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© 20 1 3 I psos // STF007 GAB – ISO 20252 10 March 2015 PRIVATE PENSION SYSTEM SEGMENTATION RESEARCH PRESENTATION Insurance Association of Turkey.

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Presentation on theme: "© 20 1 3 I psos // STF007 GAB – ISO 20252 10 March 2015 PRIVATE PENSION SYSTEM SEGMENTATION RESEARCH PRESENTATION Insurance Association of Turkey."— Presentation transcript:

1 © I psos // STF007 GAB – ISO March 2015 PRIVATE PENSION SYSTEM SEGMENTATION RESEARCH PRESENTATION Insurance Association of Turkey

2 © I psos // STF007 GAB – ISO Censydiam Model and Motivations General Habits and Attitude towards Private Pension System 5 Segments according to Motivations for Pension Ownership Purpose and Project Design Insurance Segments in Brief Content Executive Summary

3 © I psos // STF007 GAB – ISO Executive Summary

4 © I psos // STF007 GAB – ISO Executive Summary Our Purpose Setting up communication strategies to turn the current attitude towards pension and insurance in Turkey into positive and contributing to the adoption of pension and insurance in the long term. How did we design? Separate studies for private pension system and insurance (property, casco, commercial and health insurance), 2-staged qualitative and quantitative research design for motivation based segmentation research In qualitative phase, total of 12 mini focus group discussions (6 for pension and 6 for insurance) were held with people who are responsible for making financial decisions for themselves/their families between 20 – 27 October 2014 In quantitative phase, face-to-face CAPI surveys were conducted with 917 people who do not reject PPS and 844 people who do not reject insurance in city centers of NUTS 12 cities and Eskisehir with a distribution representing Turkey between 26 December 2014 and 24 January 2015

5 © I psos // STF007 GAB – ISO Executive Summary – General Habits Around half of those who don’t reject pension cannot make savings enough or they do not save at all. Those who do not make savings state that their income is just enough for their spending. Living in the moment and enjoying consumption are more attractive for the middle class, which is still developing in Turkey and focuses on emotional consumption. For those who make savings, saving money in banks is the most common investment type, followed by buying gold or foreign currency and having pension. For those who have ever owned pension or insurance before, brand reliability (65%) is the most important criterion in company selection, followed by convenient payment conditions (38%) and product content (30%). TV ads (44%), agencies (42%), social circle/acquaintances (38%) and bank they work with (35%) are the most important information sources. Information level regarding pension is low in general; 20% are aware of that they must stay in the system for 10 years and be over 56 years old; 51% state that it is enough to stay in the system for 10 years. Nearly half of respondents know that there is state subsidy in pension and trust in state subsidy is high. Knowing about state subsidy is higher in pension owners. More than half of respondents know that state subsidy is 25% but only 9% are aware of the requirements to benefit from state subsidy. Proportion of those who are aware is higher in pension owners. 48% of pension owners are planning to retire and receive monthly payments whereas 52% are planning to receive lump sum payments (28% are planning to receive after 10 years and 24% after retirement). 35% Those who ever have pension 29% Those who have pension now 6% discontinued 77% Inadequate financial status 13% had a break before 94% Tendency to continue having pension (by pension owners) Base: % Tendency to enter the system (by those who do not own pension) Base: 652 Pension is bought from banks (66%) or agencies (28%). Most of the time people make the decision by themselves and buy for the future of family. Potential pension owner: 63% Base: 917

6 © I psos // STF007 GAB – ISO Censydiam is determined by two antagonistic but complementary DIMENSIONS: Me Liberate Repress Others INDIVIDUAL DIMENSION The subject may try to be in control in situations of uncertainty or may feel confident and liberate him/herself from them, in situations that are comfortable for him/her. SOCIAL DIMENSION The subject moves between two possibilities: on one hand, belonging to and integrating a group  on the other hand, standing out and expressing him/her individually, being different.

7 And these dimensions define 8 MOTIVATIONS that guide consumption and choices: There are 8 ways to experience products, services, brands… and life ENJOYMENT CONVIVIALITY BELONGING CONTROL SECURITY RECOGNITION POWER VITALITY Me Liberate Repress Others 7

8 © I psos // STF007 GAB – ISO We have identified 5 different segments for pension motivations 8 Base: 917 CONVIVIALITY BELONGING SECURITY VITALITY POWER The size of circles indicate the share of segments. Red Orange Yellow Brown Black All segments have potential to increase pension penetration since respondents attended to the survey are those who do not reject having pension. However, some segments may have a higher potential. Purpose of this segmentation is identifying the number of segments in terms of having pension and addressing the differences in their communication language.

9 Common Communication Language of the Segments While the family stands out in some segments, it is the primary subject in all segments: In the messages to be given, emphasizing pension as a product that concerns the whole family can be useful. Information levels about pension is generally low: More people can be reached by informative studies, particularly by highlighting the advantages of pension. Individuals should feel that they are handing their savings over to reliable and expert institutions: In this context, companies should make consumers feel that they are reliable. Segment demographics are similar to each other: Average age is between 32 and 36, balanced male-female ratio, high ABC1 SEC group belonging, educated and mostly have gainful employment There isn’t a significant difference among the segments about pension ownership. Private pension is bought mostly for family and saving purposes. The most common reason for not having pension is having inadequate financial status. Seeking Conviviality Seeking Privilege Future & Family Focused Seeking Discovery & Self-Improvement Security Seekers

10 10 The common and most powerful motivations in terms of pension/ensuring the future Social Identity Functional Characteristics Personality Emotional Benefits NOTE: Indexed vs. average of all items in facet We report all items with a score which is 1 standard deviation higher than the average Base: 917 Which qualities should it have? How should it make me look? How can it improve my life? What should the firm’s character be?

