Insurance seems to be perceived as a "luxury item" by most of the lower strata, which is intriguing since they are the most vulnerable and exposed to physical and material risks, among others.
Some would say that this is due to the low income received by the population or to the informality and variability of their income. However, this assumption can be challenged when we compare their ownership levels of smartphones (60%-70%) or flat-screen televisions (80%) or even motorcycles in households (30%). What are the inhibitors to the acquisition of insurance? The barriers to acquiring insurance appear to be significantly lower than those for technological items.
One possible explanation lies in the difficulty for this consumer category to demonstrate the desired or needed states that insurance provides. Let me explain further: typically, the motivation to purchase a product and service arise when the consumer compares their current state with the desired/needed state. For example, when Juan visits his friend Pedro's house and realizes how well the new 50-inch TV in the house shows the soccer games, from that moment on Juan's perception of his own needs changes.
Communicating the tranquility and peace of mind that comes with having insurance is a significant challenge for insurers, especially when the majority of the population focuses on earning their daily living.
This challenge extends to many other categories of products and services, requiring companies to thoroughly understand consumer needs and desires in order to fulfill them effectively.
Currently, with the earthquake in Mexico and the hurricanes in the Caribbean, many people may be considering insuring their assets. However, these intentions often fade quickly and remain unrealized.
According to our analysis, a person's sense of transcendence influences the relationship with the insurance category, individuals who have children tend to be more receptive to the category as well as those who think long-term or have lived in countries with distinct seasons. Unfortunately, very few people actually learn from the unfortunate experiences of others.
It is paradoxical because we live in constant uncertainty but we do not use insurance.
Consumer decision processes are in constant contradiction, so it is important to study them in depth to determine what leads them to make a consumption decision.
RAFAEL LOPEZ LLAMAS