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Defining the Mass Affluent for Insurers

  • March 2015
  • -
  • GlobalData
  • -
  • 30 pages

Summary
There is a common perception that mass affluent individuals can simply be identified through income and asset levels. Our analysis challenges this perception and asserts that a range of parameters can and should be identified according to the institution's business strategy, a clearly defined target client, the institution's ability to serve, and the assessed profitability of the approach.


Synopsis
- Take a step back and consider the mass affluent consumer as a whole.
- Consider aspects of their lifestyle, consumption, and needs you can engage with in order to start a relationship and offer a service or product.

Reasons To Buy
- How do I define who the mass affluent are?
- Can I provide a proposition that is attractive to this segment?
- Can I make money from serving mass affluent consumers?
- How do I build my proposition over the longer term to meet the needs of the mass affluent?

Key Highlights
We recommend a balanced scorecard approach to provide a measure of the attributes, ability to serve, and profitability of a segment. Any preliminary segmentation can subsequently be adjusted such that it better fits your business vision or profitability objectives.

Through profiling the characteristics of this segment, this approach will enable each provider to understand the needs of this group and therefore build a proposition to serve them.

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Defining the Mass Affluent for Insurers

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