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Appendix
• Appendix A – Interview guide for Anja Lintrup Sørensen
Introduction Short introduction of Anja Lintrup Sørensen (education, experience, job etc.)
Young
customers/market
How do you perceive the young customers attitude towards insurances?
How do you evaluate the young customers knowledge about insurances and their importance hereof?
Why do you think that the young customers choose to not have some insurances and/or are disinterested in insurances?
Communication How do you evaluate insurance company’s communication towards young customers? Is it frequent enough, understandable?
How do you evaluate the language used by insurance companies in terms of being understandable and edible to the young
customers?
Actions What do you believe the insurance companies could do to engage the young customers in insurances?
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• Appendix B – Interview guide for Ann Lehmann Erichsen
Introduction Short introduction of Ann Lehmann Erichsen (education, experience, job etc.)
Young
customers/market
How do you perceive the young customers attitude towards insurances?
How do you evaluate the young customers knowledge about insurances and their importance hereof?
Why do you think that the young customers choose to not have some insurances and/or are disinterested in insurances?
Communication How do you evaluate insurance company’s communication towards young customers?
Is it frequent enough, understandable?
How do you evaluate the language used by insurance companies in terms of being understandable and edible to the young
customers?
Actions What do you believe the insurance companies could do to engage the young customers in insurances?
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• Appendix C – Interview guide for Lone Eriksen
Introduction Short introduction of Lone Eriksen (education, experience, job etc.) Young
customers/market
How do you perceive the young customers attitude towards insurances?
How do you evaluate the young customers knowledge about insurances and their importance hereof?
Why do you think that the young customers choose to not have some insurances and/or are disinterested in insurances?
Communication How do you evaluate insurance companies communication towards young customers?
Is it frequent enough, understandable?
How do you evaluate the language used by insurance companies in terms of being understandable and edible to the young
customers?
Actions What do you believe the insurance companies could do to engage the young customers in insurances?
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• Appendix D – Summary of interview with Anja Lintrup Sørensen
Interview with Anja Lintrup Sørensen, 27th of August 2019:
Anja Lintrup Sørensen profile:
- Consultant at Forsikringsoplysningen - Has worked with insurances in 19 years
How do you perceive the young customers’ attitude towards insurances?
”It’s an area of low interest. Mainly because some believe that it is not necessary, because they don’t believe that anything will happen to them. And then because they don’t have the
sufficient knowledge of insurances and what they are choosing not to have, when they choose not to have it.”
How do you evaluate the young customers knowledge about insurances and their importance hereof?
“Low knowledge, I believe it is somewhat an area, which is lowest on the to-do list, when you are moving out. I think that it partially can be because that many young customers are renting their first apartment, which does not involve the same kind of automation as if you were to buy a house, then somebody at the bank would probably make it mandatory, that there needs to be some kind of insurance, which is not the same case, when you a renting an apartment. Some of them might inaccurately believe that they are covered by their parents’ insurance”
Why do you think that the young customers choose to not have some insurances and/or are disinterested in insurances?
“Partly lack of knowledge about insurances and partly because of financial prioritizations, that they don’t believe that they can afford to pay the extra for the insurance”
How do you evaluate insurance companies communication towards young customers?
Is it frequent enough, understandable?
”It’s hard for me to evaluate, since we don’t know the individual insurance company’s communication efforts. But we know that certain insurance companies are trying to target the younger customers with customized products. But that still requires that the young customers know about the products. There are no doubts about the young customers digital capabilities. I don’t believe that letters is the way forward, but rather having campaigns in the public forum and digitally”
How do you evaluate the language used by insurance companies in terms of being understandable and edible to the young customers?
“The communication is definitively an area in which the insurance companies need to make an effort.”
What do you believe the insurance companies could do to engage the young customers in
- 100 - insurances?
“Make some products, which are targeted to the young customers and price is of course essential in order for them to want to buy an insurance. But I also believe that it is a society assignment to create a better knowledge around insurances, which is not all down to the insurance companies, but that it could be taught in school.”
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• Appendix E – Summary of interview with Ann Lehmann Erichsen
Interview with Ann Lerche Erichsen, 27th of August 2018.
Ann Lerche Erichsen profile:
• Has been 13 years at Nordea
• Before that she was employed at Forbrugerstyrrelsen, where she worked with consumer protection from a legal standpoint
• Has an educational background as a lawyer, whereas she also studied insurance law.
• At Nordea she examines the private economy of Danes across their knowledge, behaviour etc., which she does in collaboration with many survey institutes as Gallup, YouGov etc.
How do you perceive the young customers’ attitude towards insurances?
“What we know is generally, when young costumers are moving out of their parents’ house, they are not aware of that you need to be insured, because when you are living at home, it’s (the insurances) are an invisible cost and they are handled by your parents. They know that there are expenditures, but insurances are just not something that they think about, which in principle are what insurances are for, that you don’t need to worry about them, because you pay an insurance company to carry the risk for you.”
“But many are of that belief that, when they do move out of their parents’ hours and do need home insurance, but when they hear the price and they need to pay that at once, it sounds like a lot and they decide that it can wait for a while. Which is unfortunate, because then they can happen to be in a situation, where an injury occurs and then you need to handle it
yourself and then they actually hurry up and figure out that they do need insurances themselves.”
