Changes in attitude to care of the elderly as a basis of a marketing strategy for insurance products

Date of publication: June 15, 1989

Abstract:

In Austria, as in an number of OECD-countries, the system of state-sub sidized provision for old age has, because of demo- graphic development, come in need of adjustment. The public did not become aware of this fact until the early 1980's, when Public discussions began, causing this development to become clear. This communicative process and the resulting changes in attitude toward social security and thus also toward private life insurance are documented sufficiently by surveys. Based upon this, the Wiener Stadtische insurance company has created a marketing strategy, which is designed for use over several years and is still being applied today. Promising market segments were defined with the help of data derived from market research, which was then processed by trained staff. All this starting out from the fact that the Wiener Stadtische insurance company had already begun promoting Provision for old age in earlier years. Simultaneously various other sales possibilities, such as direct mail were employed (however with varying results). The documented successful sales were accompanied by a still increasing changing of attitude and opinion toward personal provision for old age. Survey results of this an other interesting transitions of competence between insurance companies and banks are avaiable. Within the framework of market strategy, advertisement and sales promotion are naturally appointed their proper place. The empiric data mentioned here, originates from surveys, (conducted by the Austrian Gallup Institute) commissioned by the "Verband der Versicherungsunternehmungen Osterreichs", (the association of Austrian insurance companies) of which only excerpts were published. Furthermore the data was derived from multiclient studies by the institute Fessel + GfK., as well as from special surveys commissioned by the Wiener Stadtische insurance company. These are predominantly results of representative surveys, supplemented by attitude and motive studies, of which data was ascertained by qualitative methods.

Heinz J. Zeilhofer

Author

This is a long description of some author details.

This could also be of interest:

Research Papers

Research Papers

Research Papers

  • PDF