INVESTING FOR A BETTER LIFE
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1 FEATURED INSIGHTS DELIVERING CONSUMER CLARITY INVESTING FOR A BETTER LIFE A LIFE INSURANCE LANDSCAPE STUDY IN INDIA BY: SUBHASH CHANDRA, EXECUTIVE DIRECTOR, NIELSEN INTENTION TO INVEST IN LIFE INSURANCE DROPS BY THREE PERCENTAGE POINTS FROM 20% TO 17% LIFE INSURANCE PENETRATION IN INDIA UP BY 3% COMPARED TO 2010 INSTANCES OF WOMEN INVESTING IN LIFE INSURANCE UP BY 6% IN 2013 For a sector that majority of Indians entrust their savings with, life insurance is easily an important indicator of India s financial health. And true to this, the prevailing weak economic landscape has had an impact on the life insurance industry in India with overall intention to purchase polices taking a hit. But despite the weak rupee, inflation and general concern over key financial indicators, Nielsen s findings showed that life insurance penetration in India is up by three percent in 2013 to touch 66 percent. Copyright 2013 The Nielsen Company 1
2 The study LIFE 2013 by Nielsen analyses this rise as well as the key drivers, challenges and influencers of the ever-evolving life insurance sector in India. It also brings to the forefront key insights and opportunities for insurers in this happening market. Consumers today are looking to diversify their portfolio and there have been significant surges in fixed return investments and equity investments. While life insurance retains the highest penetration among financial products, the fixed return investments and equity investments categories showed more impressive growth in the 2013 figures. LIFE INSURANCE PENETRATION IN INDIA INCREASED FROM 63% IN 2010 TO 66% IN 2013 CURRENT FINANCIAL PRODUCT OWNERSHIP LIFE INSURANCE FIXED RETURN INVESTMENTS OTHER INVESTMENTS EQUITY INVESTMENTS HEALTH INSURANCE BASE(2013)-6742 BASE(2010) INVESTING FOR A BETTER LIFE
3 INTENTION TO INVEST IN LIFE INSURANCE The average Indian consumer is getting younger by the day and his wallet s getting fatter. More disposable income in the hands of the youth has directly impacted their policy purchase decisions. The age group of 22 to 30 showed a higher intent for purchase of life insurance products (18%) than the 31 to 40 age group (16%). However, barriers for this category included the long term nature of the investment, followed by the low rate of returns and the challenge of getting money back on maturity. INTENTION TO INVEST IN LIFE INSURANCE HIGHER INTENTION TO INVEST IN LI AMONG YOUNGER AGE GROUP YEARS YEARS YEARS A smaller ticket size and single premium options for insurance covers can prove to be useful instruments for tapping the young Indian market. This generation of prospective buyers is likely to appreciate policies that are flexible in terms of withdrawal and allow them to fulfill their short-term goals. Copyright 2013 The Nielsen Company 3
4 PREMIUMS UP, LIFE COVER DOWN The average SEC B and C Indian prioritizes security, is conservative and yearns for a better lifestyle. While life insurance covers the first two aspects, it also promises the third in the long run. Growing awareness and increasing salaries have resulted in a significant 1.8 times rise in the average annual premiums paid in 2013 as compared to However, the proportion of life cover in comparison to annual income has come down. LIFE COVER AS A PROPORTION OF ANNUAL INCOME WHILE ANNUAL PREMIUM PAID HAS INCREASED, LIFE COVER AS A PROPORTION OF INCOME HAS REDUCED BRIDGING THE GAP While people are paying more premiums than ever before, the right way to tap the SEC B and C market for insurers could be a more lucrative life cover. The Nielsen survey found that the low cover was a very important gap with half the respondents feeling that their life cover was not adequate. Going forward, this is likely to emerge as a great window for the emerging players. WOMEN AND INSURANCE There is a far higher awareness of financial products amongst women today, whether for investment purposes, or for securing their or their children s future and this leads to an active role in the financial decision-making process within the family. The incidence of women investing in insurance surged by six percent to touch 59 percent in Nearly half (49%) of the female respondents cited their children s future as the main reason for investing in life insurance and 44 percent indicated that life insurance was important in case of untimely death. This shows how important it is for marketers and advertisers of life insurance products to actively involve and engage women in their communication. LIFE INSURANCE PENETRATION - BY GENDER OVERALL WOMEN MEN INVESTING FOR A BETTER LIFE