11 © I psos // STF007 GAB – ISO Executive Summary - Segments Seeking Conviviality Seeking Privilege Future & Family Focused Seeking Discovery & Self-Improvement Security Seekers Motto: ‘‘Putting everything in order and living in the moment’’ Motivation: Want to live their life for themselves, invest in riskless resources. Have no expectation of luxury, want a simple and quiet life. Pension Approach: See pension as a sort-term savings tool, consider it as a surprise money. However, do not consider buying pension if they have large amounts of money. Mottos ‘‘Achieving their goals, being strong in life’’ Motivation: Want to have savings to do what they want, when they want. It is important to live in better conditions and provide their children what they desire. Pension Approach: See pension as stability, power and guarantee. Pension is reasonable as it provides controlled savings. For them, pension is something wage earners should buy, not for people who earn much. Motto: ‘‘Best in life is investing in your children’’ Motivation: Want to have a stress-free life and thus to avoid potential health problems. Pension Approach: Understand pension and see it as a long-term investment. It is important for them to remain in the system until the end. Think that the money they save might waste away, while pension is a good gain that provides steady income. Motto: ‘‘Leading a life without relying on anyone’’ Motivation: Want to settle down, lead a life for themselves and seek peace in their life. Want to leave working completely when they retire and desire to lead a life without relying on anyone. Pension Approach: Think that current living conditions are tough and see pension as a comfort. They do not have high expectations and see it as a shelter in hard times. Motto: ‘‘Beıng ındependent, ımprovıng oneself’’ Motivation: Money is not an objective, it is a means for self improvement. Think money brings responsibilities and problems, like to spend investing in themselves. Have high expectations from themselves, have plans about future. Want to have the money that that will meet their needs. Pension Approach: Find pension appealing as it provides an amount more than they can save. Find the idea that it’s self controlled and can be done with little amount of money appealing.

12 © I psos // STF007 GAB – ISO Seeking Conviviality Seeking Privilege Future & Family Focused Seeking Discovery & Self-Improvement Security Seekers Executive Summary - Segments %42 female - %58 male %58 married %31 have child Average age: 34 Pension owners %33 Tendency to have pension in the future %65 How they make saving? - In banks %34 - Gold/foreign currency %29 - By having pension %28 %49 female - %51 male %47 single %32 have child Average age : 32 Pension owners %28 Tendency to have pension in the future %58 How they make saving? - In banks %29 - Gold/foreign currency %24 - By having pension %20 %47 female - %53 male %63 married %38 have child Average age : 35 Pension owners %25 Tendency to have pension in the future %69 How they make saving? - In banks %23 - Gold/foreign currency %22 - By having pension %17 %50 female - %50 male %67 married %45 have child Average age : 34 Pension owners %28 Tendency to have pension in the future %60 How they make saving? - In banks %27 - By having pension %22 - Gold/foreign currency %17 %50 female - %50 male %50 single %30 have child Average age : 32 Pension owners %30 Tendency to have pension in the future %62 How they make saving? - In banks %38 - Gold/foreign currency %27 - By having pension %25 Those who know the requirements to receive savings without cutbacks: %26 Those who know the requirements to receive savings without cutbacks: %13 Those who know the requirements to receive savings without cutbacks: %20 Those who know the requirements to receive savings without cutbacks : %17 Those who know the requirements to receive savings without cutbacks: %20

13 © I psos // STF007 GAB – ISO Seeking Conviviality Seeking Privilege Future & Family Focused Seeking Discovery & Self-Improvement Security Seekers Executive Summary - Segments Why do we target? They are ambitious people who plan their life today and have expectations about future; hence their personality matches with pension. What should we offer? It is an audience that faces a dilemma; spending money today for investments that’ll improve themselves, or making savings for the future. So, it is very important to emphasize the gains of pension in the communication. How to reach them? Gainful saving should be emphasized: communication that explains that they can gain more than the saving they make themselves, that they have the control, and gain more within the risks they themselves identify/take. Why do we target? The largest segment. Already try different saving methods. Confused and open to guidance. What should we offer? Additional promotions / services How to reach them? Avoiding using the word ‘retirement’ is recommended as it can be associated with old age. Messages such as “Living in the moment, protection in hard times and putting everything in order” can be useful. Why do we target? A younger segment, might be important to correct the misinformation they have about pension to educate the next generation better. What should we offer? Services involving child’s education, member exclusive social clubs, expert advisory services How to reach them? Messages about a better education for children and maintaining current living conditions may be useful. A message such as “I’m strong whatever happens” might be used portraying an individual who is strong and admirable. It might be emphasized that they’re privileged. Why do we target? It’s very important to make saving, especially saving for children. Think about the future and take precautions today. What should we offer? Products aimed at children, especially about education How to reach them? It is suggested to highlight that it is possible to guarantee the future with small savings. A message such as ‘Your child’s university costs are ready in advance’ will draw their attention. Why do we target? We think that the number of individuals who act with motivation of ‘being self sufficient’ will increase in Turkish society, which shows an individualist tendency. What should we offer? ‘Giving sense of reassurance is important How to reach them? A message that is inviting, promises peace and trust and makes the customer feel like he/she is doing what is required for his/her future may be useful. It is important to convey a feeling of protection.

14 © I psos // STF007 GAB – ISO Purpose and Project Design

15 © I psos // STF007 GAB – ISO Our Purpose 15 In this presentation, the focus will only be on pension. Setting up communication strategies to turn the current attitude towards pension and insurance in Turkey into positive and contributing to the adoption of pension and insurance in the long term.

