Global Consumer Insurance Survey 2012
Asia-Pacific: seeing growth despite key challenges
Consumers are conducting more research online and seeking providers with strong brand value.
The Asia-Pacific region offers substantial growth opportunities to both life and non-life insurers, especially in emerging markets. Yet, the region's diversity, in terms of market dynamics, distribution channels, culture and customer preferences, present key challenges.
In this survey of customers in Australia, Hong Kong, Singapore, Malaysia, China, Indonesia and South Korea, several consistent themes emerged that present reasons for optimism. For instance, consumer confidence in the industry is less affected by the recession than their confidence in other financial markets.
Additionally, consumers are conducting more research online, seeking providers with strong brand value, transparent and comprehensible product information, and superior customer service.
Select regional findings include:
Life and pensions
- Among the 21% of customers dissatisfied with purchased products, poor information and their changing needs were cited as key factors.
- Although 59% of consumers did little or no research before purchasing, 73% intend to in the future.
- When researching products, 52% of consumers consult family and friends first.
- The preferred means of contact is the telephone (32%), followed by in person interactions (24%).
- Online sources are used by 39% of consumers for research, higher than in Europe (32%) and the Americas (23%).
- A poor claims experience would compel 16% of consumers to switch providers and 40% to likely switch.
- Nearly half of consumers (46%) would buy multiple products from a single provider if this was convenient or offered greater value.
- A majority of consumers (69%) from emerging economies and 51% from developed economies would pay more for products from a financially stable brand.
We hope this research proves useful in shaping your customer strategies and moving your business forward.