What Consumers Want: General Insurance and Life Insurance in Australia 2010

Introduction

This slide deck provides direct answers to the important questions regarding consumer behaviour towards Financial Services products. This series of reports provides country specific data, set against a global backdrop, to ensure the reader knows What Consumers Want in their area of Financial Services.

Scope

* The brief highlights the key findings of Datamonitor's FS Consumer Insight survey for the general insurance and life insurance markets in Australia
* Answers to key questions are provided such as product penetration, channel of choice, reasons for product & provider choice and important attributes
* The slide deck also presents data across income and age groups to strengthen and deepen insight; ensuring analysis is relevant to every sector

Highlights

Younger consumers are more driven by price when purchasing a general insurance product while older consumers show more motivation to go with an existing relationship with their provider.

Life insurance holding is well below the global average in Australia, with only 27% of consumers holding a life product, compared with 44% globally.

The youngest consumers rate 'stress-free' and 'simple' highest as important attributes. Concern for an ethical provider also increases with age.

Reasons to Purchase

* This slide pack provides data essential for FS providers wishing to better understand the needs and demands of their customers
* Uncover white space opportunities across geographies, product sectors, channels and technologies
* Better understand the "size of the prize" dictated by consumer choice and verify or challenge internal assumptions via an independent source

Report Highlights
Younger consumers are more driven by price when purchasing a general insurance product while older consumers show more motivation to go with an existing relationship with their provider.

Life insurance holding is well below the global average in Australia, with only 27% of consumers holding a life product, compared with 44% globally.

The youngest consumers rate 'stress-free' and 'simple' highest as important attributes. Concern for an ethical provider also increases with age.
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Table of Contents

What do these data provide?
Total general insurance market analysis
Total general insurance product holding – total market
Total general insurance product holding – by income
Total general insurance product holding – by age
General insurance sales channel analysis – by opening
Channel of opening: home insurance – total market
Channel of opening: home insurance – by income
Channel of opening: home insurance – by age
Channel of opening: contents insurance – total market
Channel of opening: contents insurance – by income
Channel of opening: contents insurance – by age
Channel of opening: car insurance – total market
Channel of opening: car insurance – by income
Channel of opening: car insurance – by age
Channel of opening: health insurance – total market
Channel of opening: health insurance – by income
Channel of opening: health insurance – by age
Channel of opening: pet insurance – total market
Channel of opening: pet insurance – by income
Channel of opening: pet insurance – by age
Channel of opening: travel insurance – total market
Channel of opening: travel insurance – by income
Channel of opening: travel insurance – by age
General insurance – motivation for account choice analysis
Motivation: home insurance – total market
Motivation: home insurance – by income
Motivation: home insurance – by age
Motivation: contents insurance – total market
Motivation: contents insurance – by income
Motivation: contents insurance – by age
Motivation: car insurance – total market
Motivation: car insurance – by income
Motivation: car insurance – by age
Motivation: health insurance – total market
Motivation: health insurance – by income
Motivation: health insurance – by age
Motivation: pet insurance – total market
Motivation: pet insurance – by income
Motivation: pet insurance – by age
Motivation: travel insurance – total market
Motivation: travel insurance – by income
Motivation: travel insurance – by age
Important attributes for a general insurance provider analysis
Important attributes for a general insurance provider – total market
Important attributes for a general insurance provider – by income
Important attributes for a general insurance provider – by age
Total life insurance market analysis
Total life insurance product holding – total market
Total life insurance product holding – by income
Total life insurance product holding – by age
Life insurance sales channel analysis
Channel of opening: term life insurance – total market
Channel of opening: term life insurance – by income
Channel of opening: term life insurance – by age
Channel of opening: critical illness insurance – total market
Channel of opening: critical illness insurance – by income
Channel of opening: critical illness insurance – by age
Channel of opening: income protection – total market
Channel of opening: income protection – by income
Channel of opening: income protection – by age
Channel of opening: whole of life assurance – total market
Channel of opening: whole of life assurance – by income
Channel of opening: whole of life assurance – by age
Channel of opening: long-term care insurance – total market
Channel of opening: long-term care insurance – by income
Channel of opening: long-term care insurance – by age
Channel of opening: other life insurance – total market
Channel of opening: other life insurance – by income
Channel of opening: other life insurance – by age
Life insurance – motivation for product choice analysis
Motivation: term life insurance – total market
Motivation: term life insurance – by income
Motivation: term life insurance – by age
Motivation: critical illness insurance – total market
Motivation: critical illness insurance – by income
Motivation: critical illness insurance – by age
Motivation: income protection insurance – total market
Motivation: income protection insurance – by income
Motivation: income protection insurance – by age
Motivation: whole of life assurance – total market
Motivation: whole of life assurance – by income
Motivation: whole of life assurance – by age
Motivation: long-term care insurance – total market
Motivation: long-term care insurance – by income
Motivation: long-term care insurance – by age
Motivation: other life insurance – total market
Motivation: other life insurance – by age
Motivation: other life insurance – by income

Important attributes for a life insurance provider analysis
Important attributes for a life insurance provider – total market
Important attributes for a life insurance provider – by income
Important attributes for a life insurance provider – by age

Appendix

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