ase describe the process of sales?What are the various customer touch points for an insurance company?What are the various life events that have an impact on the insurance needs of consumers?How do these life events impact the insurance requirements of consumers? 15.4 The ResultsThe results of the study are presented here. These findings would serve as a guide to the personalization effort – they would help to decide the type of content that is to be offered to the customers.15.5 What affects consumer preferences? The following customer attributes affect the consumer’s preferences for insurance:AgeIncomeMarital statusHealth statusProfessionEducational backgroundNumber of childrenRisk orientationConsumer preferences are also affected by the occurrence of the following life events:MarriageBirth of a childA Death in the FamilyBuying a new house15.6 The Details: Effect of Customer AttributesEffect of Age: The consumer preferences changes with age in the following manner:-18 to 30 years of age: primary motivation for buying insurance is tax saving. Hence most people invest in shorter-term endowment schemes at this point where the tax saving is maximized. This segment is highly return oriented hence the investment component is more attractive for the than the protection component. Short-term money back policies and the unit-linked schemes are also therefore popular with this group. -30 to 40 years of age: children's money back policies are most popular with this age group. This is so because children's security and providing for their education is uppermost on the minds of the young parents. This is also the time when most people realize the benefits of life insurance, and hence protection related products are in greater demand.-40 to 50 years of age: the people of this age group are concerned about life after retirement. Hence retirement plans are in demand from this segment of buyers.Effect of income: Buyers with ...
