« Protecting oneself to achieve future plans thanks to insurance », BNP Paribas Cardif presents results of its survey
11.10.2019 | Group
BNP Paribas Cardif has released the results of a survey conducted with Ipsos of 26,000 people in 26 countries on 3 continents* (Europe, Latin America and Asia) designed to assess the need for personal insurance coverage, and analyze changes in behaviours as well as peoples’ expectations towards insurance.
In 2019, people are mainly concerned with financial and social issues
The concerns expressed by people surveyed in different countries are mainly linked to financial and social issues: pension financing (only 39% of respondents feel their situation is comfortable), social protection (43%), care for the elderly (46%),...
The French are especially pessimistic compared with the European average in their assessment of the general economic situation (34% positive assessment compared with 53% in Europe), growth in purchasing power (23% vs. 46% in Europe), and pension financing (31% vs. 37% in Europe).
Multiple aspirations and plans for 2025
Nearly 75% of respondents globally say they are confident in their personal future. However, there are significant differences between certain regions.
Respondents are nevertheless concerned regarding life events: financial risks (financial loss or loss of income were cited by 72%), take precedence over physical risks (serious illness: 70%). This is a new development compared with the 2008 results, in which financial risk did not figure among the top three concerns.
Insurance for protection and to look to the future with confidenceIn this context, insurance is completely aligned with respondents’ expectations. To start with, insurance lets people protect themselves against unforeseen life events. Even though more than 60% of respondents feel well protected, nearly 67% plan to subscribe insurance to protect against life events (financial loss, death, accidents, disability, illness, family event, theft, assault, etc.).
Insurance will therefore play a pivotal role in the years ahead since it figures at the heart of major plans made by individuals and the means they intend to use to realize their projects. The feeling of security provided by insurance is therefore an important lever that allows people to take action and look to the future with confidence.
The feeling of security provided by insurance is an important lever that allows people to take action and look to the future with confidence.
Creditor insurance and loans to secure and facilitate personal plans
Credit is used to fund major projects: 51% of respondents have taken out a loan for a property acquisition and 72% expect to either take out a loan (or second loan) to purchase property, a car (56%) or to create a business (55%).
However, a loan can be a source of concerns: 69% of respondents believe that a serious illness could lead to an inability to repay a mortgage. 67% cite inability to work, disability and accidents, while job loss and death are cited by 66% and 64% of respondents, respectively.
Insurers are recognized as legitimate partners to support projects, but face numerous challenges
- Maintain human contact: The study shows that the insurance advisor is the contact of choice for 58% of respondents seeking information. What’s more, 72% of those surveyed say they would prefer a physical sales location to subscribe insurance.
- Strengthen recognition of distribution partners as insurance providers: 30% of respondents cite banks as the primary source for subscribing insurance products (ranked second, behind insurance companies), while 26% go to their bank when they want information (ranked 5th).
- Reconcile individual and collective benefits: insurers must find the right balance between the individual benefits of insurance and the collective benefits of insurance.
- Support policyholders: Beyond claims processing (disability, immobilization, death, etc.), insurers must be able to offer additional services to policyholders to support them at all important stages of their lives.
“Alongside our 500 partners in 35 countries, we are continually striving to improve our insurance offers around the world. To better meet the expectations of our clients we want to better understand and analyze their behaviour, as well as the ways they purchase insurance. By enriching our protection insurance and savings offers as well as our services and by making insurance accessible to the largest possible number of people, BNP Paribas Cardif is meeting the challenges identified by this study. We have pursued this approach for many years and we will continue to drive progress in the future,” stated Renaud Dumora, Chief Executive Officer of BNP Paribas Cardif.
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*Methodology: The survey was conducted from April 3-29 2019. A representative sample of individuals age 18 or older responsible for decisions in the household concerning financial products and services (banking and insurance). Age limits differed by country: 65 in Europe (except Turkey : 50), 59 in Latin America (except Peru: 55), 55 in Asia (except China: 50). 26,000 interviews conducted (1,000 interviews/country). Quotas applied to ensure representative sample in each country by age, gender and region. Specific quotas in Russia (questions in certain cities). Online survey of Ipsos panel. Device agnostic questionnaire lasting an average of 20 minutes (variable according to country: approx. 30 minutes in Latin America). Questionnaire could be completed online (via computer, tablet or smartphone), with direct dictation of answers to open questions and optional photo upload. Data processed against 3 criteria: gender, age and region. Results analyzed globally, by geographic region and then by country.