16 © I psos // STF007 GAB – ISO How did we design? Qualitative Focus Groups: Identifying motivations, understanding consumers’ pension and insurance ownership perception Quantitative Interviews: Determining target groups and their sizes, establishing roadmap to reach each target group ? Separate studies for private pension system and insurance (property, casco, commercial and health insurance)... 2-staged research design for both studies… Requirement based segmentation model of Ipsos:

17 © I psos // STF007 GAB – ISO How did we design? Whom did we contact? Kalitatif Kantitatif  Age group of  BC1C2 SEC  Female & Male  People who are responsible for making financial decisions for family/personal or who have equal responsibility for this  Employed, non-employed, retired  Having different tendencies for ownership: Pension/insurance owners, non-owners or people who left having Kalitatif  12 mini focus group discussions: 6 for pension, 6 for insurance Qualitative Focus Groups October 2014

18 © I psos // STF007 GAB – ISO Mini groups: 4 participants Special seating order: bean bags Denorming exercises Photo sets & indirect questioning Long sessions: hours The shoes are taken off Censydiam Type Focus Groups

19 © I psos // STF007 GAB – ISO How did we design? Whom did we contact?  Aged 20 and older  ABC1C2 SEC  Female & Male  City distribution representing Turkey, conducted in city centers  NUTS 12 cities and Eskisehir: Istanbul (Asian and European side), Adana, Ankara, Samsun, Balikesir, Trabzon, Bursa, Eskisehir, Izmir, Gaziantep, Erzurum, Kayseri, Malatya. *Eskisehir was included in the study so as not to spoil the representation.  Face to face CAPI interviews in houses and workplaces with 917 people not rejecting private pension system and with 844 people not rejecting insurance products Field study between 26 December 2014 and 24 January 2015 Quantitative Interviews

20 © I psos // STF007 GAB – ISO City Distribution Representing Turkey İLLERCONDUCTED% DAĞILIM* Adana10211% Ankara12614% Balikesir233% Bursa718% Eskisehir253% Erzurum131% Gaziantep627% Istanbul Asian10011% Istanbul European 17519% Izmir10411% Kayseri445% Malatya253% Samsun324% Trabzon152% TOTAL917100% İLLERCONDUCTED% DAĞILIM* Adana 9411% Ankara 11614% Balikesir 213% Bursa 658% Eskisehir 233% Erzurum 121% Gaziantep 577% Istanbul Asian 9211% Istanbul European16219% Izmir 9611% Kayseri 405% Malatya 223% Samsun 304% Trabzon 142% TOTAL844100% Pension Insurance * City distributions are weighted for a distribution representing Turkey

21 © I psos // STF007 GAB – ISO Gender (%) SEC (%) 58% Among pension owners, monthly incomes and self- employment rates are higher Most interviewees are either high school (56%) or university (22%) graduates Yaş (%) Avg. Age: Pension Base: 917 Have children under 1859% Profile* * Shows the profile of those who don’t reject private pension system. Male and Female ratio has a quota system (half and half), age and SEC are not limited. Shows higher/lower values of pension owners compared to those who don’t 21 Age

22 © I psos // STF007 GAB – ISO % 50% 10% 40% 20% 30% Postgraduate Paid employee Qualified expert White collar having more than 20 employees His/her spouse works Saves money For the holidays, goes to holiday village or hotel 22 What are the characteristics of AB SEC group? Turkish Researchers’ Association 60% 15% 30% 13% 20% Postgraduate Non-executive, officer, expert, technical personnel Employer having 1-5 employees His/her spouse works Saves money For the holidays, goes to holiday villages or hotels

23 © I psos // STF007 GAB – ISO General Habits and Attitude towards Private Pension System

24 © I psos // STF007 GAB – ISO Ensuring the future of themselves and their families...

25 Perception of Safe Future 25 For consumers, there is a close connection between finance and feeling safe. When they have large amount of money, they tend to invest in property the most as a long term investment. ….however there are other elements between the target and reality:  Income level is not enough to make savings.  Living in the moment and enjoying consumption are more attractive for the middle class, which is still developing in Turkey and focuses on emotional consumption.  Saving money is only appealing when it can be turned to cash quickly and provides added value to money Qualitative

26 Perception of Safe Future 26 Living in the moment, Can only save the day or spend it on consumption when they have an extra resource, A more fatalist society where people accept what will happen, instead of planning beforehand to secure the future. Fatalism is the biggest spiritual power for dealing with problems. Health issues and unemployment are the biggest concerns for the future. In terms of securing the future, consumers in Turkey can be best described by: Qualitative

27 Perception of Safe Future 27 We have similar dreams of a good future: a quiet and peaceful life, away from the city’s chaos. It is known that money has an undeniable role for achieving this. Protective nature of families, solidarity and our socialist structure are among the most important supports in hard times. Qualitative

28 © I psos // STF007 GAB – ISO Those who can’t make savings + those who do not save at all Make savings in bank (investment instruments such as deposit accounts, gold, foreign currency, fund etc.) Make savings on gold or foreign currency (using jewelry stores or exchange offices.) Pension owner Buy property/land/office for investment Purchase shares, interested in stock market Investment Behaviors Q12a, Q12bBase: 917 % % Shows higher/lower values of pension owners compared to those who don’t 69% of pension owners describe pension as an investment type Their income is just enough for their spending Financial difficulties They don’t need to invest 37% 23% Reasons for not investing 58% % % Currently paying property/vehicle/land/office loan 6% Base: 407 Around half of those who don’t reject pension cannot make savings enough or they do not save at all. The fundamental obstacle to investing is the lack of financial resources. Their income is just enough for their spending. Saving money in banks is the most common investment type, followed by buying gold or foreign currency.

29 © I psos // STF007 GAB – ISO % Those who had pension until today 29% Those who have pension now 6% discontinued 77% Inadequate financial status 46% Think that the amount of gain is not satisfactory 35% Dissatisfaction with agency Base: 917 Inadequate financial status/difficulty in paying contributions 52% Having SSI retirement 31% Don’t have information about pension 22% Haven’t had the chance 24% Base: % Q1b, Q1c, Q2, Q3, Q5, Q7, Q1f, Q1g had a break before Pension Ownership Where did they buy ? 66% banks 28% insurance agencies Who made the decision? 69% themselves 22% with their spouse 42% For the future of family 33% To make savings 10% For Retirement Base: 265 (Those who own pension now)

30 © I psos // STF007 GAB – ISO Information Sources Q9 The most important information sources are TV ads, agencies and acquaintances. Base: 917 Shows higher/lower values of pension owners compared to those who don’t

