Unveiling retirement health insurance trends in the UAE via consumer surveys

Unveiling retirement health insurance trends in the UAE via consumer surveys

About the client

The firm is headquartered in St. Louis, Missouri with operations in more than 25 countries around the world. It offers a wide range of reinsurance solutions including traditional reinsurance, facultative reinsurance, and insurance-based risk transfer solutions. The company has built a reputation for its expertise in risk management, innovative solutions, and exceptional client service.

Founded in 1973

Revenue

USD 16.7Bn

Objective and challenges

Assets

USD 92.17Bn

Employees

3,266

Being a global leader in the life insurance sector, our client’s expertise encompasses individual life reinsurance, individual living benefits reinsurance, group reinsurance, financial solutions, facultative underwriting, and product development.

They needed help to gauge recent trends and gain a market overview pertaining to health insurance needs of the population nearing retirement age in the United Arab Emirates (UAE) with a focus on native citizens, expatriates from India, Indian subcontinent, Jordan, and Egypt.

By examining specific needs and preferences of these target demographics, we aimed to provide valuable insights to help them navigate this evolving market landscape effectively.

Solutions and approach

Our team of seasoned primary research analysts conducted online surveys to generate firsthand insights. Here’s how:

We carefully designed a customized questionnaire that effectively captured the perceptions of UAE customers regarding health insurance with retirement benefits. The questionnaire was thoughtfully crafted to delve into various aspects such as trends in adoption, payment options, and interest in a subscription-based model, among other factors.

Based on the quantitative survey responses, our analysis team ran statistical tests to establish trends and information backed by supporting numbers.

The survey analysis was created specifically for three groups:

Overall UAE population

Population planning to settle in UAE post retirement

Population planning to settle outside UAE post retirement

Results delivered

We shared a detailed report providing several key highlights based on our analysis:

We identified differentiating factors that drive individuals and/or their spouses to buy health insurance upon retirement. By understanding these aspects, our client gained insights into the unique selling points to attract potential customers in this segment.

We evaluated the health insurance products available in the UAE market, focusing on their perceived benefits among different demographics and target segments. Factors such as retirement age and monthly income were taken into account to determine how these products align with specific needs and preferences of the target audience.

We examined various factors that influence customer decisions when purchasing health insurance. This analysis shed light on the key drivers, such as pricing, coverage options, customer service, and reputation, helping our client understand what aspects are most influential in the decision-making process.

We provided our client with key value propositions that are expected in a health insurance coverage designed specifically for retirement benefits.

Benefits

Through Netscribes’ analysis, the client gained a comprehensive and data-driven understanding of the market dynamics and customer needs related to retirement health products and services in the UAE. Armed with these valuable insights, they were able to develop a tailored and effective retirement health product/service specifically targeted towards the identified demographic. Contact

Gain a data-driven understanding of market dynamics and customer needs with Netscribes’ consumer research solutions.