Identifying the consumer trends in the

Insurance space

Relevant Reliable Actionable

We bridge the gap

between

consumer &

the marketer’s

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ET Digital clocks 250M PVs

from over 15M UVs/Month

While the TIL Network

attracts 100M Uvs/Month.

How are the Urban consumers

dealing with personal finance

What are the relevant

segments of Indian online

consumersHow can the marketers reach

these segments across

various mediums

What is the level of

financial literacy among

Indian consumers

How profitable are these segments

for the BFSI marketers

What is ET RICS

How does this help the BFSI Sector?

How we do it

Questionnaire Design

Plan & frame

the survey

questions

Feedback

from the

SMEs

Inputs from

the Industry

Experts

Survey

Live

Planning & Executing the Research Study

Who are the respondents?

Some

sample users

fill the survey

Weight

Sample to

Universe*

ET loyalty

reward

program –

respondents

voluntarily

participate

Easy

interpretation

of data via

Dashboard

access

* Internet Universe Population

Research

the

subject /

topic

TIL reaches

out to

100Mn

users/ month

Our unique value proposition 6 steps methodology

Quality Focused, Trusted Source, Thought leadership

… we help you grow by

sharing that knowledge

with you

8

Apr Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

Healthcare and Health Insurance

RICS Project Timeline

2016 2017

Baseline

Fixed Income, Employee Benefits and Government

Schemes

Mutual Funds, ETFs, ULIPs

Stocks, Equity, Derivatives

Real Estate & Property

Retail Banking

Insurance and Risk Coverage

Pensions, Superannuation, and Retirement Planning

Gold, Commodities and Gold Schemes

Borrowing, Credit Cards and Loans

BFSI Services, Customer care and Digital Engagement

Already Published in April 2016

Next report in line to be published by end of June 2016

Ongoing survey – already captured responses from 2000 respondents

Survey is live in www.economictimes.com/surveys

Questionnaire design is in process

Questionnaire design is in process

9

ET RICSInsurance & Risk

Cover Survey

10

Awareness & Penetration Degree of awareness around various insurance plans

Reasons for purchase/ preference / ownership

Barriers & Influencers To understand the key triggers for purchase

Discovering trust levels associated with different channels

of insurance sales

Role of Internet

Post-purchase Behaviour Insights on returns, surrenders, free look period etc.

Scope of the Survey

The broad study of the insurance & risk cover survey includes the following

Choice of channel while purchasing Insurance

11

Sample Size, Demographics - key highlight

Over 6,000 urban netizens shared

their experiences in the insurance

survey

Covering all 4 zones with

diverse consumer profile

Responses from all adult age groups

defined in four buckets 18 to 25 yrs,

26 to 35 yrs, 36 to 45 yrs and 45+

The survey covers respondents

in Townclass 1 to 4

Insights derived from 10,880analysis tables

85 questions were asked on

consumer awareness, perception,

consideration and purchase

12

What do you understand by Term Insurance?

What are the main reasons that you do not have insurance cover?

What are the top 3 sources of information that influence your purchase decision?

What are the top 3 deciding factors you consider while selecting insurance policy?

What type of websites you refer to for information before buying insurance?

Please share your experience on entire insurance purchase journey.

What sources of information do you trust most?

What are the future objectives for which you intend to buy insurance in near future?

Sample - key Questions

13

Actionable Insights

Market your

strengths

3• Insurance

Coverage

enhancement

Key Opportunities

Boost performance on

opportunity drivers

needing improvement

2• Awareness

• Online presence

Keep watchful eye

on risk drivers

of relative strength

4• Customer

satisfaction

• Online reviews on

comparison portals

Key Risks

Boost performance

on risk drivers of

weakness

1• Product

misunderstanding

14

15

Insurance Ownership

by Zone & Gender

16

Insurance - Portfolio

4

10

14

14

15

18

25

51

51

72

Travel insurance

Critical illness insurance

Endowment insurance

Property insurance

Investment-cum insurance -ULIP

Investment-cum insurance – Money Back

Term insurance

Medical/Health insurance

Vehicle insurance

Life insurance

While 72% of 156

million urban internet

population claimed

that they had insured

their life,

only 1/4th of urban

netizens have taken

term plan

17

Awareness of Insurance terms

49% 47% 29%

Endowment Plan Term Plan Annuity Plan

45%

ULIP

Only ½ of the urban

netizens are aware of the

term Endowment Plan

The awareness amongst

the urban netizens in West

and South is more

compared to base of All

India netizens

Seems like Annuity or

pension plan is the most

misunderstood insurance

plan - only 3 out of every

10 urban internet

consumers is aware of the

term

At one point of time, ULIP

was one of the most

famous insurance cum

investment plan, but at

present only 45% of the

urban internet population

are aware of the term

"ULIP (Unit Linked

Insurance plan)"

18

Are you covered well?Over 1/3rd of the consumers feel that they are not well covered for Life Insurance

9 8 913

8 10 10 7

95

99

12 9 10 9

1621

1611

14 1710 15

28 30 27 21 32 27

27

31

26 25 26 2725 25

3624

All India North South East West 10L+ 5 to 10L Lessthan 5L

Definitely/Adequately well-covered

Probably well-covered

May or may not be well-covered

Probably not well-covered

Definitely not well-covered

4 out of every 10 urban consumers from east definitely feel that they don't have adequate life

cover. A similar trend is seen in big metros.

Zones Town classALL

19

Coverage amount (Now vs. what it should be)

Consumers feel they are under covered – Insurance players may focus in EAST and SOUTH

where the gap is huge. These are potential regions to increase the coverage amount.

Actual average cover amount for life

insurance and what it should be is

highest in West

20

Source – Most Trusted vs. Least Trusted

-8

-11

-4

13

9

5

-9

8

-2

LEAST TRUSTED MOST TRUSTED

1. Financial advisors/Agents

2. Bank employee who also sell

insurance products

3. Insurance Company employee

1. Search/comparison websites

2. Friends, Relatives, peers

3. Chartered Accountant (CA)

1. Insurance

company

websites

1. Insurance

company mobile

app

1. Online

insurance

selling sites

21

Online Purchase of Insurance

32

27

Purchased online

Have searched online butpurchased offline

Neither searched nor purchasedany insurance policy online

Searched online and bought onmobile

Bought on mobile app

Only 1/3rd of the urban internet population had ever purchased any insurance policy ONLINE

Close to 60%

consumers already

have online platform

entwined in their

insurance purchase

process either directly

or indirectly

22

Figures in percentage

Drivers for online purchase Roadblocks for online purchase

Got the best price 71 Don’t trust online buying 48

Hassle-free 55Expect the service will be an

issue, if there is a problem36

Speed of Policy Issuance 48Can’t make out how much and

for long insurance is needed25

No danger of miss-selling 32 Process is more cumbersome 17

More coverage 31The transaction dropped mid-

way while attempting to buy11

How to get them to buy insurance online –

Drivers and Roadblocks

23

Focus on improving consumer’s

lives…will be the mantra for

success!!

ET Surveys

1. Customized Studies - RICS

a. Region wise / geography split report

b. Customized report for specific target groups / segments

c. Customized dashboards

d. Management top-line Report

2. Brand track study

3. Customer / Client satisfaction study

4. Market segmentation research

5. Brand Equity Surveys

THANK YOUSANJAY SINDHWANI

VP & BUSINESS HEADThe Economic Times (Digital)

www.economictimes.com/surveysEmail: surveysales@timesinternet.in