Young Singaporeans still favor human touch over AI for insurance advice: Prudential study

SINGAPORE: Even as apps and AI become part of everyday life, most young adults in Singapore still want a real person by their side when making important insurance decisions, a new Prudential plc study shows.

The study indicated that 69% of young Singaporeans choose to confer with a human consultant about insurance, in contrast to 31% who depend on digital tools or artificial intelligence. While technology is extensively employed in assets-related decisions and making comparisons about guidelines regarding the handling of money, countless people still feel that nothing can substitute human judgment especially when it comes to making complex decisions.

Prudential’s study, “Financial Mindset of Young Adults in Asia,” polled people aged 20 to 35 in seven markets — Singapore, Hong Kong, Indonesia, Malaysia, the Philippines, Taiwan and Thailand. The conclusions depicted an image of generation that is confident and relaxed online, but also considers asking the help and guidance from insurance-proficient individuals.

In total, 54% of respondents said they feel confident handling their insurance and investments on their own, while 45% favour digital and AI tools for real-time financial management.

The Philippines stood out as the most digitally driven market, with 76% of respondents showing a strong preference for digital and AI tools, followed by Singapore. On the other hand, Indonesia demonstrated virtually equal levels of predilection for digital apparatuses and human consultants.

The results highlight an unpretentious truth — even in a high-tech world, human proficiency is still very important specifically for young adults seeking assurance and guarantees as they make longstanding financial choices.