A recent study by LIMRA and Swiss Re concluded that the so-called “disinterested” consumer in China represents an opportunity for the insurance industry.
As part of a larger effort that studied 12 Asian countries, this study, “The Chinese Insurance Consumer,” looked at 8 different personal insurance products such as, life, individual health, critical illness, etc. and the distribution channels consumers used for them.
Based on their responses, consumers were categorized into three groups: buyers of insurance, non-buyers and the disinterested — defined as those who had never researched or shopped for life insurance.
Particular attention was given to the disinterested to better understand their expectations and preferences. “Many in the industry wanted us to look at the disinterested to see if there were ways to reach them,” says Ian J. Watts, senior vice president and managing director, International Operations for LIMRA. “Our study revealed there is a large base of households with strong family ties that have a need for insurance and – given the right approach – would be ideal candidates for insurance.”