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What Consumers Want: General Insurance, Life Insurance and Pensions in South Korea
- Publication Date:March 2011
- Product Type: Brief
What Consumers Want: General Insurance, Life Insurance and Pensions in South Korea 2010
This slide deck provides direct answers to the important questions regarding consumers? behaviour towards Financial Services products. This series of reports provides country specific data, set against a global backdrop, to ensure the reader knows What Consumers Want in their area of Financial Services.
- The brief highlights the key findings of Datamonitor's FS Consumer Insight survey for the South Korean general and life insurance and pension markets
- Answers to key questions are provided such as product penetration, channel of choice, reasons for product & provider choice and important attributes.
Car insurance holding in South Korea stands at 45.1%, below the global average of 55.0%. On the other hand, 66.3% of consumers in South Korea have a health insurance product, well above the global average of 47.6%.
The price comparison channel is not widely used in South Korea for the purchase of life insurance, which is in line with the global response. However, 10.8% of consumers used it for buying long-term care insurance.
Holding of private pensions is particularly high in South Korea. A total of 70.9% of pension holders in South Korea have a private pension, much higher than the global average of 36.5%.
Reasons to purchase
- This slide pack provides data essential for FS providers wishing to better understand the needs and demands of their customers.
- Uncover white space opportunities across geographies, product sectors, channels and technologies.
- Better understand the "size of the prize" dictated by consumer choice and verify or challenge internal assumptions via an independent source.