy, trust and a holistic understanding of our customers’ needs.”