31 © I psos // STF007 GAB – ISO Base: 265 (Those who own pension now) Q0b In order to receive the savings without cutbacks in private pension system; 20% Those who are aware of that they must stay in the system for 10 years and be over 56 20% 51% Those who think that it is enough to stay in the system for 10 years 51% 7% Those who say that there would be tax cutbacks if you left before completing 10 years 7% 12% Those who state less than 10 years 12% 10% Those who don’t know 10% Information Level

32 © I psos // STF007 GAB – ISO Base 917 State Subsidy Awareness Q6a,Q6b,Q6c Shows higher/lower values of pension owners compared to those who don’t Around half of those who don’t refuse pension are aware of state subsidy. More than half of those who know of state subsidy know that the rate is 25%, while only 9% are aware of that they must stay in the system for a specific time period/10 years and contribute regularly in order to benefit from state subsidy. % Average: 3.9/5 Base: % know the correct rate (25%) 32% don’t know 10% have wrong information about the rate What is the rate of state subsidy in pension? Are they aware of the requirements to benefit from state subsidy? 18% say it’s enough to have pension 72% don’t know at all/has wrong information 9% states that they must remain in the system for 10 years/long/specific time period and contribute regularly.

33 © I psos // STF007 GAB – ISO Those who own pension Base: 265 State Subsidy Awareness Among Pension Owners Q6a,Q6b,Q6c Shows higher/lower values of pension owners compared to those who don’t 77% of pension owners are aware of state subsidy. 61% of those who know of state subsidy know that the rate is 25%, while only 13% are aware that they must remain in the system for a specific time period/10 years and contribute regularly in order to benefit from state subsidy. 61% know the correct rate (25%) 27% don’t know 12% have wrong information about the rate What is the rate of state subsidy in pension? Are they aware of the requirements to benefit from state subsidy? 20% say it’s enough to have pension 67% don’t know at all/have wrong information 13% state that they must remain in the system for 10 years/long/specific time period and contribute regularly. % Average: 4.1/5 Base:205

34 © I psos // STF007 GAB – ISO Q10a+Q10b Tendency to have pension or insurance (purchase or continue) in the future is very high. Pension Plans for Future Total: 63% Base: % Tendency to continue having pension (by pension owners) Base: % Tendency to enter the system (by those who do not own pension) Base: 652 % % Insurance Plans for Future Base: 917 Shows higher/lower values of pension owners compared to those who don’t

35 © I psos // STF007 GAB – ISO Pension Plans of Pension Owners Base: 265 (Those who currently own pension) Q0b Almost half of pension owners are planning to retire and receive monthly payments. 48% I am planning to retire and receive monthly payments 28% After 10 years, I will have a lump sum payment 24% After retirement I am planning to have a lump sum payment Which of the following describes your pension plans best?

36 © I psos // STF007 GAB – ISO Recommendation 22% Recommendation Product content 30% Product content 30% Extensity of agencies 25% Extensity of agencies 25% Convenient payment conditions 38% Convenient payment conditions 38% Brand Reliability 65% Brand Reliability 65% Guidance by the bank I work with, Special promotions for me 19% Guidance by the bank I work with, Special promotions for me 19% Offering advisory, Product range, Being acquainted with the agency 17% Offering advisory, Product range, Being acquainted with the agency 17% 77 Base: 727 (Those who have ever owned insurance/PPS before) Q4 Company Selection Criteria

37 © I psos // STF007 GAB – ISO Base: 917 Q11 Consider purchasing on the Internet? % % Consider purchasing from call center? % % Higher among women and ages Tendency to purchase insurance or pension on the Internet/through call center Higher among ages Internet usage rate: 80%

38 © I psos // STF007 GAB – ISO Censydiam Model and Motivations

39 © I psos // STF007 GAB – ISO Censydiam is a way of thinking… it is a path to understand the motivations in the lives of human beings… it is a compass that helps us trace the map of our daily routine experiences.

40 © I psos // STF007 GAB – ISO Censydiam is determined by two antagonistic but complementary DIMENSIONS: Me Liberate Repress Others INDIVIDUAL DIMENSION The subject may try to be in control in situations of uncertainty or may feel confident and liberate him/herself from them, in situations that are comfortable for him/her. SOCIAL DIMENSION The subject moves between two possibilities: on one hand, belonging to and integrating a group  on the other hand, standing out and expressing him/her individually, being different.

41 And these dimensions define 8 MOTIVATIONS that guide consumption and choices: There are 8 ways to experience products, services, brands… and life ENJOYMENT CONVIVIALITY BELONGING CONTROL SECURITY RECOGNITION POWER VITALITY Me Liberate Repress Others 41

42 Action Passion Dynamism Freedom Innovation Stimulating Entrepreneur VITALITY Vitality is about adventure, testing your boundaries and discovering new things. It taps into the need we have to step outside our comfort zone, to explore our environment and to achieve independence (away from others). It is when we travel and experience the exotic and the unusual in order to be stimulated and excited. Vitality is all about experiencing freedom, passion, and adventure, bussing about, spending energy, and feeling very much alive and kicking.

43 Hedonism Impulsivity Abundance Instinct Joy Relish | Delight Unconcern Originality Enjoyment is all about maximizing the pleasure I get out of life and enjoying myself without worrying about the consequences. I go a little crazy, overindulge myself and lose all inhibitions. I am spontaneous, follow my instincts and live for the moment. The purpose of consumption is abundance and enjoyment. It is impulsive and sometimes excessive or even manic. ENJOYMENT

44 Optimism Friendship Spontaneity Companionship Empathy Warmth Sociable Easy to get along with CONVIVIALITY Conviviality is about wanting to be connected with other people. For me, meeting people is a joy. I love having good times with good friends and loved ones. Interacting and sharing experiences means letting go of any differences we might have. It is about opening up emotionally, being romantic or allowing others to be part of your life, on or off-line.

