A Study On Consumers’ Willingness To Pay For Insurance Companies’ CCRCs

In recent years,investment in construction of Continuing Care Retirement Communities(CCRCs)gradually have become a new developing area of China’s insurance companies.Since 2009,China Insurance Regulatory Commission approved the first Taikang Life Insurance and other insurance companies to invest retirement communities’ real estate,many CCRCs projects with insurance background have been implemented.Investing CCRCs is not only the expansion of the insurance companies’business model,but also for the need of supporting real economy.As China has become one of the fastest aging population countries,with the growing demand of the seniors housing and care industry,the CCRCs will be undoubtedly the innovative trend of the seniors care model in the future.It is necessary to survey and discuss consumers’willingness to pay for insurance companies’ CCRCs and its influencing factors.Thus,it can provide decision support for the insurance companies,to help the insurance companies to play their own advantages to strengthen the development of CCRCs.This thesis firstly introduces the current situation of domestic and foreign development of CCRCs,and CCRC-related insurance products.Secondly,in several aspects-the individual characteristics of consumers,product clues factors,situational factors and social factors,the thesis discusses the factors that may affect consumers’willingness to pay for insurance companies’ CCRCs.Then,relevant data have been collected by a network questionnaire survey,setting out the specific problems with the various explanatory variables.After that,the thesis presents a logistic regression model for analyzing the explanatory variables.Finally,the thesis provides some probabilistic results that there are fourteen factors among all variables have significant impact on consumers’ willingness,such as "age","whether or not have a spouse","family income per year","whether plan the elderly life consciously","monthly long-term care cost",etc.Based on the survey results,the problems and countermeasures about the popularization process of the China insurance companies’ CCRCs are put forward.Some practical advices are given for the CCRCs and related insurance products.This thesis argues that:the insurance companies that develop CCRCs must market their services to the potential consumers target;identify potential consumers by situational analysis;also need more in-depth integration of insurance products and CCRCs products.In addition,it is particularly important for insurance products promotion to shape a good brand and industry image.