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The Demand for Life/Disability Insurance by the US Romanian, Russian and Polish Markets Product Image

The Demand for Life/Disability Insurance by the US Romanian, Russian and Polish Markets

  • ID: 107
  • June 2002
  • Region: Poland, Romania, Russia, United States
  • 15 Pages
  • Global Advertising Strategies

The survey revealed a great interest in Life/Disability Insurance by all three groups, but exposed a lack of information about those types of insurance in all three markets. On average, only 20% think there is enough information about Life/Disability policies in their market, and the absolute majority of respondents from all three groups claimed that they prefer to receive such information in their native language. When asked to list the Life Insurance providers known to them, over 25% of respondents in both Romanian and Russian groups did not name any (refer to graphs 1-3 below).

All three cultural groups see benefits in obtaining both Life and Disability plans, however, on average, only 55 % from each group possess such insurance. The majority of the remaining 45% would like to have such insurance either now or in the future, but do not have enough information to make an informed decision. Even those who already have plans do not have a full understanding of the terms, benefits and possible disadvantages of their plans. In some cases they don't even know the name of the Provider or the definition of 'Term' and 'Life'. However, once the difference between 'Term' and 'Life' coverage is explained by the author's interviewers, many of the respondents expressed the desire to reconsider their plans, and to perhaps change the provider. The collected data also identified the most efficient means of information delivery for each group, which vary dramatically due to cultural differences.

INTRODUCTION
METHOD
RESULTS

US POLISH MARKET
Percentage of Subjects possessing Life/Disability insurance
Importance of possessing Life/Disability insurance
Availability of Life/Disability insurance from employer
Comparison of sufficiency of the information about Life/Disability insurance and importance of in-language information on the market
Comparison of efficiency of various means of information delivery as indicated by subjects
Brand awareness of Life/Disability insurance providers
The optimal age for obtaining Life/Disability insurance

US RUSSIAN MARKET
Percentage of Subjects possessing Life/Disability insurance
Importance of possessing Life/Disability insurance
Availability of Life/Disability insurance from employer
Comparison of sufficiency of the information about Life/Disability insurance and importance of in-language information on the market
Comparison of efficiency of various means of information delivery as indicated by subjects
Brand awareness of Life/Disability insurance providers
The optimal age for obtaining Life/Disability insurance

US ROMANIAN MARKET
Percentage of Subjects possessing Life/Disability insurance
Importance of possessing Life/Disability insurance
Availability of Life/Disability insurance from employer
Comparison of sufficiency of the information about Life/Disability insurance and importance of in-language information on the market
Comparison of efficiency of various means of information delivery as indicated by subjects
Brand awareness of Life/Disability insurance providers
The optimal age for obtaining Life/Disability insurance

Apendix 1. Sample questionaire

The survey reveals the levels of brand awareness of the insurance providers among the Polish, Russian, Romanian communities residing in the USA, availability of information about Life/Disability insurance coverage on the markets, and the most efficient means of information delivery pertinent to each community, etc.

The study is based on the primary data collected from a representative sample of each community using the author's proprietory methodology and design. The survey is aimed at aiding marketers in choosing the right strategy for targeted ethnic campaigns.

Note: Product cover images may vary from those shown

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