The Limra and Mckinsey study revealed that the main concerns are related to investments, savings, health and disability.
In the midst of the pension reform debate, a study by the consulting firms Limra and Mckinsey analyzed the behavior of consumers in Chile, with a particular focus on life insurance.
Among their findings, the importance attributed to investments and savings, having a comfortable retirement, having resources to pay medical expenses and being able to support themselves in case of being limited to work were highlighted.
The study “Pulse of the Chilean Life Insurance Consumer” identified the perceptions, attitudes and behavior of the population between 25 and 54 years of age. The results showed that “the elements that help shape a more controlled future are the ones that generate the most concerns in the Chilean population, especially at medium economic levels.”
More than half of the participants stated that they have financial products such as a credit card and checking account; insurance, the most common being life and medical or health services. Disability and rental insurance are those that show the lowest tenure percentages, according to the analysis.
Likewise, the data showed that women “are closer to having health and home insurance while men have more life and automobile insurance.”
The study concluded that the main reasons for purchasing insurance are associated with the protection of the family and the savings alternatives provided by these products.
People who do not have life insurance mentioned the need to cover other expenses, the price of the policies, and distrust of companies and their agents as limitations.
The junior partner of McKinsey Chile, Javier Valenzuela, added that among the clients who evaluated but did not contract insurance, the main reason was the lack of personalization in the offer, so there is a space for differentiation in this area and in omnichannel for the companies.