According to your research and observation, please briefly explain three reasons that caused low literacy and...

According to your research and observation, please briefly explain three reasons that caused low literacy and awareness about insurance products among Indonesian

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Expert Solution

After researching on the topic, three reasons that caused low literacy and awareness about insurance products among Indonesian’s are identified as follows:

Lack of training and educational programs for consumers: It is identified that not much efforts were made in Indonesia for educating population about insurance products and their benefits. However, with changing time, both public and private sectors are taking measures to spread low literacy and awareness about insurance products among Indonesian’s.
Less focus on consumer needs and demands: Insurance providers offer policies that are in best interest of the company rather than consumer. And this causes loss of interest of consumer to know more about the insurance product. Population also lack in detailed knowledge of insurance processes.
Low supply of financial services especially in remote areas: In remote areas of Indonesia population do not have access to financial services and relevant insurance products. This causes less awareness about insurance products and its literacy because knowledge cannot last long if it cannot be applied.

keosha answered 1 year ago

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