Demographic Profiles in Insurance – Thematic Research

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

The insurance industry has long had to adapt to changing demographic environments; in many instances, these are longer term trends allowing the industry time to gradually adapt. However, the continued and rapid development of technology, both in insurance and wider society, has created new nuances specific to demographic factors that were previously undetected. Providers must respond in order to ensure they are meeting the demands of a rapidly evolving and subtly different client base.

Changes in demographics will fundamentally shift the types of consumers that insurers need to target, as well as the types of products they need to provide. An aging population will put increased strain on state pensions and social services like public healthcare. A declining middle class due to median incomes not increasing as fast as other core goods and services means young people are buying a house, getting married, and starting families at later points in life. And a larger proportion of the population living in urban areas leads to increased health risk due to pollution, poor hygiene, and other urban lifestyle factors.

What are the market dynamics of demographics in insurance?

The critical success factor that can be there regarding demographic trends in insurance includes:

Hybrid approach to distribution

With many industries looking to serve consumers through entirely digital mediums, many feel the insurance industry should also adopt this approach. However, across all age groups and most regions, almost one in three consumers prefers to purchase policies face to face. In order to maximize the uptake and attract a wider demographic, insurers should adopt a hybrid approach to distribution unless they wish to become a more specialized provider. 

Regional opportunities

The uptake of insurance products varies considerably across regions. The Nordic market is one that has extremely high uptake when compared to others, limiting the opportunities for new business. However, the Middle East and Africa regions have comparatively lower uptake of insurance.

New partnership opportunities

The sale of mortgage products creates an opportunity for insurers to sell protection policies. Traditionally, this is an opportunity for partnerships with established financial services providers. However, the younger demographic are less inclined to use incumbents for mortgages, creating opportunities for new partnerships with non-traditional mortgage providers.

What are the key challenges faced by the insurance industry in catering to new customers?

The demographic changes that are occurring will ultimately alter the types of consumers that the insurance industry is looking to target. A few of the global hurdle that industry needs to overcome to cater to new customers.

An aging global population

The global population has undergone and is continuing to go through some unprecedented changes in its composition. These changes will have a direct impact on the economy as well as the insurance industry. As governments look to combat increased pressure on social care, the insurance industry may have an opportunity to pick up the slack.

Generation rent

Globally, property prices have continued to outpace the increase in consumers’ incomes, leaving many unable to meet the financial requirements in terms of deposits to get onto the property ladder. This has resulted in many individuals entering the rental market and as a result not engaging with the insurance industry on multiple fronts, as is typically the case when taking out a mortgage.

Declining middle class

The declining middle class is a wider impact of household incomes not increasing in line with other goods and services. The increasing pressure on day to day expenses has resulted in declining uptake of insurance in the lower income bands.

Increasing digital consumers

Consumers are becoming increasingly reliant on digital means to purchase and research goods and services in their day to day lives. The insurance industry needs to ensure that the purchasing journey can be undertaken seamlessly through digital platforms, or else they will be faced with consumers whose expectations they are unable to meet from the get-go.

Who are the key players in the demographic theme of insurance market?

Ping An Insurance, Swiss Re, Root Insurance, AON, Metromile, By Miles, and AXA are some of the key players within demographic theme of the insurance market. The largest insurers typically score well against the demographic theme, as many offer a variety of products designed and distributed to target specific demographics.

Demographic theme in insurance, by key players

Demographic theme in insurance, by key players

To know more about key players, download a free report sample

Market report scope

Key players Ping An Insurance, Swiss Re, Root Insurance, AON, Metromile, By Miles, and AXA

Scope

  • Renters are much less likely to hold some form of home insurance compared to mortgagors.
  • Private healthcare will become more popular as an aging population stretches public resources.
  • Stagnant middle-class incomes will reduce uptake of insurance policies.

Reasons to Buy

  • Identify changes to customer profiles over the next 30 years.
  • Be prepared for changing consumer needs when purchasing insurance.
  • Plan for the future to stay ahead of the competition.

By Miles
Lemonade
Discovery
Vitality

Table of Contents

Executive Summary

Macroeconomic Trends

Product Penetration & Purchasing Journey

Product Penetration & Purchasing Journey: Deep Dive

Thematic Scorecard

Appendix 1: Additional charts

Appendix 2: Our thematic research methodology

Frequently asked questions

Demographic Profiles in Insurance – Thematic Research thematic reports
Currency USD
$995

Can be used by individual purchaser only

$1,995

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Demographic Profiles in Insurance – Thematic Research was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image
testimonial-image

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Financial Services
New
France Life Insurance Market Size and Trends by Line of…
$3,999 | June 2024
Financial Services
New
Wealth Management Trends and Themes in 2024
$5,250 | May 2024
Financial Services
New
Peru Insurance Industry - Key Trends and Opportunities to 2028
$1,450 | May 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Demographic Profiles in Insurance – Thematic Research in real time.

  • Access a live Demographic Profiles in Insurance – Thematic Research dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.