SAN DIEGO, Dec. 22, 2003 (PRIMEZONE) -- While most people realize the importance of having some form of insurance, few, by comparison, are seemingly interested in learning more about it, according to recent findings from the Integras Insurance Audit. Integras is the primary research and the advanced analytical services division of Claritas Inc., the premier provider of intelligent marketing information and target marketing services.
For example, 74 percent of households surveyed report having both auto and residential insurance and nearly 60 percent have auto, residential and life insurance, but just 22 percent indicated they are willing to attend a financial seminar to learn more about insurance products.
However, when it comes to knowing more about retirement and investment issues, the numbers swing markedly upward. Forty-two percent of the households are willing to pay a financial professional for advice on making retirement and investment decisions.
Additionally, 46 percent believe life insurance is essential for retirement planning, which is also the same percentage of households that feel life insurance is essential for investment planning. As for whether life insurance is essential for estate planning, the number of households that agree dips 13 points to 33 percent.
The audit, a survey of 27,000 households, covers the auto, residential, life, health and annuities insurance industries. The content of the audit includes product usage, service providers, purchase drivers, policy values, premiums and deductibles, channel usage and preferences, switching behavior and customer attitudes.
Some of the Insurance Audit's other key findings include:
-- 2.7 percent of households are uninsured and the same percentage of
households are also "unbanked," according to the Integras Market
Audit, which surveys over 100,000 households annually regarding
consumer financial behavior.
-- Of the 74 percent of households with auto and residential
insurance, 66 percent have policies at the same institution and
those are most likely to be in a high-income bracket ($100,000-
plus). By comparison, of the 50-plus percent of households with
auto, residential and life, only 3 percent have policies at the
same institution.
-- Of those households that switched residential insurance at least
once in the past three years, 58 percent of them indicated that
they did so to obtain a lower price, while 75 percent switched
auto insurance for a lower price.
-- Captive and independent agents are the most prevalent medium for
purchasing all types of insurance policies as well as showing a
high prevalence for future purchases, with the Internet showing
the highest growth potential.
-- Based on median age and income, 800-number agents and Internet
initiatives seem to attract younger and more affluent
policyholders.
About Integras
Integras provides high-end analytical consulting and advanced decision support for marketing and location strategy. A division of Claritas Inc., Integras combines sophisticated quantitative analysis with the broadest array of consumer and business data available in the United States to help companies make better strategic decisions. In addition to conducting three syndicated surveys (Insurance Audit, Market Audit, Convergence Audit), the Customer Research and Targeting business unit of Integras conducts custom primary market research on behalf of their clients. To learn more about Integras products services visit their web site at www.integrasconsulting.com.
About Claritas
San Diego-based Claritas Inc. is regarded as the leading provider of intelligent marketing information and target marketing services aimed at reducing the cost of customer acquisition and growing customer value. Claritas offers over 60 marketing databases, industry leading consumer segmentation systems, consulting services and software applications for site analysis, advertising sales and customer targeting. Since 1971, Claritas has been the pre-eminent source of accurate, up-to-date information about people, households and businesses within any geographic area in the United States. Claritas is a division of VNU, a world-leading information and media company that includes ACNielsen, Nielsen Media Research, Spectra Marketing Systems, and Scarborough Research, among others. To learn more about Claritas and VNU products and services visit their web sites at www.claritas.com and www.VNU.com.
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