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市場調查報告書
以英國人壽保險/年金市場為目標之消費者
Consumer Targeting in Life and Pensions 2010
| 出版商 |
Datamonitor |
| 出版日期 |
2010年10月 |
商品編碼 |
138114 |
| 內容資訊 |
英文 Pages: 74 |
| 價格 |
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以英國人壽保險/年金市場為目標之消費者 是由出版商Datamonitor在2010年10月所出版的。
這份英文市場調查報告書包含Pages: 74 價格從美金4495起跳。
過去一年，英國人壽保險/年金市場持續受到影響而有所改變，其供應商也因此認識到因應全新顧客環境之重要性。
本報告為，匯整英國人壽保險/年金市場現況、限制新業務之要因、Datamonito所做之調查結果、針對企業追求維持客戶/獲得新客戶創新方式之策略性建議等，以下列摘要形式闡述。
概要
實施概要
簡介
第1章 持有產品現況
- 英國1/3消費者無持有存款產品
- 英國消費者對年金產品價格不夠優惠感到苦惱
- 英國消費者對保險保護之準備不足
第2章 由維持客戶獲利
- 必須維持基本客戶，且於維持客戶策略中不可缺乏理解客戶轉換之動機
- 企業員工為年金供應商之主要驅力
- 所有保護產品中，吸引英國消費者之動機首重價格
- 不景氣促使消費者轉換供應商
- 科技進步帶動消費者轉換供應商之行為
第3章 消費者參與
- 消費者不甚信賴財務分析師及保險公司
- 消費者追求人壽保險/年金供應商之信賴度
- 政府對金融相關產品之消費者參與尚未體制化
第4章 通路動態
- 傳統諮詢管道已落於時代
- 根據FSA表示Retail Distribution Review預計將可改變市場動態
- 另一方面消費者無意支出諮詢費用
第5章 行動要點
- 行動：有效定期溝通及長期教育存款將可帶動消費者參與
- 行動：供應商為發揮最大商業行銷可能性必須要深耕既有關係
- 行動：供應商可由政府失敗之年金政策中獲得教育消費者之機會
- 行動：供應商在將保護產品更具體的介紹給消費者上必須更努力
- 行動要點：諮詢人員在一般國民間必須重新並更致力於提升自己之地位及評價
附錄
Abstract
Introduction
There has been a multitude of changes affecting the UK life and pensions
industry in the last 12 months. The UK life and pensions providers have
realized the necessity to adapt to the new consumer environment.
Scope
- Examines the current shape of the life and pensions industry and explores
factors that are currently limiting new business
- Highlights key findings from Datamonitor' s FS Consumer Insight Survey for
the life and pensions markets in the UK
- Provides strategies to help life and pension companies find innovative
methods of customer retention and acquisition
Highlights
Alongside the visible impact of the recession, the L&P industry and its
consumers continue to face longer-term issues associated with prevailing
demographic trends, socio-cultural developments and the wider economy.
Consumers have a shortfall in savings and protection with some facing an
uncertain prospect towards a comfortable retirement.
The potential for government policies to induce people to consider investment,
retirement and protection plans is also in question and the life and pensions
industry has continued to lose its relationship with consumers. Providers can
seize the opportunity to target new customers and retain their existing
customers efficiently to win new business.
Reasons to Purchase
- Identify key consumer segments to target for life, pensions and protection
products
- Access analysis documenting the trends behind consumers' attitudes and
behaviors
- Provides action points to aid strategic decision making based on the
insights analyzed
Table of Contents
- Overview
- Catalyst
- Summary
EXECUTIVE SUMMARY
- Table of Contents
- list of figures
- List of tables
INTRODUCTION
PRODUCT OWNERSHIP
- A third of UK consumers do not hold a savings product
- Nearly a third of consumers do not hold a savings account and UK personal
debt continues to take over the nation' s GDP
- Affordability is a driving factor behind UK consumers stalling their
savings
- Over a tenth of non-savers have no interest in saving at all
- Consumers are also sacrificing savings to clear their debts
- Low interest rates have offset the desire to save in deposit accounts
- Young people are least likely to hold a savings account and have embraced
credit as a way of life
- Pension ownership among UK consumers is stalled by lack of affordability
- Over 60% of UK consumers do not have a pension
- People need to save for their retirement but they are hindered by the
perception of affordability
- People are not saving for the future, assuming that they will be looked
after by the buckling state system
- Young people are discounting the value of importance in building up
retirement savings
- However, an ageing workforce will put pressure on people to support
retirees
- It is hoped that NESTs will address the problem of long-term retirement
savings
- UK consumers have under provision of protection insurance
- Young people do not see protection insurance as the answer to unforeseen
events
- Consumers perceive that they simply do not need protection insurance
- Consumers are sacrificing adequate financial protection with rising
personal debt
- Consumers are over estimating life insurance costs
PROFITING THROUGH RETENTION
- Existing customers must be retained and understanding their motivations
for defection is vital for a retention strategy
- Customer retention is not cheap, but it is cheaper than losing customers
- Retention of profitable customers is a major focus area
- Employers are key facilitators and providers of pensions business to
consumers
- Consumers' inertia causes the majority to take out a pension through an
employer where no choice is given
- Automatic enrollment will help overcome the inertia preventing many people
from saving
- Employees aged over 22 are eligible for automatic enrollment, but policy
should encourage people to start saving early
- Policy must also place emphasis on financial education among young people
to increase financial responsibility
- NESTs aim to target those who are currently not saving enough to give them
the retirement income they expect
- However, the effectiveness of NESTs are in question
- For some, leveling down employers' contribution through the Personal
Accounts scheme will make pension provision worse
- Employers may be tempted to minimize costs of NESTs through lower employee
salaries
- Price is a bigger motivation factor for UK consumers across all protection
products
- Attracting new customers to protection will be challenging
- Young Britons seem to be more concerned by price rather than product
suitability
- The price war is not impacting on the protection gap which has increased
to £2.4 trillion in the UK
- The economic downturn has encouraged consumers to switch providers
- Customers are sacrificing policies as lack of affordability becomes an
issue during the financial crisis
- Technology is aiding consumers in their switching behavior
- Technology is affecting the way protection business is being conducted
- However, concerns and criticisms are being leveled at non-advised sales
- New entrants with strong brands and consumer access are intensifying
competition
