Learn about current approaches to external assurance, Presented by Knight
Chapter four
1. CHAPTER FOUR
DATA ANALYSIS
Who are the key policy holders of life insurance?
1) Employees 2) unemployed 3) entrepreneurs 4) employers
Promotion of awareness about life insurance to the community
Communication of information to the community by insurance company about life
insurance
The factors influencing in choosing Life insurance policy
What benefits do customers get from buying/having life insurance?
Are you liquid enough in providing settlement to a number of clients who have the same
term of benefits or retirement?
CUSTOMERS
Where do you get information about life insurance policy?
information received through media
5%
8%
2%
0%
20%
25%
40%
Radio
Television
News papers
Fliers and Bronchures
Friends
Staff from work
Brokers
2. Criteria for choosing the insurance company
Criteria for choosing insurance company
0%
5%
18%
10%
15%
52%
What are the reasons for buying a life insurance policy?
Service
Publicity
Recommendation
Agents
Characteristic of a product
Other criteria
Reasons for buying Life insurance policy
40%
10%
35%
15%
future investment
pay home mortgage
future financial security of
famity
personal endownment
How do you rate the level of service provided by your insurance company?
3. Customers' satisfaction
14%
48%
19%
19%
Highly satisfied
Satisfied
Dissatisfied
can't say
What is the current state of your life insurance policy?
1) Still running 2) it is over 3) has been cancelled
Do you feel more protected having life insurance policy? YES NO
The structure of respondents after the
protection level being perceived
Yes
55%
No
45%
We can see that 55% of the respondents feel more protected having insurance and
45% considers that this is not increasing their level of safety. This is due to the fact that
in that 45% percentage the respondent do not have an insurance or do not have the
financial education to understand why would be better to have an insurance. Due to the
lack of experience, lack of money, lack of information and having in consideration that at
this age they do not have many goods in their possession, young people do not feel the
need to be protected or to protect the welfare of their family.
4. Give reasons for your answer in 2.9 above
Preference of Investment
3. Reliability of life insurance policy to the customers
How do you rate the information provided by your insurance company of choosing the
appropriate life insurance policy?
In a bank
Insurance Company
5. Usefulness of information
Very useful
25%
Useful
40%
Totally useless
15%
Less useful
20%
How do you rate the procedures to receive your money from the insurance company?
Procedures to receive benefits
Very Slow and vey
complicated
Slow and Complicated
Fast and Not coplicated
Are there any delays in receiving your money from your insurance company?
YES NO
If YES give reasons for the delay of receiving your money
Where do insurance companies lack in providing life insurance policy?
6. information
verity, 5%
Easy claims, 15%
Associated with above question (3.4) suggest the need to improve the service
What do you think are the challenges facing insurance companies in promoting life
insurance policy?
What do you think are the measures to be taken by insurance companies in promoting
the importance of life insurance policy?
What are the factors influencing in choosing Life insurance policy?
If member provide all documents needs in time, how long does it take to receive
settlement?
Is life insurance policy popular? YES NO
Services, 50%
Returns, 30%
7. What are the reasons for popularity or non-popularity of life insurance policy?
Do retirement/termination benefits are affected by economic factors such as Inflation?
YES NO
If NO give reasons
What measures do you take to ensure members’ retirement or termination benefit
payments are not affected much by inflation?
What is the percentage of current state of your customers’ life insurance policy?
1) Still running 2) It is over 3) Has been cancelled
What measures do you take to ensure community perceives life insurance policy?
8. Gender of the respondents
Male
Level of education
70%
60%
30%
40%
0% 20% 40% 60% 80%
Female
Non buyers Buyers
Masters
Advanced…
0% 100%200%300%
Diploma
Certificate
non buyers
Buyers
9. Marital status
Age category
Current employment status
Sector of employment
Category of income
Employment occupation
Do you have any insurance, name them
Do you have life insurance?
Which life insurance and company
Why don’t you have life insurance?
What is the value of your life insurance?