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Life Insurance Market - Potential Adina Nica – Mercury Research

Life Insurance Market - Potential Adina Nica – Mercury Research. Objectives. Awareness and usage of insurance services Life insurance Sales presentations success Owners profile Perceived advantage of using an insurance plan Barriers to using an insurance plan. Methodology.

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Life Insurance Market - Potential Adina Nica – Mercury Research

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  1. Life Insurance Market - PotentialAdina Nica – MercuryResearch

  2. Objectives • Awareness and usage of insurance services • Life insurance • Sales presentations success • Owners profile • Perceived advantage of using an insurance plan • Barriers to using an insurance plan

  3. Methodology • Quantitative study: • 1,345 persons over 15 y.o., urban and rural • maximum error margin: +/-2.7% • In-depth interviews with non-users of insurance services

  4. Insurance Services Awareness Base: 1,345 persons

  5. Insurance Services Present Usage and Future Intentions Base: 1,345 persons over 15 y.o.

  6. Life Insurance Regional Differences Base: 1,345 persons over 15 y.o.

  7. Life InsuranceDemographic Differences • Life Insurance Users • Population above 15 y.o. • 44% are 30-44 y.o. • 25% are 30-44 y.o. • 58% married • 73% married • 29% have children • 45% have children • 36% above USD150 monthly personal income* • 16% above USD150 monthly personal income • 15% household income over USD300 • 30% household income over USD300 *out of people who declared their incomes

  8. Life InsuranceDemographic Differences • Population above 15 y.o. • Life Insurance Users • 69% live in urban locations • 54% live in urban locations • 38% in cities over 200 k inhabitants • 21% in cities over 200 k inhabitants • 15% in Bucharest • 8% in Bucharest • 46% in Transilvania, Banat, Crisana, Maramures • 33% in Transilvania, Banat, Crisana, Maramures

  9. Perceived Advantages of Life Insurance Base: 910 persons, who have heard of life insurance

  10. Barriers to using life insurance Potential users • 27-35 • Bucharest • have been delivered a sales presentation • personal income over USD200 • income over USD150/family member • Typology I: Single living, not married • Typology II: Beginners (in career, family life)

  11. Barriers to using life insurance • Typology I: Single living, not married, have sufficient income to pay for a life insurance • Consider life insurance only for married people • The emotional benefit (safety/protection for the family) is not relevant to them • Consider life insurance a secondary priority • “If I die today the dear ones will suffer only spiritually not materially”

  12. Barriers to using life insurance • Typology II: Beginners (in career, family life), have sufficient income to pay for a life insurance • The emotional benefit (safety/protection for the family, protection in case of accident) is relevant to them • Main barrier: uncertainty of the future • Prefer to invest money in something more tangible • “Future is not safe” • “I better wait: if tomorrow things go better I will be able to sign an insurance policy, but if it is worse, I take the risk to lose the money I pay until that moment”

  13. Barriers to using life insurance • Other barriers • Lack of models (friends, relatives who have a life insurance) • Fear of possibility to lose the money invested • money depreciation • uncertainty about how the insurance company evaluates the money paid

  14. Conclusions • Life insurance - not high purchase intentions • Early adopters: young, higher incomes, married, with children, living in large cities • Bucharest: high potential but sales force less aggressive • Advantages of having a life insurance: protection in case of death/accident • - strong, clearly understood by the users • - less aknowledged by non-users • - should be promoted to attract non-users • Barriers in using card insurance • - lack of relevancy of the main benefit • - uncertainty regarding the future • - lack of understanding of calculation procedures

  15. For more information, please contact: adina_nica@mercury.ro

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