In a rapidly evolving global life reinsurance industry, staying ahead of emerging trends is paramount to success. As individuals approach retirement, there’s a distinctive set of challenges and opportunities that emerge. The real impact lies in addressing the unique health needs of this demographic, understanding evolving preferences, and navigating the intricacies of choosing health insurance after retirement.
To better understand the mindset and priorities of the UAE population nearing retirement age, a global leader in the life insurance sector commissioned a study to gauge recent trends and gain a market overview. Learn how we equipped them with nuanced insights, enabling them to tailor insurance solutions that align seamlessly with the diverse preferences of their target demographics.
Objective and challenges
Being a global leader in the life insurance sector, our client’s expertise encompasses individual life reinsurance, individual living benefits reinsurance, group reinsurance, financial solutions, facultative underwriting, and product development.
They needed help to gauge recent trends and gain a market overview pertaining to health insurance needs of the population nearing retirement age in the United Arab Emirates (UAE) with a focus on native citizens, expatriates from India, Indian subcontinent, Jordan, and Egypt.
By examining specific needs and preferences of these target demographics, we aimed to provide valuable insights to help them navigate this evolving market landscape effectively.
Solutions and approach
Our team of seasoned primary research analysts conducted online surveys to generate firsthand insights.
Here’s how:
We carefully designed a customized questionnaire that effectively captured the perceptions of UAE customers regarding health insurance with retirement benefits. The questionnaire was thoughtfully crafted to delve into various aspects such as trends in adoption, payment options, and interest in a subscription-based model, among other factors.
Based on the quantitative survey responses, our analysis team ran statistical tests to establish trends and information backed by supporting numbers.
The survey analysis was created specifically for three groups:
- Overall UAE population
- Population planning to settle in UAE post retirement
- Population planning to settle outside UAE post retirement
Results delivered
We shared a detailed report providing several key highlights based on our analysis:
- We identified differentiating factors that drive individuals and/or their spouses to buy health insurance upon retirement. By understanding these aspects, our client gained insights into the unique selling points to attract potential customers in this segment.
- We evaluated the health insurance products available in the UAE market, focusing on their perceived benefits among different demographics and target segments. Factors such as retirement age and monthly income were taken into account to determine how these products align with specific needs and preferences of the target audience.
- We examined various factors that influence customer decisions when purchasing health insurance. This analysis shed light on the key drivers, such as pricing, coverage options, customer service, and reputation, helping our client understand what aspects are most influential in the decision-making process.
- We provided our client with key value propositions that are expected in a health insurance coverage designed specifically for retirement benefits.
Benefits
Through Netscribes’ analysis, the client gained a comprehensive and data-driven understanding of the market dynamics and customer needs related to retirement health products and services in the UAE. Armed with these valuable insights, they were able to develop a tailored and effective retirement health product/service specifically targeted towards the identified demographic.