45 Trust Enrichment Group Harmony Acceptance Tradition Hospitality BELONGING Belonging is all about being surrounded by people who accept me as I am, as an equal and who make me feel welcome. Belonging is about the need to be part of society or a group we feel really part of. Part of this is linked to following norms and traditions just because we are part of that culture or group. It is about togetherness, brotherhood, camaraderie, taking care of others, being taken care of by others, and doing and feeling good.

46 Loyalty Calm Introspection Tranquility Protection Inner peace Stability Comfort SECURITY Security is about the experience of relaxation, tranquility and safety. These are the moments one feels the need to retreat and recharge. One is looking for an experience that soothes, comforts and takes away the stresses and strains of a hectic life. These are the times one withdraws to a physical or mental space that is free from worry and responsibility - an almost childlike state of feeling safe and cared for.

47 Certainty Rituals Conservative Functionality Moderation Discipline CONTROL Control is about keeping myself in check and hiding my emotions and feelings. It is not that I don't have emotions, I just don't want to let them out or let them be seen by others. There are times when I want to try to be as cool, calm and collected as possible. There are also moments when I like to be completely in control, to keep things in order, have discipline and stick to a routine which feels quite comfortable and safe. This gives me a sense of stability and structure.

48 Creativity Differentiation Overcoming Unique Intellectual Originality Smartness RECOGNITION Recognition is about feeling unique, special and ahead of the pack. The Recognition dimension reflects the need to stand out from the crowd and break from convention. Recognition is all about being proud of one's own special abilities and competence - intellectually, culturally and materially.

49 Status Proud Authoritarian High Quality Success Sophisticated Prestigious Superior POWER Power is about the need to be the best. It relates to the desire I have to be respected, praised and acknowledged for the choices I make and for the successes I have achieved in my life. The power dimension reflects my social status and the need to be an authority and a leader of others.

50 5 Segments according to Motivations for Pension Ownership

51 The need to be close to others, to support them The need to be different from and superior to others, to have our superiority confirmed The need to be prepared against uncertainties of life The need to focus on the moment / live in the moment without worrying about future How do we define the motivation of ‘Ensuring the Future’ on the Censydiam Map? ENJOYMENT CONVIVIALITY BELONGING CONTROL SECURITY RECOGNITION POWER VITALITY Me Liberate Repress Others

52 © I psos // STF007 GAB – ISO We have identified 5 different segments for pension motivations 52 Base: 917 CONVIVIALITY BELONGING SECURITY VITALITY POWER The size of circles indicate the share of segments. Red Orange Yellow Brown Black

53 © I psos // STF007 GAB – ISO Base: 917 My Ideal Private Pension System… Seeking Discovery & Self- Improvement Seeking Conviviality Seeking Privilege Future & Family Focused Security Seekers Orange Red Purple Green Black Blue Brown Yellow

54 54 The common and most powerful motivations in terms of pension/ensuring the future Social Identity Functional Characteristics Personality Emotional Benefits NOTE: Indexed vs. average of all items in facet We report all items with a score which is 1 standard deviation higher than the average Base: 917 Which qualities should it have? How should it make me look? How can it improve my life? What should the firm’s character be?

55 Common Characteristics of the Segments 55 Segment demographics are similar to each other: Average age is between 32 and 36, balanced male-female ratio, high ABC1 SEC group belonging, educated and mostly have gainful employment There isn’t a significant difference among the segments about pension ownership. Private pension is bought mostly for family and saving purposes. The most common reason for not having pension is having inadequate financial status. Pension or insurance is mostly purchased through bank branches or agencies. Mostly, purchasing decision is made by the respondents themselves. Brand reliability is the most important criterion in company preference. Reasonable payment conditions follows. Pension owners generally want to receive lump sum payments. However, they think that remaining in the system for 10 years is enough to receive their savings without cutbacks. The possibility of buying pension or insurance through call centers are similar across all segments.

56 Middle- aged (Avg. 34 years old) Seeking Conviviality 56 Istanbul 38% Izmir 12% Education & Employment 59% have gainful employment Higher than other segments 57% High school graduate 21% Postgraduate Education: Male majority (58% male- 42% female) 58% Married 31% Have children under 18

57 PUTTING EVERYTHING IN ORDER AND LIVING IN THE MOMENT 57 Lives in the moment, enjoyment oriented Wants to get away from worries Likes practical solutions Wants to consult an expert Motivation Want to live their life for themselves Invest in riskless resources, do not want to involve in investments that would disrupt their way of living Have no expectations of luxury, want a simple and quiet life for themselves and their children Pension Approach See pension as a short-term savings tool Consider pension as a surprise money Do not consider buying pension if he has large amounts of money

58 The rate of those who don’t or cannot make savings are lower (38%) 58 The prominent reason behind not making savings is financial status, on the other hand, the rate of those who don’t need to make savings is higher in this segment Get away from worries by saving! How do they make savings? 28% Have pension 2 29% Buy gold or foreign currency 3 34% Make savings in banks 1 Seeking Conviviality

59 Reasons for buying pension are similar to the general For the future of family To make savings 32% 45% 59 Reasons for not buying pension Having SSI retirement Haven’t had the chance 24% 22% 27% 53% Don’t have information about pension Relatively low than other segments Inadequate financial status Rate of those who are aware of that they need to remain in the system for 10 years and be over 56 to receive retirement savings without cutbacks are higher 26% 54% only state that they are required to remain in the system for 10 years Higher pension ownership, 33% own pension 18% of those who had pension before discontinued In general, those who discontinued state that they discontinued due to financial status, not being satisfied with the gain or dissatisfaction with the agencies Seeking Conviviality 16% 12% 16% 17% Take other precautions Don’t think the service they receive is good enough for the amount they pay Think pension is not an effective way to invest They don’t think they will encounter difficulties in the future Higher than other segments

60 Consider buying or continue having pension in the future 60 The rate (21%) of those who state that they might buy through Internet is higher than other segments Seeking Conviviality

