The UK's over-50s population is growing, which means that the customer segment is a growing opportunity for insurance providers. Those over 50 are often treated and targeted as one segment. However, the over-50s market is highly diverse and should not be treated singularly. Individuals' lifestyles differ due to a number of factors such as whether they are retired, whether they still have dependent children living at home, their health, and their financial freedom.
Acknowledging this should encourage a move away from targeting a homogenous over 50s segment towards focusing on the different lifestages associated with growing older. This is important because differences in lifestyle mean that the insurance needs of individuals also differ. Insurance providers must acknowledge and use this to develop their products and services to make them more relevant to consumers.
- 16.5% of over-50s have a child under 18 and are likely to have buying habits in line with the mass market. Meanwhile 28.9% of parents over 50 have an adult child still living at home and are more likely to need a multi-car policy and extra possessions cover.
- 57.0% of the over-50s UK population is economically inactive, which is driven by those aged over 65. These individuals are more likely to go on holiday and require travel insurance.
- 35.6% of the over-50s UK population has a disability. These customers need more support and may engage online if they are unable to leave home. They are ripe for an online community.
Key Topics Covered:
1. Executive Summary
2 The Over-50s Segment in the UK
3 Insurance Needs, Values, and Purchasing Preferences
4 Targeting Over-50s With General Insurance
5 A Range of Insurance Providers Target the Over-50s
6 Marketing Strategies Should Focus on Lifestage
- Age UK
- Animal Friends
- Co-op Insurance
- Direct Line
- Hastings Direct
- Healthy Pets
- Insure and Go
- Legal and General
- Lloyds Bank
- More Th>n
- Pet Protect
- Pets at Home
- Tesco Bank
- The Post Office Money
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