Global Consumer Insurance Survey 2012
Japan: economic changes present unique opportunities
As the population ages, consumer preferences are changing. This is prompting consumers to reconsider their insurance purchasing decisions.
The economic aftershocks from the tsunami and earthquake that devastated Japan in 2011 have concentrated government revenue on rebuilding efforts.
Concerns have subsequently arisen among the country's aging population that public sector pension and other welfare benefits may decline, which, in turn, may enhance opportunities for private insurers. As the population ages, their preferences also are changing, causing more consumers to reconsider their insurance purchasing decisions.
Select regional findings include:
Life and pensions
- The overall customer satisfaction rating in Japan is 6.2 out of a possible 10, much lower than Europe (7.0) and the Americas (7.6).
- Customers see the industry as behind others in terms of rewarding loyalty, with 13% having this view, higher than other regions.
- More than half of consumers (56%) rank a product's features as one of the top two factors when selecting a policy.
- Personal interaction is considered important by 72% of consumers when buying a policy, and by 67% in their research.
- Currently 19% of consumers are using online channels for research purposes, and in the future 30% expect to make more use of comparison web sites.
- More than half of consumers (61%) seek personal contact when renewing an insurance policy.
- Nearly half of consumers (49%) ranked price as the key driver in their purchasing decisions, followed by a trustworthy or well-known brand (44%).
- More than one-third of consumers (37%) prefer to buy multiple products from a single provider, citing convenience and value as the key reasons.
We hope this research proves useful in shaping your customer strategies and moving your business forward.