Transcript 2008 Yılı Sigorta Sektörü Yönetici Özeti

Customer Expectation
& Satisfaction
Lutz Bauer
Istanbul, May 25th 2011
Some Statements to the Market
Market is dependent on commercial
business and compulsory retail insurances
2010 GWP Development
Broker
10%
2010 GWP per Segment
2010 Retail GWP / LoB
Other
7%
Retail
42%
Bank
13%
Commercial
58%
Agency
69%
Other Credit Payment
TCIP
7% 2%
Fire
8%
39% Casco
PA 10%
12%
Health
23%
MTPL
13% of total GWP is generated by banks which mostly sell credit linked insurance products. This type of products
can be considered as semi mandatory as the customer has to buy insurance to get a loan.
Share of Commercial segment is high and retail GWP production in 2010 was only 4.8 b TRY
Within the retail segment excluding compulsory lines and credit linked insurances such as credit payment protection,
PA and Casco to some extent, voluntary retail GWP would be a mere 2.5 b TRY.
* Source TSRSB Reports. Retail & Commercial shares are not official results. Calculated by
adding commercial and retail dominant branches whenever official shares are not available.
3
The income level in Turkey overall is still low
to boost retail market
24,7%
Premium per Capita / GDP (2000)
Premium per Capita / GDP (2007)
15,8%
13,2% 13,0%
8,4%9,7%
7,6%
5,9%
2,6%
2,6%
1,2%
1,1%
1,2%2,4% 1,1%1,1% 0,5%0,9%
Germany Switzerland
United
Kingdo
m
Czech
Republ
ic
Hungary
Poland
Mexico
Turkey OECD - Total
Developing Markets
+1500 points
+1400 points
+1200 points
2,6%
2,6%
2,4%
+20 points
1,2%
1,1%
1,2%
1,1%1,1%
0,9%
0,5%
Czech Republic
Hungary
Poland
Mexico
+400 points
Turkey
* Source: OECD
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Customer expectations
Who is the customer?
• On average still low income
• However wide ranges
• Rural – urban
• By education and profession
• Fundamental acknowledgement of insurance
• Between exchange of money: claims for premiums
• And vital risk protection
• Deductibles and under-insurance
5
Insurance is about to protect the worst case –
isn’t it?
• Value: 30’ – 50’ 000 TL
• Insurance full cover,
no deductible
• Value: 500’ – 1’000’ TL?
Loss of income life-long,
• Increased cost to sustain
life as good as possible
• No insurance
6
Where Can We Make The Difference ?
 Cover
 Terms and conditions
 In- and exclusions
 Sum insured and deductibles
Current play
high level already
+ Services
+ Risk-consultancy before sales
and renewals
+ Premium collection and
addendums
+ Claims
+ Assistance
Less touched
ground
7
The Accident: Make Insurance an Experience
Give perfect service
-
and not money only
8
Who is going to develop the retail market?
The sector is in charge!
From fast
transactional business
To advice and
consultancy,
Explain and cover
risk
9
Summary
 Income levels are on an early stage still now
 Mandatory / obligatory insurance prevails
 Customer expectations are low – get money back!
 The sector has to explain the value of insurance
Retail only!
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