61 Trusting in state subsidy is slightly higher! 48% know that there is state subsidy, in parallel with general Knowledge level about state subsidy is low, as in general. Rate of those who know what is required to benefit from the subsidy is low (2%) 84% state that they trust or have utmost confidence in state subsidy. Bank they work with 31% 20% 35% 47% 38% Agencies Higher compared to other segments Acquaintances Call centers of companies Higher compared to other segments TV ads 61 Seeking Conviviality Relatively higher compared to other segments

62 Seeking Conviviality The largest segment Consider making savings necessary Already try different saving methods Confused and open to guidance Additional promotions/services (For example birthday cake, concert ticket, fuel, check-up opportunities for those over 50, special promotions after child birth etc.) Avoiding using the word ‘retirement’ is recommended as it can be associated with old age Messages such as “Living in the moment, protection in hard times and putting everything in order” can be useful. PUTTING EVERYTHING IN ORDER AND LIVING IN THE MOMENT

63 Younger (Avg. 32 years old) Majority age group Seeking Privilege 63 Adana 14% Istanbul 38% Bursa 11% Education & Employment More than half have gainful employment 53% High school graduate 25% Postgraduate Education: Equal gender distribution (49% female- 51% male) 47% Single 32% Have children under 18 Single rate is higher

64 ACHIEVING THEIR GOALS, BEING STRONG IN LIFE 64 Want to have special status and privileges Want to be admired Like success Want good and quality education for their children (see children’s success as an extension of their own) It is important for them to have the best service available Motivation Want to have savings to do what they want, when they want, rather than having future worries It is important to live in better conditions, provide their children what they desire and not to interfere with their wishes Pension Approach See pension as stability, power and guarantee Reasonable as it provides controlled savings For them, pension is something wage earners should buy, not for people who earn much Seeking Privilege

65 65 28% don’t make savings at all Higher compared to other segments A third of those who cannot make savings say that they don’t need to make savings Higher compared to other segments Less future worries! Invest in themselves Seeking Privilege

66 Rate of those who consider buying or continue having pension in the future is lower than all segments, particularly than Future & Family Focused segment. 66 The most important company selection criteria are similar with the general. However; Recommendation of the bank they work with (29%) Higher than other segments (similar to those who Seek Safety) 25% state that they are not planning to buy pension or any insurance, and this rate is higher than other segments Seeking Privilege

67 Reasons for buying pension For the future of family To make savings 34% 36% Relatively lower compared to other segments 67 Reasons for not buying pension Haven’t had the chance Having SSI Retirement Lower than other segments as in Seeking Conviviality segment 28% 25% 29% 47% Don’t have information about pension Inadequate financial status 28% own pension 19% of those who had pension before discontinued As in general, they discontinue because of dissatisfaction with the gain, inadequate financial status or dissatisfaction with the agencies Those who know that they must remain in the system for 10 years and be over 56 to receive their savings without cutbacks are relatively lower 13% 63% state it’s enough to complete 10 years 12% think that 1-3 years are enough, and this rate is higher compared to other segments Seeking Privilege

68 Awareness level about government incentive is lower than other segments! 68 TV ads Bank they work with 38% 42% 47% Acquaintances Higher than other segments Agencies As in Seeking Conviviality, it’s relatively higher than other segments %37 know about the government incentive Lower than other segments Half of those who are aware of government incentive know the correct incentive rate (25%) Lower than other segments Confidence in government incentive is parallel to the general (77%) Seeking Privilege

69 A younger segment It might be important to correct the misinformation they have about pension to educate the next generation better An education fund service might be offered for their children Member exclusive social clubs might be created It is important to offer an expert advisory service Have higher Internet and social media usage, easier to reach through Internet A message such as “I’m strong whatever happens” might be used portraying an individual who is strong and admirable. It might be emphasized that they’re privileged. In the message, it should be emphasized that there’s a reward at the end of pension system and that they will receive the best service Messages about a better education for children and maintaining current living conditions may be useful ACHIEVING THEIR GOALS, BEING STRONG IN LIFE

70 Older (avg. 35 years old) Future & Family Focused 70 Izmir 16% Ankara 20% Adana 13% Gaziantep 11% Istanbul 18% Education & Employment Lower household income than other segments Almost half have gainful employment Trader-merchant rate is higher in profession distribution in this segment 52% high school graduate 25% Postgraduate Education: 63% Married 38% Have children under 18 Married rate is higher Equal gender distribution (47% female- 53% male)

71 71 Value family over anything For them, people are more valuable than money Seek order in life Want to be successful Inclined to make savings Plan his children’s education costs Motivation Want to have a stress-free life and thus to avoid potential health problems BEST IN LIFE IS INVESTING IN YOUR CHILDREN Pension Approach Understand pension and see it as a long-term investment. It is important for them to remain in the system until the end. Think that the money they save might waste away, while pension is a good gain that provides steady income Future & Family Focused

72 50% cannot make enough investments or make none at all due to financial status. Those who state that they spend all their earnings to make ends meet are the majority. Higher than other segments Investing rate is similar to that of Seeking Privilege, although the reasons are different. Savings are important for Future & Family Focused! 72 Those who know about the state subsidy is higher (62%) 60% knows that the subsidy is 25%, but the level of knowledge about how to benefit from state subsidy is low, as in all segments. Trust in state subsidy is in parallel with the general (83%) Future & Family Focused

73 Reasons for buying pension For the future of family To make savings 28% 49% Relatively higher than other segments Relatively lower than other segments Those who wish to receive lump sum payment are higher (34%) 73 Reasons for not buying pension Inadequate financial status Having SSI Retirement 33% 24% 56% Haven’t had the chance Particularly higher than Seeking Privilege 25% own pension 13% of those who had pension discontinued (lower) Reasons are inadequate financial status or being retired Future & Family Focused

74 Consider buying or continue having pension in the future Higher than other segments 74 Acquaintances Higher than other segments, as in Seeking Privilege Agencies 38% 28% 45% 47% Bank they work with Relatively lower than other segments TV ads Those who consider buying through Internet are lower Future & Family Focused

