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Confused tribe is the top target for cover campaign

The primary target audience for the consumer protection insurance campaign should be the 15 million UK consumers that market research has categorised as “confused and disengaged”, many of whom already own some form of protection product.

SPA executive chairman John Priest, who conducted the consumer research for the group, categorises 8.4 million people in the UK as “confused policyholders”, which he describes as people who recognise the importance of insurance cover but find policies complex and difficult to understand. The “disengaged policyholder”, which the market research estimates to repre- sent 7.3 million people in the UK, is a consumer who recognises the importance of insurance cover but is not actively engaged because they rely on others to sort out these kind of affairs for them.

The research identified that these groups represent a sizeable target who could be encouraged to buy more cover via products they already have and through new products that they do not yet have but ought to.

Priest says: “The hard-core opportunity is the people who already have polices and have had for some time.

“The strategy to reach and engage the two tribes is an understanding strategy, not so much as an awareness or selling strategy.

“What the research has shown is that it is not an awareness issue, it is probably an understanding remit among these two segments who represent the market opportunity of about 15 to 16 million people.”

Priest originally noted five segment groups before naming the confused and disengaged as the best possible opportunity – the financially strapped, the self-sufficient, those who feel they do not need protection, the confused and the disengaged.

He says: “The target is not the three resistant tribes, and it will not be for a very long time.”

DLKW joint chief executive Richard Warren says: “The communications focus has to be around improving understanding because there is a very sizeable target – 15.7 million of people who currently do have some form of protection insurance but they do not properly understand or appreciate what they have got.”


Engine room

Readers of my column will know how keen I have been on corporate bonds over the last year or more. I admit I was little bit too early with some of my recommendations, but the rally we have seen since March in corporate bonds should mean that most people are now in profit. The question I am constantly being asked at the moment is whether the rally is over or if corporate bonds is still a buy.

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