January 24, 2017
Suva, Fiji, – Public awareness and understanding of insurance has clearly improved according to an independent impact assessment of a six-week insurance awareness campaign conducted in Fiji.
The market feedback conducted by Tebbutt Research found that following the Insurance Awareness Fiji campaign, 81% of Fijians (4 out of 5) surveyed reported that they now think more positively about insurance with 30% now very likely to buy insurance in the next 12 months (compared with just 22% before the campaign).
The campaign, the first of its type in Fiji, was a joint initiative of the Reserve Bank of Fiji (RBF), the Pacific Financial Inclusion Programme (PFIP) and the Insurance Council of Fiji.
The core messages from the campaign were clear – get insured, protect your future, prepare for the unexpected. The messages focused on the testimonials of five insured individuals and featured on a variety of media including radio, newspapers, television and social media.
Announcing the results of the research to the media this morning, Governor of the RBF Mr. Barry Whiteside said, “This campaign has been a big success, the results are very promising. After just six weeks, the research shows that 2 out of 3 people interviewed had seen or heard of the campaign and that they felt that it was appealing, relevant and persuasive. Real stories of ordinary Fijians experiences with insurance resonated with viewers and listeners, with survey respondents identifying with the situations, fears and worries that certain events in life can bring. They understand how insurance can help in coping with these sorts of events. This is excellent news.”
Speaking on behalf PFIP, Regional Inclusive Insurance Specialist Michael Carr noted that the research shows that the proportion of people who say they know and understand a lot about insurance has doubled from 14% before the campaign to 29% afterwards.
“This is an impressive change, but ultimately it’s about getting more people insured and protected. Changing people’s behavior does not always happen quickly. More work on insurance education can build on the positive attitudes that we’ve seen from the campaign and convert this into more insurance purchases.
Many types of insurance products are available. Their cost and usefulness, how easily they can be bought and the quality of insurer service will all play a part in driving greater take up of insurance”.
The Chair of the Insurance Council of Fiji Chairperson, Sarah Jane Wild added, “The insurance community have been fully supportive of the campaign. Many insurers got involved at a practical level. They supplied case studies showing how claims were quickly resolved, gave input on the campaign approach, supplied some campaign content and boosted their own marketing expenditures to add more force to the media drive to promote insurance. We feel that this collaborative approach of working with the RBF and with PFIP on this type of awareness building event has worked very well”.
PFIP is a Pacific-wide programme helping low-income households gain access to financial services and financial education. It is jointly administered by the UN Capital Development Fund (UNCDF) and the United Nations Development Programme (UNDP) and receives funding from the Australian Government, the European Union and the New Zealand Government.
PFIP aims to add one million Pacific Islanders to the formal financial sector by 2019 by supporting policy and regulatory initiatives, funding innovation with financial services and delivery channels, disseminating market information, and empowering consumers.
PFIP operates from the UNDP Pacific Office in Suva, Fiji and has offices in Papua New Guinea, Samoa and Solomon Islands.