The results of the quantitative research will be analysed
first, followed by the qualitative interviews.
Quantitative Survey Research Findings
A total of 110 valid responses (N=110) were obtained online
from Singaporeans and Permanent Residents domiciled in Singapore. Gender
distribution was fairly even with 60 male respondents (55%) and 50 female
respondents (45%). Age band distribution was skewed with 76% of respondents in
the age range of 31 to 50. This is ideal as most purchasers of insurance are
likely to be in this category; in their most productive working years, and tend
to be more family-oriented.
The majority of respondents are married or married with
children (78%). Most respondents (72%) have at least a degree qualification or
higher and 99% of all respondents own at least 1 type of insurance policy that
was purchased through an insurance agent. Only 10 respondents (9%) do not have
a trusted insurance agent serving them. Overall, the respondents are well
placed and qualified to discuss personal insurance topics and validate the
survey outcome. The next section will examine each hypothesis based on the
results.
There is a high correlation between current policyholders
and their views towards future purchase mode. The majority of respondents
(>90%) purchase whole life, endowment and investment-linked plans through an
agent; less than 20 indicated they prefer to buy from an online source. Over 50%
will not buy a whole life, endowment or investment-linked plan online while
about 26% will do so only if there is a large (40-50%) discount offered.
Agent’s advice and the plan features top the chart with over 70% of respondents
ranking it important or higher when they buy a whole life, endowment,
investment-linked or term even. However, for hospitalisation plans, the top 2
parameters during purchase are Plan Affordability and Features. This could be
due to the fact that Singapore has a national ‘universal’ hospitalisation plan,
Medishield Life (CPF Board, 2015). Overall, the agent’s advice and
recommendation are crucial for ‘complex’ policies that require deeper analysis
thus the Hypothesis H2: The agent is preferred especially for complex products
that require financial needs analysis, is confirmed.
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