Market Research Report
Targeting the Over-50s with General Insurance
|Published by||GlobalData||Product code||444500|
|Published||Content info||76 Pages
|Targeting the Over-50s with General Insurance|
|Published: January 31, 2017||Content info: 76 Pages||
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.
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.