Consumer Perspectives on Commercial Pension Insurance Products: Insights and Implications

Abstract

This study delves into the consumer perspectives on commercial pension insurance products, aiming to uncover insights into awareness, understanding, preferences, and concerns among consumers. Through interviews with 50 participants from five prominent Chinese insurance companies, the study examines demographic characteristics, awareness levels, perceived benefits and risks, factors influencing purchase decisions, and satisfaction with current products. The findings reveal a nuanced landscape wherein participants recognize the importance of pension insurance for long-term financial security but express apprehensions regarding policy transparency, affordability, and reliability. Trust in insurance companies, reputation, and financial stability emerge as primary factors influencing purchase decisions, highlighting the need for flexible and affordable policy options aligned with individual retirement goals. Comparative analysis among companies underscores variations in consumer perceptions, emphasizing the importance of continual product evaluation and improvement to meet evolving consumer needs. The study concludes by advocating for enhanced consumer education initiatives and regulatory frameworks to foster transparency and consumer welfare within the competitive insurance market.