Results, Analysis and Findings

admin    3/16/2020    Hi-Tech , Hi-Touch , Insurance , Interview Findings    Comment   

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.

 

Quantitative Survey Research Findings

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.