A journey through retirement
Retirement needs are complex and often difficult to understand.
To ensure a deep understanding of needs of retirees and their families, we have developed a unique journey consisting of two core phases. The first phase is to seek knowledge, an in-depth analysis of the market and primary consumer research. The second phase is to turn these insights into innovative customer centric solutions and to partner with our clients in launching these products to market.
The first step to understanding the problem is to ask the right questions and engaging in wide scope research. The research will produce insights developed from primary consumer research and market analysis, together with consultations with powerful and knowledgeable stakeholders assembled by the Swiss Re Retirement Working Group initiative.
1. Consumer research and segmentation
Partnering with the award-winning consumer research consultancy, CoreData, we will conduct market research across a full spectrum of ages and needs related to ageing. We will use the insights combined with life cycle, behavioural and mindset attributes to develop a three dimensional approach to devise a consumer segmentation model.
The objective is to develop a robust understanding of retirement needs and impacts throughout an individual's life cycle. Through combining the use of focus groups and surveys we will test a series of provocative hypotheses, a sample of which we have shared below
- Attitudes toward retirement planning and preparedness are 'hard coded' within a family unit and don't materiality changes between generations. These attitudes can be used as a future predictor for behaviour in younger generations.
- The uncertainty of a person's life expectancy and needs is a key barrier to financial engagement and proactive planning for needs in retirement
- Generational shifts are occurring, impacting attitudes toward and ability to provide informal care within the family unit.
- Degenerative illness (such as dementia) and being forced into a care home is the leading paranoia or fear amongst ageing Australians, with many believing there are limited solutions
2. Establish a definitive forum for retirement-related dialogue: Swiss Re Retirement Working Group
This group comprises of a number of diverse leaders from key areas of the retirement eco-system. They will steer a holistic focus across the full spectrum of retirement challenges and contribute to thinking around potential solutions. The group includes representation from Federal Treasury, Financial Planning Australia, Aged Care Guild, National Seniors Australia, Alzheimer's Australia, HCF, Bond University, Directors of Superannuation Funds, University of Sydney and private advisory practices.
The group has already engaged in robust debate current market challenges and opportunities along with key public policy in areas such as aged care, advice and navigation of the complex system and the implementation of the FSI's Comprehensive Income Product for Retirement (CIPR) recommendation.
Click here to find out more about our Working Group
Innovative customer centric solutions
1. Proposition Development
Informed with research, Swiss Re will develop prototype solutions to test with the working group, clients and eventually consumers. As a leading global reinsurer we are able to leverage broad international knowledge and capabilities to equip the local team to design viable and ethical products to help address the current protection gap for ageing consumers and their families.
2. Client Partnerships
Client partners are central to the success of any new product. Our robust approach to researching, designing and testing our solutions enhances the probability of success. Swiss Re will work with clients to develop propositions and apply behavioural economic principles to test these with their customers.
For more information please contact, Bronwyn or Dean, at Market_Solutions@SwissRe.com
Published August 2016
Talking all things behavioural...
My prize for winning the 2016 ALUCA TurksLegal Scholarship was attendance at the 2016 LIMRA/LOMA Life Insurance Conference in Las Vegas in April.
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