5 REASONS FOR INVESTING IN LIFE INSURANCE MEN WOMEN To protect my family in case of my untimely death To get lump sum money at a future date for my child s future For old age security/retirement To save tax As an additional investment option Because it gives good returns Because it s a safe investment option For Disciplined saving Get dual benefits of Insurance & Investment To meet a life cover which was not covered by the previous policy RANK BASE(WOMEN)-919 BASE(MEN)-3923 When it came to awareness of financial products, women were found to be at par with men, but a significant percentage of the women were still dependent on their spouses when it came to policy purchase decisions. The study also found that the intention to purchase insurance was higher among women in the metros, which makes the metro working woman a category to look out for INFLUENCERS IN DECISION MAKING - WOMEN INFLUENCERS IN DECISION MAKING - MEN SELF SPOUSE AGENT OTHER FAMILY MEMBERS FRIENDS AND COLLEAGUES BASE(WOMEN-POLICY OWNERS)-919 Copyright 2013 The Nielsen Company 5
6 METROS NON METROS OWNERSHIP INTENTION BASE(WOMEN-METRO)-1303 BASE(WOMEN NON METROS)-330 LIFE S GOOD FOR PRIVATE PLAYERS A major transformation in the life insurance industry in India is the slow but steady decentralization of dominance. Although the Life Insurance Corporation of India (LIC) still dominates the life insurance market, private insurers are also getting a decent share of the pie. Compared to a paltry six percent in 2010, 16 percent of the respondents in the Nielsen study purchased their first policy from private insurers in FIRST POLICY PURCHASED FROM LIC PRIVATE 6 16 FIRST POLICY PURCHASED FROM OVERALL NEW ENTRANTS LIC Age=22-30 years Belong mainly to SEC A Average monthly income>50000 PRIVATE The majority of these buyers belong to the SEC A category, whose monthly earning is more than Rs 50,000, and the 22 to 30 age group, who are willing and capable of experimenting. For private insurers, this is an incredible opportunity to educate prospective buyers about their products. The internet has facilitated this communication with more people searching for information and researching financial products online than ever before. THE WAY FORWARD With new entrants and private players in the mix, the insurance landscape in India is expected to become more dynamic. In order to attract more women and the youth, the offerings by these players as well as the older ones will become more diversified and flexible. But since life insurance already has a strong penetration, the trick to stand out would be to align marketing strategies to involve these high potential consumer categories and make them feel involved in the insurance policy decisions of the household. 6 INVESTING FOR A BETTER LIFE
7 THE NIELSEN QUALITATIVE VIEW SARBANI SEN, ASSOCIATE DIRECTOR, NIELSEN INDIA Today, the consumer is not made aware of the benefits of having a life cover. Consumers are under insured in this category and we have seen that once he is aware of loss of life cover, the lapsation (intention to not continue paying premium) tends to fall drastically. This holds true for customers over 30 years old and married either with or without children. For those below 30 years, our studies have shown that short term objectives or milestones are more important and hence life cover is not a key driver to policy purchase. To increase penetration among the uninsured and underinsured, life insurers need to make a stronger case for the full range of benefits a policy could provide to meet many financial priorities beyond offering immediate monetary support for their families should something happen to the policyholder. Typically, an average consumer is unable to differentiate products & features between brands. In such a scenario, brand positioning on an emotional platform can become a potential differentiator Contrary to popular perception, women have always been natural savers. However, not many financial services brands have exclusively targeted this segment. Copyright 2013 The Nielsen Company 7
8 ABOUT THE AUTHOR SUBHASH CHANDRA, EXECUTIVE DIRECTOR, NIELSEN, INDIA Vikram Budhraja & Poorva Shinde contributed to this issue of Featured Insights ABOUT NIELSEN Nielsen Holdings N.V. (NYSE: NLSN) is a global information and measurement company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence and mobile measurement. Nielsen has a presence in approximately 100 countries, with headquarters in New York, USA and Diemen, the Netherlands. For more information, visit Copyright 2013 The Nielsen Company. All rights reserved. Nielsen and the Nielsen logo are trademarks or registered trademarks of CZT/ACN Trademarks, L.L.C. Other product and service names are trademarks or registered trademarks of their respective companies. 8 INVESTING FOR A BETTER LIFE
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