CONSUMER ENGAGEMENT
- Consumers place the low levels of trust in financial advisors and insurers
- Trust in financial advisors are very low compared to other financial
services institutions
- Aggregator sites have become a trusted source of financial service in the
current climate
- Non-traditional financial service institutions can try to take advantage
of higher levels of consumer trust
- Consumers desire trustworthiness as an attribute in their life and
pensions providers
- UK consumers are more concerned that their life and pensions provider is
trustworthy and honest
- An improved level of trust can directly benefit customer acquisition,
retention and overall performance
- Trust also drives the take-up of financial advice
- Attempts by the government to engage consumers about their finances have
been unstructured paving the way for others
- The FSA has attempted to make consumers understand financial products
easier with online tools
- The Retail Distribution Review aims to increase consumer access to and
confidence in financial services
- However, the effectiveness of the proposals to alleviate consumer
confusion is doubtful
- The Money Guidance service is well placed to fit into existing advice
services to offer guidance on money matters
- Money Guidance principles presents a potent opportunity for banks to
educate consumers about finances
DISTRIBUTION DYNAMICS
- Traditional advice channels are becoming an outdated model
- The majority of pensions are taken out through a consumers' employer
indicating the importance of worksite marketing as distribution channel
- The employer can be seen a source of reassurance for consumers who are
looking to find out if their benefit selection has been prudent
- The use of online channels is more pertinent in consumers taking out life
insurance
- The FSA' s Retail Distribution Review will change dynamics of the market
for advice
- The latest proposals suggest that the financial services industry be split
into three categories of advice and non-advised sales
- The RDR produces three key impacts on the market structure and competition
for IFAs
- However, consumers are unlikely to be part with their money to pay for
advice
ACTION POINTS
- Action: Effective and regular communication and education will help
providers engage consumers with long-term savings
- Improving the knowledge and understanding of consumers
- Consumers need effective and regular communication
- Strategic direction from Government is also needed for a concerted effort
to tackle long-term savings behavior
- Action: Providers must deepen existing relationships to maximize the
potential business it can bring
- Cross-selling strategies must offer value to the customer and not simply
convenience
- Relevant and timely communication must occur to strengthen existing
customer relationships
- Life and pensions companies must take action to build relationships with
online aggregator sites and build online communities with consumers
- Action: Providers can seize opportunities to educate consumers on pensions
where the government has failed
- Providers and advisors should support people to exercise personal
responsibility
- The government and industry must put more personal responsibility on
consumers about retirement planning
- Action: Providers need to focus on making protection more tangible and
meaningful to consumers
- Action point: Advisors need to renew their efforts to improve their
standing and reputation among the public
- Financial advice should be widened in scope to address consumers'
lifestyles in the whole
- Providers should consider tie-ups with aggregator sites
APPENDIX
- Definitions
- Life-based savings products
- Life assurance
- Term assurance
- Income protection
- Critical illness
- Collective life
- ISAs
- Personal pensions
- Stakeholder pensions
- Group personal pensions (GPPs)
- SIPPs (Self Invested Personal Pensions)
- ABI definitions of distribution channels
- Independent financial advisors (IFAs)
- Direct sales forces
- Tied agents
- Multi-tied agents
- Bancassurance
- Direct marketing
- Telesales
- Other
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
List of Tables
- Table 1: Reasons for UK consumers not holding a pension, by age segment
- Table 2: Life insurance product holding by age
- Table 3: Life insurance, motivation for choosing the product
- Table 4: Level of trust in financial services providers
- Table 5: Life insurance by channel of opening
List of Figures
- Figure 1: A third of UK consumers do not hold a savings account
- Figure 2: Affordability is key factor stalling UK consumers from saving
- Figure 3: Savings product penetration is lowest among young people in the
UK
- Figure 4: Over 60% of UK consumers do not hold a pension product
- Figure 5: Affordability is a key barrier to pension savings for UK
consumers
- Figure 6: Pension holding increases with age
- Figure 7: Young people are discounting the importance of starting pension
savings early in life
- Figure 8: Longer life expectancies are producing a growth in the number of
older people in the UK
- Figure 9: Not even a third of the population hold a protection insurance
product
- Figure 10: Protection insurance holding is lowest among young consumers
- Figure 11: Consumers do not believe they need protection insurance
- Figure 12: Most pension holders are motivated to take out the pension
offered by their employer
- Figure 13: Ten million people are expected to participate in the Personal
Accounts scheme in 2012
- Figure 14: Consumers look towards price when taking out protection
insurance
- Figure 15: Consumers trust insurers and financial advisors or brokers the
least
- Figure 16: Consumers desire their pensions provider to be trustworthy
- Figure 17: Trustworthiness is an important attribute for consumers in
their life insurance providers
- Figure 18: Most pensions are opened through employers
- Figure 19: The use of online channels is more pertinent in the purchase of
life products than pensions
- Figure 20: The RDR proposes a three way split for advice
- Figure 21: The future pensions market is one of helping individuals
exercise personal responsibility
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