According to Ernst & Young’s Global insurance survey 2012, life insurance buyers in India are well aware about their needs and proactively research their options before buying life and pension policies. In India about 74% people conduct detailed research before buying life and pension products, while in U.K. only 37% people conduct research, in U.S.A. 31% and China 44% people research before buying life insurance product.
While buying life insurance products people focus more on price competitiveness in their research rather than product features and performance.However, while buying general insurance product customer prefer brand of the service provider, customer service and convenience over price. However survey also said that price sensitivity varies by segments and type of product.
Survey also said that customers are increasingly using online mode for research and buying a product. 31% people use online channels for research; however, sales activity lags research with only 11% customers actually making the purchase.
Survey also said that despite high use of online channel, personal contact still remains the important in purchase of insurance products. While buying life and pension product 94% respondents said that personal interaction is an important part of buying process. The trend is slightly more marked in India than in China, and is much stronger than in U.K. and U.S.A.
Posted by Akanksha on May 14th, 2012
While buying life insurance products people focus more on price competitiveness in their research rather than product features and performance.However, while buying general insurance product customer prefer brand of the service provider, customer service and convenience over price. However survey also said that price sensitivity varies by segments and type of product.
Survey also said that customers are increasingly using online mode for research and buying a product. 31% people use online channels for research; however, sales activity lags research with only 11% customers actually making the purchase.
Survey also said that despite high use of online channel, personal contact still remains the important in purchase of insurance products. While buying life and pension product 94% respondents said that personal interaction is an important part of buying process. The trend is slightly more marked in India than in China, and is much stronger than in U.K. and U.S.A.
Posted by Akanksha on May 14th, 2012
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