“Although somebody is starting to make it easier to figure out, which needs you currently need to get covered and what it costs at a monthly rate. I like the app called UNDO, because you are quickly screened through a line of questioning and are presented with the basic rate of each insurance and what it costs to add each insurance. With their prices being presented in a monthly rate is appealing to a young population, because paying the insurance coverage on a yearly basis is kind of an out-dated way of doing it in my opinion. The consumers of the society today would like to know what it costs monthly and it is supposed to be easy to get in and out of agreements with insurance companies and that the price is competitive.
“The problem is that it can be difficult to get an overview of whether or not you are getting the same coverage everywhere, because it’s kind of a test of intelligence on whether you are getting the same coverage, when they are switching. Because that’s far from certain. It’s not something that springs to mind, that the deal that they had before, maybe was better, because you had to dig deep in the conditions to find it. So if you are trying to get loyal customers, you will need to tell them, which everyday things are covered in their language and why what they are getting are better, because it is very hard for consumers to figure that out themselves, they would need to get out an excel sheet and compare.”
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“In general to speak about insurances, but in Danish. Because that’s something that every insurance company struggles with, also due to the fact that things are not always worded in the same way, as an example home insurance and family insurances. This can be an issue, because it can cause confusion for the consumer, especially in an age with a big emphasis on self-service, which can lead to a bad experience in general”
“Something that can result in a satisfied customer is that you have a good experience. That you are handled politely and handled properly when you have a claim, where you expect them to handle it.”
How do you evaluate the young customers’ knowledge about insurances and their importance hereof?
“Low knowledge and also low knowledge about what they are. For an example home
insurances are four things covered in one, theft and fire, law, loss of possessions and liability insurance. Most of them disregard the coverage for law and liability coverage and only believe that it covers loss of possessions primarily. Insurances is kind of a closed book for many and if they knew how they could help them, they would think that it was amazing. That they pay for a service and then their risk is covered by the insurance company.”
“You should probably do something for the young customers. In realm of private economy, we talk a lot about “financial welfare”, how you comprehend making decisions without getting stressed about it. With insurances, you can translate the term “financial welfare”, as an example, where you create a short overview over what the customer is getting right now with the use of figures and models, so you can see what you are getting right now. Then you could easy see, if you are covered for this and you are able to add electronic insurances etc.”
“No customers would complain, if insurances were too easy to understand”
Why do you think that the young customers choose to not have some insurances and/or are disinterested in insurances altogether?
“I think it (the lack of interested and some insurances) is caused by two things. Firstly, limited funds, but if you can afford to party and travel (then you should be able to afford insurances).
But if you actively choose not to have insurances, then it must be because of a lack of
knowledge, since you are making a wrong decision. Nobody should be uninsured in my world, only if you are super poor. That’s simply not an area, where you should be saving money. So if, you choose to save money in this area, it can only be because of a defectively basis. Not to say that you need every insurance, like travel insurances, if you don’t travel. But with home insurance, there are many things that you can’t control, like water damage or getting hit on your bicycle.”
“So there is a big challenge in terms of information, because partly they (insurance companies) need to tell what the insurances is about and partly they need them to listen, when the young customers find it boring.”
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How do you evaluate insurance companies communication towards young customers?
Are they proactive and enough communicative?
“That’s hard for me to evaluate. But I know that Tryg has a partnership with UNDO, where you speak the language of young customers. But we all know that insurance companies work together with banks, because then they can offer insurances, where the customers are
coming. Because you don’t stop by an insurance company, like you stop by a bank, or talk with them over the phone.
How do you evaluate the language used by insurance companies in terms of being understandable and edible to the young customers?
“I think that it is, but I’m not young, I’m old and know a lot about it. But in reality it’s not me you should be asking, you should really be asking the young customers and how they would like it. Especially, because a lot in terms of insurances, you need to be handling it yourself. But I know, even though the general thought is that the young customers love technology and if they can use that everybody is happy, but that necessarily true. Young customers is also really happy about having personal contact. So I’m pretty certain, if you want young customers as insurance customers, you should tell them that “Marie is in the other end, you can just call her, if you have any doubts”. Understood in that way that they really like to ask questions and talk to somebody. They are not interested in writing to some mailbox, where they get an auto-reply, nobody wants that. So that personal contact means more to the young customers than you would think.”
With regards to the high mobility of consumers in the danish insurance market, what do you believe insurance companies could do to retain customers and generate loyalty?
“Good personal service. I experienced it myself, when I got an injury on my car and was a new customer at a insurance company called IF Forsikring. I have never had so good service before.
Even though they have a special price structure, where it is cheap the first year and then the price increases in the second year. But besides that, good service, very friendly and followed up and you almost feel like royalty with that level of service. Because the general thought I believe is sometimes forgotten, that when you have an insurance and you need it, then you have a problem and the insurance company is supposed to solve the problem. It shall not turn out to be myself that needs to handle my own case and you (the insurance company), you are supposed to help me, and you need to help me, if you need my help and how I need to help you and how I need to do it. Because when you are an insurance company, then you are in the service business.”