Consensus analysis on insurance beliefs in Singapore

• Main Authors: Gan, Jia Jia, Khoo, Clarissa Wan Leng, Tan, Zann Yi Tong
• Other Authors: Nanyang Business School
• Format: Final Year Project
• Language: English
• Published: 2011
• Subjects: DRNTU::Business::Finance::Insurance
• Online Access: http://hdl.handle.net/10356/44175
• Institution: Nanyang Technological University

We conducted a three-study project to assess patterns of beliefs amongst Singaporeans about insurance and explored these in conjunction with American beliefs in order to provide a basis of comparison. We believe this consensus study benefits insurers by identifying the areas in which Singapore consumers recognize the severity of risks in their lives and believe that insurance is essential. This is at a more in-depth level compared to past research conducted through open-ended questionnaires which focuses on soliciting information on basic demographic, financial status and spending habits of consumers as decision drivers for insurance purchase. It helps companies to target mass consumers by identifying the maximum price which most of them are willing to pay for protection against such risks. Conversely, for areas where there is a lack of consensus on risk beliefs, groups of Singapore consumers may be identified so that further studies can be carried out to better target them. Consequently, this study aims to determine if there is a set of shared beliefs with regard to insurance which are uniquely Singaporean and can therefore contribute to more effective insurance policy planning for insurers.