get into your customer’s shoes! - the future of insurance in greece
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Get into your customers’ shoes
Anna KaradimitriouGen. Director of Ad Hoc & Online Research- The future of Insurance in Greece, November, 2013
Get into your customer’s
shoes!
#FocusBari
Sources
: Survey of Consumption habits and& views
: Readership Survey of Nationwide (Greece) Press
: Nationwide (Greece)Offline Survey forInternet
3
2
1
Continuous Nationwide Surveystechnology-lifestyle
Wide experience in Qualitative Research:«meta-knowledge»
DYNAMIC GROWTH OF DIGITAL APPLICATIONS
New lifestyle
The economic
crisis
A new & unexpected
reality
Values &practices
REASSESSED
2008 2009 2010 2011 2012 2013
5357
6165
7072
42
48
56
62
6871
18
27
42
53
61 63
9
20
32
41
4649
20
23 2426
32
9 1013
1619 20
PC Use: +36%
Internet: +69%
D/T Play: +250%
Social Networking:+446%
E-shopping:+125%
The dynamic growth of digital:
Smartphonepossession:+60%
Base: 13-70, Total Greece, WebId
Before digital era During digital era
Recipient Creator
Without control of messages Judges and is “exposed”
(Mainly) Single-source Multi-screen/tasking
Deepens Short attention span
Observes Participates & Shares
Descriptive Comprehensive
The Greek consumer…
TECH-IGNORANTS TECH-SAVVIES
The new values & practices(of the digital era)
Transparency
Multifacetedcommunication
Speed
REVENUE decrease
COSTS increase
Practical Difficulties Emotional Insecurity
«we do not have any money to spend»
Low/very limited
purchasing power
«we do not want to spend»
Low / very limited
purchasing power
The financial crisis brings new standards of living
Stress | fear
FOR THE FUTURE
Reduction of income (stated)
30
33
20
8
36
Over 50% 30%-49% 20%-29%
10%-19% I do not know No reduction
Base: 18-70, Total Greece, survey Lifestyles, June 2013
63% of Greek people
report that their monthly income has
been reduced
over 30% In relation to 2009
The cuts
7
6
19
17
19
3
12
6
67
65
51
54
50
58
26
23
20
22
25
23
23
22
29
53
19
22
4
4
6
7
9
9
20
46
52Cut down COMPLETELY Limited QUITE A LOT
Limited a LITTLE Did not limit AT ALL
Apparel/footwear
Daily small purchases
Home maintenance
expensesEntertainment
Transportation
costs
Travel/ vacation
Food products
Insurance products
Base: 18-70, who make relevant costs, Total Greece, survey Lifestyles, June 2013
Education
Before the crisis During the crisis
Impulsive Restrained
Motivated by
desire
Motivated by
need
Pleasure-shopping Smart-shopping
A spender A picker
Relaxed Stressed & demanding
Socially indifferent Socially sensitive
The Greek consumer…
Any investment should «prove» its value
«VFM» is replaced by «this much I can»
Need forpositivity• sharing • balance
antidote to insecurity!
The new values & practices(in the time of crisis)
The possession of insurance products(penetration, by statement)
Base: 18-70 years, Nationwide (6.119.000) Survey “LIFESTYLE”, June 2013
Though we live in uncertain times
Only 56% of Greek people (18+) report having
at least 1 insurance product
(estimate 3.450.000 people)
52
7
5
4
2
Car/bikeinsurance
Healthinsurance
Home insurance
Life insurance
Pension
And indeed, the possession concerns mainly «compulsory» insurance
Base:18-70 years, Nationwide (6.119.000) Survey “LIFESTYLE”, June2013
54% drives regularly
Just 10% reports possessions of packages other than car/bike insurance
The market today:
Car
PackagesEstablishment
Character
Commodity
Other
Packages«Niche»
Character
Luxury
Regardless the package, remains a service that “you do not look forward" to use!
4964
5136
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Women
Men
The insured: Who they are…%
15 8
2323
20 24
18 21
24 23
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
55-70
45-54
35-44
25-34
18-24
45 46
13 14
43 40
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Periphery
Thessaloniki
Attica
16 20
3438
49 42
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
D,E
C1,C2
A,B
Base: 18-70 years, Nationwide, Holders of Insurance Productsι (3.437.000) Source: Survey “LIFESTYLE”, January-June 2013
Determination of typologies
Cluster analysis based on
type of insurance product they
own,
relation to technology, purchases
expenses 3 typologies of insured people
result
Base: 18-70 years, Nationwide, Holder of Insurance Products (3.437.000)
Base: Survey “LIFESTYLE”, January-June2013
The typologies of insured today (56% of Greek 18+)
40
32
28
%
Base: 18-70 years, Nationwide, Holders of Insurance products (3.437.000), Survey “LIFESTYLE”, January- June2013
The«conscien
tious»The «by
necessity»
The
«potential»
* % of the population 18-70 Nationwide : Conscientious 15%, By necessity 23%, Potential 18%
The «potential» (32%)Boys and girls, students and young professionals middle-upper class in the major urban centers
The «conscientious» (28%)Men and women, 25-54 years, higher +education, high level employees in public and private sectors, in Attica
The «by necessity» (40%)Equally men and women, above 45+ years,
Middle and lower education, mainly
pensioners, at the periphery
The typologies
The typologies: types of packages
Car
(Bike)(52%)*
Health(7%)*
Home(5%)*
Life(4%)*
Pension(2%)*
90,4 20,3 10,3 11,0 6,0
94,6 7,6 9,4 3,8 2,5
93,5 10,8 8,5 7,1 3,1
28%
40%
32%Base: 18-70 years, Nationwide, Holders of insurance products (3.437.000)* % of the population 18-70 Nationwide
77
85
76
The typologies:in relation to Media
Base: 18-70 years, Nationwide, Holders of Insurance Products (3.437.000)* % of the population 18-70 Nationwide
28%
40%
32%
TV(average day)
Radio(average day)
Magazines(mean issue)
Newspaper
(mean issue)
Internet(yesterday)
59
45
67
83
29
83
50
45
63
72
60
79
The typologies: relation to technologySocial
NetworingOnline
PurchasesSmartpho
neMobile
App
Base: 18-70 years, Nationwide, Holders of Insurances products(3.437.000)* % of the population 18-70 Nationwide
28%
40%
32% 71
19
58
24
9
48
51
6
49
29
2
32
The future of the market:
Dynamic margins of growth
Multilevelcommunication: digital media, but not only!
Transparency!
Motivation by necessity
«Proven» Value
anna@focus.gr
#FocusBari
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