75 It’s very important to make saving, especially saving for children Think about the future and take precautions today Products aimed at children, especially about education, may be promoted (For example, a saving for education cost starts from early age) It is suggested to highlight that it is possible to guarantee the future with small savings A message such as ‘Your child’s university costs are ready in advance’ will draw their attention BEST IN LIFE IS INVESTING IN YOUR CHILDREN

76 Majority age group (Avg. 34 years old)) Security Seekers 76 Ankara 26% Adana 14% Gaziantep 15% Istanbul 22% Education & Employment Almost half have gainful employment Trader-merchant rate is higher as in Future & Family Focused 62% High school graduate 17% Postgraduate Education: 67% Married 45% have children Married rate is higher, as in Future & Family Focused, rate of having children is higher than other segments Equal gender distribution (50% female- 50% male)

77 LEADING A LIFE WITHOUT RELYING ON ANYONE 77 Seek order in life, have a balanced life Have deep-rooted habits Play it safe, want detailed information Family is very important and feel safe near their families Want to find what’s best for them Want to be supported Motivation Want to settle down, lead a life for themselves and seek peace in their life Want to leave working completely when they retire and desire to lead a life without relying on anyone Pension Approach Think that current living conditions are tough and see pension as a comfort. They do not have high expectations about it. See pension as a shelter in hard times saving them from relying on anyone Security Seekers

78 However, information level about state subsidy is not different from other segments Half of them are aware of state subsidy Guaranteed income and state subsidy are important! 78 58% of those who are aware know that the rate of subsidy correctly (25%) 79% state that they trust or have utmost confidence in state subsidy (as in general) Security Seekers Rate of those who know that they must remain in the system for a long period/10 years and contribute regularly are relatively higher (14%)

79 Reasons for buying pension For the future of family To make savings 40% 43% Relatively higher than other segments Those who buy through bank branches are higher (74%) 79 Similar reasons for not buying pension Inadequate financial status Having SSI retirement 34% 21% 49% Don’t have information about pension 28% own pension 17% of those who had pension discontinued The reason is inadequate financial status Security Seekers

80 Consider buying pension or continue having pension in the future, similar to general The most important company selection criteria are similar with the general. However; Recommendation of the bank they work with (33%) Higher than all other segments including Seeking Privilege Those who consider buying through Internet is lower, as in Future & Family Focused Security Seekers Acquaintances Bank they work with 37% 35% 37% 53% Getting information from companies’ websites is lower TV ads Higher than other segments Agencies 80

81 Security Seekers We think that the number of individuals who act with motivations like ‘being self sufficient’ and ‘living without relying on anyone’ will increase in Turkish society, which shows an individualist tendency with the increasing consumption and urbanization An audience that can be reached with proper communication: main message is TRUST A message that is inviting, promises peace and trust and makes the customer feel like he/she is doing what is required for his/her future may be useful It is important to convey a feeling of protection TV advertisements are particularly important for communication LEADING A LIFE WITHOUT RELYING ON ANYONE

82 Younger (Avg. 32 years old) Majority age as in Seeking Privilege Seeking Discovery & Self-Improvement 82 Adana 12% Istanbul 32% Izmir 11% Education & Employment More than half have gainful employment 57% High school graduate 20% Postgraduate Education: Equal gender distribution (50% female- 50% male) 50% Single 30% Have children Single rate is higher as in Seeking Privilege

83 BEING INDEPENDENT, IMPROVING ONESELF 83 Fond of independence Like discoveries and want to have new experiences Benefit from opportunities Want to improve their current living quality Motivation Money is not an objective, it is a means for self improvement. Think money brings responsibilities and problems, like to spend investing in themselves Have high expectations from themselves, have plans about future Want to have the money that that will meet their needs Pension Approach Find pension appealing as it provides an amount more than they can save Find the idea that it’s self controlled and can be done with little amount of money appealing Seeking Discovery & Self-Improvement

84 Rate of those who can’t or don’t make savings is lower than other segments, as in Seeking Conviviality (39%) 84 The main reason for not making savings is financial difficulties, also the rate of those who state that they don’t need it is higher in this segment. Like tangible savings, make savings for their self- improvement How do they make savings? 38% Saves in a bank Higher than other segments Seeking Discovery & Self- Improvement

85 Reasons for buying pension For the future of family To make savings 34% 38% Lower than other segments, as in Seeking Privilege Buying through bank branches is higher (76%), as it is in Security Seekers 85 Reasons for not buying pension Haven’t had the chance 20% Having SSI Retirement 35% 20% Don’t have information about pension 52% Inadequate financial status 30% own pension 22% of those who had pension discontinued The reasons are dissatisfaction with the amount of gain, having inadequate financial status or dissatisfaction with the agencies (parallel with the general) 18% Takes other precautions Higher than other segments including Seeking Conviviality 12% Think pension is not an effective way to invest Higher than other segments, as in Seeking Conviviality Seeking Discovery & Self-Improvement

86 Consider buying or continue having pension are similar to general 86 The most important company selection criteria are similar with the general. However; Company’s recommendation rate (33%) Higher than other segments Those who consider buying through Internet (17%) is higher than other segments, lower than Seeking Conviviality Seeking Discovery & Self-Improvement

87 Confidence in state subsidy is slightly lower! 87 Bank they work with Acquaintances 34% 19% 24% 37% 38% 42% Agencies Companies’ Call Centers Higher than other segments, as in Seeking Conviviality TV ads Newspaper/magazine ads 46% are aware of state subsidy (in parallel with the general) 59% of those who are aware know the correct rate (25%), as in general 70% state that they trust or have utmost confidence in state subsidy Lower than other segments Seeking Discovery & Self-Improvement

88 They are ambitious people who plan their life today and have expectations about future; hence their personality matches with pension It is an audience that faces a dilemma; spending money today for investments that’ll improve themselves, or making savings for the future. So, it is very important to emphasize the gains of pension in the communication Gainful saving should be emphasized: communication that explains that they can gain more than the saving they make themselves, that they have the control, and gain more within the risks they themselves identify/take. BEING INDEPENDENT, IMPROVING ONESELF

