Characteristics and needs of 1. life insurance consumers

Life insurance is a kind of insurance with human life as the subject of insurance, mainly including life insurance, annuity insurance, health insurance, accident insurance, etc. Its main function is to provide consumers with risk protection, wealth management, pension planning and other services. Life insurance consumers are individuals or families who buy or own life insurance products, and their characteristics and needs are important factors affecting the development of the life insurance industry.

According to data from Champ Consulting, the main characteristics of Chinese life insurance consumers are as follows:

Age structure: the age distribution of life insurance consumers shows the characteristics of "light at both ends and heavy in the middle", that is, the proportion of consumers aged 20-40 and over 60 is relatively low, while the proportion of consumers aged 40-60 is relatively high. This is related to the protection and savings function of life insurance. On the one hand, the risk awareness and insurance demand of young consumers are relatively low. On the other hand, the difficulty and cost of insurance for elderly consumers are relatively high. Therefore, middle-aged consumers have become the main consumer group of life insurance. They often face the dual pressure of family and work, and need to plan and protect the future of themselves and their families.

Income level: the income level of life insurance consumers shows a "middle and high-end" tendency, that is, the proportion of consumers in the middle and high-income groups is relatively high, while the proportion of consumers in the low-income group is relatively low. This is related to the price and value of life insurance. On the one hand, the premium of life insurance is relatively high, which requires consumers to have a certain ability to pay. On the other hand, the value of life insurance is relatively long-term, which requires consumers to have certain financial awareness and planning ability. As a result, middle-and high-income groups are more likely to recognize the importance and necessity of life insurance and are more willing to invest in insurance for the future of themselves and their families.

Education level: the education level of life insurance consumers shows a tendency of "high education", that is, the proportion of consumers with higher education level is relatively high, while the proportion of consumers with low education level is relatively low. This is related to the complexity and professionalism of life insurance. On the one hand, life insurance products and services involve various knowledge and skills, which require consumers to have a certain ability to learn and understand. On the other hand, the purchase and use of life insurance The process involves multiple links and roles, and consumers need to have certain communication and coordination skills. Therefore, consumers with higher education level are more likely to master and apply the relevant knowledge and skills of life insurance, and can make more effective use of life insurance products and services.

According to a survey conducted by Champ Consulting, the main needs of Chinese life insurance consumers are as follows:

Risk protection needs: Risk protection is the core function of life insurance and the basic needs of consumers. Risk protection needs mainly include life protection, health protection, accident protection, etc., the purpose of which is to provide consumers with economic compensation in the event of unfortunate events, reduce their economic burden and maintain their living standards. The intensity and content of risk protection needs are affected by consumers' age, income, family, occupation and other factors. Different consumers have different risk protection needs. Therefore, life insurance products should have diversity and flexibility to meet consumers' personalized and differentiated risk protection needs.

Wealth management needs: Wealth management is an important function of life insurance and an advanced demand for consumers. Wealth management needs mainly include wealth accumulation, wealth inheritance, wealth preservation, etc. Its purpose is to provide consumers with wealth planning and optimization in different life cycles, realize the appreciation and inheritance of their wealth, and improve the safety and efficiency of their wealth. The intensity and content of wealth management needs are affected by consumers' wealth level, wealth goals, wealth risks and other factors. Different consumers have different wealth management needs. Therefore, life insurance products should be professional and innovative to meet Consumers' high-end and diversified wealth management needs.

Pension planning needs: pension planning is an extended function of life insurance, but also the advanced needs of consumers. The needs of old-age planning mainly include pension, old-age service, old-age security and so on. Its purpose is to provide consumers with life security and quality of life after retirement, realize their peace of mind and comfort in the old-age care, and improve their sense of happiness and dignity in the old-age care. The intensity and content of pension planning needs are affected by consumers' pension concepts, pension methods, and pension expectations. Different consumers have different pension planning needs. Therefore, life insurance products should be forward-looking and adaptable to meet Consumers' personalized and diversified pension planning needs.

Segmentation and preferences of 2. life insurance consumers

Life insurance consumers are a very large and complex group, their characteristics and needs are different, can not be generalized. In order to better understand and meet the needs of life insurance consumers, we need to segment and analyze them, find out their commonalities and differences, as well as their preferences and behaviors. Champ Consulting classifies life insurance consumers into the following four types based on their risk attitudes, wealth goals, and retirement expectations:

Conservative: Conservative consumers are those who are very risk-sensitive and averse, their main need is risk protection, their wealth goal is to protect their capital, their pension expectations are basic life. Conservative consumers usually tend to buy traditional life and annuity insurance, they have a higher understanding and trust in insurance, but less innovation and change in insurance, they pay more attention to the safety and stability of insurance, and less care about the profitability and flexibility of insurance.

Steady: Steady consumers are those who have a certain tolerance and tolerance for risk, their main needs are risk protection and wealth management, their wealth goal is to preserve capital and increase in value, their pension expectations are comfortable life. Steady consumers usually tend to buy comprehensive life insurance and health insurance. They have a high understanding and trust of insurance, and they also have a high degree of innovation and change in insurance. While paying attention to the safety and stability of insurance, they are also concerned about the profitability and flexibility of insurance.

Acursive: Acursive consumers are those who have a high tolerance and pursuit of risk, their main needs are wealth management and pension planning, their wealth goal is value-added inheritance, their pension expectations are quality life. Atrusive consumers usually tend to buy innovative life insurance and investment insurance. They have low understanding and trust in insurance, but they have higher innovation and change in insurance. They pay more attention to the profitability and flexibility of insurance, and they are less concerned about the safety and stability of insurance.

Diversified: Diversified consumers are those who have diversified attitudes and needs towards risk, their main needs are risk protection, wealth management and retirement planning, their wealth goals are diversified, and their retirement expectations are personalized. Diversified consumers usually tend to buy multiple types of life insurance. They have a high understanding and trust of insurance, and they also have a high degree of innovation and change in insurance. While paying attention to the safety and stability of insurance, they are also concerned about The profitability and flexibility of insurance, they are more willing to choose insurance products and services that suit them according to their own circumstances and goals.

Market Opportunities and Strategic Recommendations for the 3. Life Insurance Industry

Based on the segmentation and preferences of life insurance consumers, we can identify a variety of market opportunities and strategic recommendations for the life insurance industry, as follows:

For conservative consumers, the market opportunity of life insurance industry is to improve the quality and service of traditional products, enhance the trust and loyalty of consumers. The strategic suggestion is to optimize the design and pricing of products, improve the cost performance and security level of products, improve the efficiency and quality of services, and increase the contact points and channels of services.

For stable consumers, the market opportunity of life insurance industry is to expand the types and functions of comprehensive products to meet the diversified needs of consumers. The strategic suggestion is to innovate the structure and combination of products, improve the profitability and flexibility of products, create service systems and platforms, and provide service consultation and planning.

For enterprising consumers, the market opportunity of life insurance industry is to develop the market and potential of innovative products, attract the attention and interest of consumers. The strategic suggestion is to introduce product differentiation and personalization, improve the competitiveness and attractiveness of products, build the ecology and community of services, and increase the interaction and participation of services.

For diversified consumers, the market opportunity of the life insurance industry is to realize the integration and coordination of multiple products and create a comprehensive solution for consumers. The strategic suggestion is to integrate the resources and advantages of products, improve the coordination and comprehensiveness of products, customize service solutions and paths, and enhance the personalization and specialization of services.