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