Targeting the Over-50s With General Insurance Market Overview, Opportunities, in-Depth Analysis Overview, Growth Impact and Demand Forecast to 2023

The UK’s over-50s population is growing, which means that the customer segment is a growing opportunity for insurance providers. Those over 50 are often treated and targeted as one segment. However, the over-50s market is highly diverse and should not be treated singularly. Individuals’ lifestyles differ due to a number of factors such as whether they are retired, whether they still have dependent children living at home, their health, and their financial freedom. Acknowledging this should encourage a move away from targeting a homogenous “over 50s” segment towards focusing on the different life stages associated with growing older. This is important because differences in lifestyle mean that the insurance needs of individuals also differ. Insurance providers must acknowledge and use this to develop their products and services to make them more relevant to consumers.

Top Companies Studied In This Research are:
AXA, Admiral, Age UK, Ageas, Animal Friends, Aviva, Barclays, Churchill, Co-op Insurance, Direct Line, Halifax, Hastings Direct, Healthy Pets, Insure and Go, Legal and General, Lloyds Bank, Nationwide, Pet Protect, Petplan, Pets at Home, RIAS, Saga, Staysure, Tesco Bank, The Post Office Money

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This report explores the over-50s demographic and segments the age group into five distinct life stages, from those with dependent children in education, to those over 70 who are declining in health. The insurance needs, values, purchasing preferences, and behavior of each life stage are highlighted and discussed based on these findings, along with the opportunities each life stage provides insurers and how best to target them. It discusses the main competitors within the over-50s segment and analyzes their approach to targeting customers.
Over 50 are usually treated as a single segment and are targeted. However, markets beyond the 50s are very diverse and should not be treated individually. Personal lifestyle depends on many factors, including retirement, whether or not you still have dependent children, health status, and financial freedom. Age is just a relative. Recognizing this, you can target only one "over 50" segment to focus on the different lifestyles associated with older people's growth.

This is important because the difference in lifestyle means that the individual's insurance needs are different. For example, the need for travel insurance is much greater for early retirement funding, time-consuming, and individuals with no children or parents to support. This is different from the ability to travel because it relies on social welfare because of the medical conditions that limit your mobility, unlike individuals over 70 years of age.

This realization means that insurance providers and the general financial services industry must recognize and use them to develop more relevant products and services to consumers. It should also apply to product marketing. Fifties do not consider themselves old, so they will generally not be attracted to products classified as "over 50". If a provider wants to sell to these individuals, product targeting must move from age to lifestyle.

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In Research N Reports “Insurance for Over 50 Persons" report, over 50-year-old demographics were categorized into five different lifestyles. This applies to children over age 70 who are still deprived of their health and depend on education. This report explores the opportunities that each life stage offers insurers and how they explore their best goals.
The Targeting the Over-50s With General Insurance Market Report mainly covers following Content.
Chapter 1 Targeting the Over-50s With General Insurance Market Overview
Chapter 2 Global Economic Impact
Chapter 3 Competition by Manufacturer
Chapter 4 Production, Revenue (Value) by Region
Chapter 5 Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Production, Revenue (Value), Price Trend by Type
Chapter 7 Analysis by Application
Chapter 8 Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
Chapter 12 Market Forecast
Continued…

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