Life insurance for Gen Z

Generation Z

In the waning young population, life insurance companies are facing ever-fiercer environment of competition. We think that they need to take a marketing strategy to promote their insurance products to the current Generation Z population who are not yet reached at the ages of obtaining insurance. The report aims to be the base material for such a strategy.
To be specific, we have conducted a consumer survey on Gen Zs for their interests in life insurance and the degree of such interests and have analyzed the results.

I    Environment surrounding Life Insurance

1. Trend of Life Insurance Industry
2. External Environment regarding Life Insurance
   1) Two noteworthy points in external environment
   2) Accelerated trends of "From savings to investment"
   3) Financial education becoming mandatory

II    Online Questionnaire – Analytics

1. Hypothesis at the time of designing this questionnaire
   1) Regarding challenges and hypothesis settings in
   　 conducting questionnaire
   2) Challenge setting: Insurance companies need to
       acquire young clients
   3) Hypothesis setting: There are a wide gap between
       those in 20s and in 30s in purchasing of life insurance
       products
   4) Verification: Based on the hypothesis, questionnaire
       has been conducted to compare between those in 20s
       and 30s on the thought and the knowledge level of Gen
       Z
2. Analytic Results
   1) Verification results: Gen Z has low interests in life
       insurance, and even thinks that life insurance is
       unnecessary
   2) New suggestion: Focusing on five different types of
       people based on the purchase intentions
3. Questionnaire Outline
4. Sense of Value by Generation
   1) Money situations by generation
   2) Purchase intentions
   3) Method to collect information
5. Degree of Interests in Finance
6. Thought on Necessity of Life Insurance
7. Degree of Interests in Life Insurance
8. Intention to Collect Information on Life Insurance
9. Actions for Purchasing Life Insurance
   1) Where to consult when buying life insurance
   2) When will you consider buying life insurance
10. Shared experience in life insurance

III    Online Questionnaire - Data

1. Residence
2. Marriage status
3. Children
4. Final academic background
5. Own annual income
6. Family income
7. What to spend at your disposal
8. Intention of Purchase
9. Initial means of information collection at purchase
10. Opportunity to learn financial assets, assets formation, etc.
11. Experience of learning financial assets, assets formation, etc. by yourself
12. Degree of interests in financial products
13. Degree of understanding life insurance
14. Whether having bought a life insurance product
15. Necessity of life insurance
16. Opportunity of being taught about life insurance
17. Opportunity of learning/knowing life insurance
18. Image of life insurance
19. Method of collecting information on life insurance
20. Initial target to consult to on life insurance purchasing
21. Experience of accepting consultation on life insurance
22. Challenges when considering buying life insurance
23. Timing of considering buying life insurance products
24. Experience of sharing life insurance with others
25. Understanding of public social security