Global Trends in Insurance Distribution: Perspectives across 14 Countries

Transcription

1 Global Trends in Insurance Distribution: Perspectives across 14 Countries Report Prospectus September 2018 Finaccord, 2018 Web: 1

2 Prospectus contents Page What is the research? What is the rationale? What is the country distribution of respondents? What is the gender distribution of respondents? What is the age group distribution of respondents? What are some of the key findings? How can the research be purchased? Finaccord, 2018 Web: info@finaccord.com 2

3 What is the research? Global Trends in Insurance Distribution: Perspectives across 14 Countries is based on an online survey of over 11,000 consumers carried out by GfK for Finaccord in the final quarter of 2017 with coverage of Australia, Brazil, China, Colombia, France, India, Indonesia, Japan, Mexico, Russia, South Africa, the UAE, the UK, and the US. The breakdown of this survey by gender and age group is provided on the following two pages and a transcript of the questionnaire used can be obtained (if needed) directly from Finaccord. The report provides data concerning penetration rates and distribution channels used for six types of financial product namely life protection, health, accident, motor (auto) and home insurance plus retirement products. Moreover, for life protection, health and accident insurance plus retirement products, sales through employers (the worksite) are segmented between those funded entirely by employers, those funded entirely by employees and those paid for by both employers and employees. Note that life protection insurance includes (risk) life, critical illness and income protection insurance while health insurance comprises medical expenses and dental insurance plus health and hospital cash plans. The delivery format of the study is a PDF report composed primarily of graphics (generated from an original PowerPoint file) plus accompanying Excel consumer data file that contains all of the published data, thereby avoiding the need for users to re-enter it themselves. Finaccord, 2018 Web: info@finaccord.com 3

4 What is the rationale? The data in this study fills a gap for comparable insights concerning insurance distribution across 14 diverse countries and across six product categories. Key questions answered include the following: what percentage of respondents has acquired each product in each country or admits that it is potentially relevant even if not yet acquired? how do distribution channel patterns vary across the six products in scope, namely life protection, health, accident, motor (auto) and home insurance plus retirement products? what is the relative importance as a distribution channel for each product in each country of direct sales and tied agents, brokers, aggregators (comparison sites), banks, affinity and corporate partners, and employers (the worksite)? in respect of sales of life protection, health and accident insurance plus retirement products at the worksite, to what extent do employers pay for these entirely themselves or share funding with the employees? Finaccord, 2018 Web: info@finaccord.com 4

5 What is the country distribution of respondents? UK, 787 US, 732 Australia, 801 Brazil, 761 UAE, 759 South Africa, 796 China, 1,034 Colombia, 796 Russia, 802 France, 766 Mexico, 818 Japan, 789 Indonesia, 724 India, 798 Source: Finaccord Global Insurance Distribution consumer survey (Q4 2017) Finaccord, 2018 Web: 5

6 What is the gender distribution of respondents? Australia Brazil China Colombia France India Indonesia Japan Mexico Russia South Africa UAE UK US Female Male t 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Source: Finaccord Global Insurance Distribution consumer survey (Q4 2017) Finaccord, 2018 Web: info@finaccord.com 6

7 What is the age group distribution of respondents? Australia Brazil China Colombia France India Indonesia Japan Mexico Russia South Africa UAE UK US t 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Source: Finaccord Global Insurance Distribution consumer survey (Q4 2017) Finaccord, 2018 Web: info@finaccord.com 7

8 What are some of the key findings? 1) In country X, product penetration rates are highest for motor (auto) and home insurance Life protection Health Yes Accident Retirement No, but could potentially be relevant Motor No, and no reason to have this product Home 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% % of respondents with product or with latent interest in it Source: Finaccord Global Insurance Distribution consumer survey (Q4 2017) Finaccord, 2018 Web: info@finaccord.com 8

9 What are some of the key findings? (cont.) 2) Direct and tied agency sales are dominant for product Y in all countries Australia Brazil China Colombia France India Indonesia Japan Mexico Russia South Africa UAE UK US Direct / tied agent Broker Aggregator Bank Affinity / corporate partner Employer / worksite SGSGVSG 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% % split of distribution channels reported by respondents Source: Finaccord Global Insurance Distribution consumer survey (Q4 2017) Finaccord, 2018 Web: info@finaccord.com 9

10 What are some of the key findings? (cont.) Australia Brazil China Colombia 3) When acquired via the worksite, sales of product Z are most often funded by both employers and their employees France India Indonesia Japan Mexico Russia South Africa UAE UK US Paid by employer Mixed payment Paid by employee t 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% % split of worksite funding mechanisms reported by respondents Source: Finaccord Global Insurance Distribution consumer survey (Q4 2017) Finaccord, 2018 Web: info@finaccord.com 10

11 What are some of the key findings? (cont.) For most products and countries researched, a combination of direct sales and tied agents constituted the main distribution channel used to sell the products in scope, the exceptions were retirement products, for which sales via employers (the worksite) were dominant in most countries, and health insurance, for which sales through the same channel were more or almost equally as important as those made directly or via tied agents in a lot of countries, brokers were a moderately important distribution channel for all products in all countries, most consistently so in South Africa, aggregators (comparison sites) were a niche distribution channel for most products in all countries but were clearly influential for motor (auto) insurance in the UK and Japan and for home insurance in the UK, although some significant differences existed by product, banks were generally at their strongest as a distribution channel in the three Latin American countries (Brazil, Colombia and Mexico) plus France and Russia, like brokers, use of affinity and corporate partners as distributors was visible for most products in most countries, peaking for motor (auto) insurance in Indonesia where vehicle dealers and manufacturers are very influential in this market, continued overleaf Finaccord, 2018 Web: info@finaccord.com 11

12 What are some of the key findings? (cont.) in addition to health insurance and retirement products, sales through employers (the worksite) were also important in almost all countries for life protection and accident insurance although much less so for home insurance and, especially, for motor (auto) insurance, where acquired through employers (the worksite), sales of retirement products were most likely to be funded by the employers, either by themselves or in conjunction with their employees, the same was true of life protection, health and accident insurance in most countries, however, life protection and health insurance were most commonly paid for only by employees where bought via the worksite in Japan and a similar assertion applies to health insurance in the case of Australia. Finaccord, 2018 Web: info@finaccord.com 12

13 How can the research be purchased? Simple. Noting that the price of the full report is USD 2,495, just go to the relevant area of the Finaccord website, create your account (if you do not have one already) and place your order online. Products paid for online by card will be delivered immediately by but please allow up to one working day for delivery by if you choose to pay on receipt of invoice. With regards to the corporate user licence, you will be asked to choose one of the following options: 1. One office, one country: no supplement over and above basic cost of reports ordered 2. Multiple offices, one country: additional 20% over and above basic cost of reports ordered 3. Multiple offices, two to ten countries: additional 50% over and above basic cost of reports ordered 4. Global (unlimited offices in unlimited countries): additional 100% over and above basic cost of reports ordered Alternatively, you can place an order by sending your request to clearly stating the product(s) required, associated price(s) and billing details for eventual invoice or card payment receipt. Extracts of the data for particular countries and / or products can be supplied on a bespoke basis if needed. Please contact Finaccord for further details. Finaccord, 2018 Web: info@finaccord.com 13