Targeting the Over-50s with General Insurance

Summary
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 lifestages 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.

Request Sample Report Here: http://www.reportbazzar.com/request-sample/?pid=814686&ptitle=Targeting+the+Over-50s+with+General+Insurance&req=Sample

Key Findings
– 16.5% of over-50s have a child under 18 and are likely to have buying habits in line with the mass market. Meanwhile 28.9% of parents over 50 have an adult child still living at home and are more likely to need a multi-car policy and extra possessions cover.
– 57.0% of the over-50s UK population is economically inactive, which is driven by those aged over 65. These individuals are more likely to go on holiday and require travel insurance.
– 35.6% of the over-50s UK population has a disability. These customers need more support and may engage online if they are unable to leave home. They are ripe for an online community.

Synopsis
This report explores the over-50s demographic and segments the age group into five distinct lifestages, 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 lifestage are highlighted and discussed based on these findings, along with the opportunities each lifestage 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.

Browse Complete Report Summary With TOC: http://www.reportbazzar.com/product/targeting-the-over-50s-with-general-insurance/

Reasons To Buy
– To get a better understanding of the diversity of lifestyles of customers within the over-50s segment.
– To understand the differing values, behavior, and insurance needs of customers aged over 50.
– To improve customer engagement by recognizing what is most important to over-50s customers based on their lifestage and how insurers can adapt their products and services to meet their needs.
– Understand how the over-50s segment should be approach with regards to marketing and advertising.
– To discover the top providers within the over-50s market.

Table of Content

EXECUTIVE SUMMARY
1.1. Diversity within the over-50s segment needs to be acknowledged
1.2. Key findings
1.3. Critical success factors
2 THE OVER-50S SEGMENT IN THE UK
2.1. Introduction
2.2. The UK’s over-50s population is a growing opportunity for insurers
2.2.1. The over-50s form an increasing share of the UK adult population
2.2.2. The over-50s group will continue to grow towards 2025 but the age structure will change
2.2.3. Adults are living longer and in better health
2.2.4. The over-50s make up two thirds of the disabled population in the UK
2.2.5. The over-50s market is skewed towards women due to their longer life expectancy
2.2.6. Most over-50s are married, but there is a shift towards becoming widowed with age
2.2.7. One in five adults aged over 45 lives alone
2.2.8. The over-50s may still have dependents as a result of having children later in life
2.2.9. The majority of over-50s have adult children aged over 19
2.2.10. Almost 70% of UK household wealth is held by the over-50s
2.2.11. Most over-65s are economically inactive, whereas 50-64s are generally still in employment
2.2.12. Outright home ownership increases with age as mortgages are paid off over time
2.3. Lifestyles
2.3.1. The diversity within the over-50s market needs to be acknowledged
2.3.2. The lifestyle of an individual is a combined outcome of three factors
2.3.3. Sizing lifestage segments within the over-50s population
2.3.4. Societal changes mean that the age ranges with which lifestages are associated are shifting
3 INSURANCE NEEDS, VALUES, AND PURCHASING PREFERENCES
3.1. Individuals have different insurance needs based on their lifestyle
3.1.1. Over-50s with dependent children still in education are the most risk-averse
3.1.2. Although fewer individuals travel with age, those who do travel do so more frequently
3.1.3. The dominance of single-trip cover falls with increasing age
3.1.4. 78.2% of over-50s who rent out a second property in the UK have landlord insurance
3.1.5. Few over-50s identify as having a mass affluent or high net worth lifestyle
3.2. The purchasing preferences of individuals vary by age and lifestyle
3.2.1. Over-50s consumers move away from price comparison sites towards brokers with age
3.2.2. The preference to purchase online falls with age, while purchasing over the phone rises

Enquiry Before Buying: http://www.reportbazzar.com/discount-form/?pid=814686&ptitle=Targeting+the+Over-50s+with+General+Insurance&req=Discount

About Us:
Reportbazzar.com is your trusted source for the most inclusive and informative assortment of market research reports designed to empower you with the latest in industry information that translates to time and cost savings for your business. We not only help you give wing to your latent business ideas but also facilitate you in taking the best informed and strategic decisions that guarantee success in your most promising business endeavors.

ReportBazzar
Mary Jane
United States
30 Wall Street, 8th floor,
New York, NY 10005
US: +1 (212) 389-6363
India: +91 20 66528525
Email Id: sales@reportbazzar.com

This release was published on openPR.