A Study of Life Insurance Marketing Linking Annuity House

• Main Authors: Ju-Ying Lee, 李如瑩
• Other Authors: Ker-Tah Hsu
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/9998g5

碩士 === 朝陽科技大學 === 保險金融管理系碩士班 === 93 === Seniors know from experience that life is a challenge. Many may face limited choices when deprived of complete independence by advancing age. Do you move in with your children? Do you agree to a nursing home? Are "assisted living facilities" out of your price range? What options are available to you? Retirement residences which combine independent living with supportive services on premises have recently become a popular alternative in Taiwan. At the end of 2004, the 9.45% of the population was over age 65. With our estimate, in 2051, it will reach 35.5%. The seniors who need help will reach 63.8%. It is extremely important to work with seniors to create their environments, enabling more seniors to remain connected to their community and to remain fully engaged in meaningful ways. The “Annuity of Retirement Residence” will be the best solution. “Annuity of Retirement Residence” is a kind of Annuity policy for retirement residence funding. The life insurance companies who have ample funds possess a reliable image and experienced agents. They have a big customer base (policy owners), so, when promoting the savings concept, combined with tax benefit & trust benefit, they will be the best organization for this business. This research consists of questionnaire survey, face to face interview to thousand of seniors in years. I summarize the conclusions as following: 1."Retirement Residence” is now well-known by seniors. About 66.3% senior have heard this concept. 2.Three different kinds of “Retirement Residence” are all accepted by seniors. 50% or more senior recognize their needs. 3.“Chang Gung Retirement Residence“ Is the role model of retirement residence. 4.The life insurance “installment payment “concept has been accepted. 5.Location, transportation, & weather are the most important factors of the retirement residence. The organization needs to match the senior’s requirements. 6.The insurance company’s financial background & image makes a big difference of the success of the project. 7.People recognize the government, the hospital & the life insurance company as the major providers of retirement residence. 8.The retirement residence should combine with insurance product to provide nursing consultation & resident care assistance. 9.The spouse’s opinion has the most significant influence in the decision of living in retirement residences. 10.The three major considerations of living in retirement residence are: assistance of daily living, psychologically demand & the need of families & friends. 11.The life insurance company earns the comprehensive approval of operating the retirement residence especially the native old life insurance company. 12.The three major target markets are: the insurance & financial professionals, the company’s upper management personnel, people who understand the “retirement residence” concept; people who pay high insurance premium & people who are doing their retirement planning. 13.The “assist daily living”, “psychological demand” “spouse’s opinion” & the insurance company is the major four factor for the success of “retirement residence”. This article has done a lot of research & proposed the following suggestions to the life insurance companies: 1.Promote their own image, utilize their agents’ knowledge & client base & link with the retirement community and it will be a huge business opportunity. 2.Operate “installment payment” method as Annuity for retirement residence. 3.Use annuity payout as the funding of daily expenditure & the management fee. 4.Value the role that government & hospital play. 5.Combine with “Trust” 6.Promote & encourage people set up their own individual retirement account instead of deposit the retirement funds in the labor insurance bureau. 7.The marketing strategy should target husband & wife as a unit instead of sell to the individual. 8.Promoting retirement residence to current life insurance clients. Life insurance companies should promote the “Annuity of Retirement Residence” product. It will not only increase their business opportunities but will also help the government resolve the senior’s living problem.