89 Genelde izlenilen TV kanalı 89  TV is watched mostly between 21:00-23:00 and 19:00-21:00 followed by 23:00-01:00 and 17:00- 19:00. Base: % have a digital channel or satellite system 54% satellite, 11% Digiturk, 7% D-Smart, 7% cable TV D-Smart owners are slightly higher among pension owners (12%) Digital Channel Preference TV Watching Habits Order of The Most Frequently Watched TV Channels 3 4 Generally watched TV channel

90 61% Most read newspapers among readers of printed newspapers; Newspaper Readers Followed by Posta and Haberturk Among online papers, the most popular is Hurriyet (49%). Followed by Sabah and Milliyet 56% of newspaper readers read printed newspapers, 25% read only on the Internet 20% read both Frequency of reading newspaper: 4 times a week on average 90 80% Facebook is the most common social sharing website (45%), followed by Twitter (14%), Instagram (14%) and Youtube (12%). Internet Usage 74% don’t listen to the radio Radio listening rate is higher during the day. 13:00-17:00 period stands out among pension owners. Radio is mostly listened while driving or travelling 72% have account on social media 53% don’t use social media to follow/communicate with brands Other Media (Newspaper, Radio and Internet) Baz: 917

91 Seeking Conviviality Seeking Privilege Future & Family Focused Seeking Discovery & Self-Improvement Security Seekers 91 Media Habits Differences Among Segments ATV’s watching rate is generally lower. Higher rate of those who don’t own a digital or satellite TV. Lower rate of radio listening Average number of channels watched is higher Rate of those who don’t use social media to follow brands is higher. ATV is the most watched TV channel Rate of those who have Youtube account is higher Higher rate of listening to the radio at home Lower rate of digital or satellite TV ownership Higher rate of Internet usage Higher rate of reading online newspapers Higher rate of listening to the radio while travelling Low rate of reading newspapers Rate of listening to the radio at home is higher

92 Common Communication Language of the Segments 92 While the family stands out in some segments, it is the primary subject in all segments: In the messages to be given, emphasizing pension as a product that concerns the whole family can be useful. Information levels about pension is generally low: More people can be reached by informative studies, particularly by highlighting the advantages of pension. Individuals should feel that they are handing their savings over to reliable and expert institutions: In this context, companies should make consumers feel that they are reliable. The rate of those who get/want to get information about pension through TV and those who watch TV are high: TV should be the primary medium for reaching potential customers. Most watched time periods are 17:00-23:00 and secondly 23:00- 01:00. As Kanal D, ATV and SHOW TV are the most watched TV channels, these are recommended. Interviewees mostly read printed newspapers; Hurriyet, Sabah and Milliyet are the most read newspapers. Most of the interviewees have a social media account. Facebook should be the primary social site for Internet activities.

93 Insurance Segments in Brief

94 © I psos // STF007 GAB – ISO The common and most powerful motivations in terms of insurance / protecting self and the beloved ones against the possible losses 94 Social Identity Functional Characteristics Personality Emotional Benefits NOTE: Indexed vs. average of all items in facet We report all items with a score which is 1 standard deviation higher than the average Base: 844 Which qualities should it have? How should it make me look? How can it improve my life? What should the firm’s character be?

95 © I psos // STF007 GAB – ISO We have identified 5 different segments according to insurance motivations 95 Baz: 844 Size of the circle indicates the segment’s share CONVIVIALITY BELONGING SECURITY POWER ENJOYMENT Security Seekers Happiness with Family Seeking Conviviality Maintaining Positivity Power Seekers Orange Yellow Brown Blue Black Purple Red

96 © I psos // STF007 GAB – ISO APPENDIX

97 TV Watching Habits Genelde izlenilen TV kanalı Order of The Most Frequently Watched TV Channels  Similar to all segments, 17:00-23:00 is the most watched time period. 23:00-01:00 follows. Base: 226 Seeking Conviviality segment state that they have Satellite TV (47%), Digiturk (14%), Cable TV (9%) and D-Smart (6%). 30% state that they don’t own a digital or satellite TV system. Digital Channel Preference Seeking Conviviality Generally watched TV channel

98 98 76% 49% Facebook is the most used social sharing website in this segment, followed by Twitter, Instagram and Youtube. Most read newspapers among readers of printed newspapers; Newspaper Readers Internet Usage 74% don’t listen to the radio 07:00-09:00 is the period in which radio is most listened Radio is mostly listened while driving or travelling 68% have account on social media Newspaper reading rate is lower than other segments Hurriyet is the most read online paper(%50) 61% read only printed newspapers, 22% read only on the Internet, 17% read both Frequency of reading newspaper: 4 times a week on average Seeking Conviviality

99 TV Watching Habits Genelde izlenilen TV kanalı 99 Base: Order of The Most Frequently Watched TV Channels  19:00-21:00 stands out as higher than other segments. Seeking Privilege segment state that they have Satellite TV (61%), Digiturk (9%), D- Smart(8%) and Cable TV (6%) systems. Rate of those who don’t own any digital or satellite TV system (18%) is lower than other segments Digital Channel Preference Seeking Privilege Generally watched TV channel

100 100 88% 66% 76% don’t listen to the radio 11:00-15:00 and 19:00-21:00 is the most listened time periods. Radio is mostly listened while driving or travelling (Higher in this segment) Facebook is the most used social sharing website in this segment, followed by Twitter, Instagram and Youtube. Most read newspapers among readers of printed newspapers; In this segment, rate of reading online newspapers is higher. Hurriyet is the most widely read online paper (42%), followed by Milliyet, Sabah and Haberturk Newspaper Readers Internet Usage Higher than other segments 79% have account on social media 46% reads only printed newspapers, 32% reads only on the Internet, 22% read both Frequency of reading newspaper: 3 times a week on average Seeking Privilege

101 TV Watching Habits Genelde izlenilen TV kanalı 101 Baz: 188  Compared to Seeking Privilege and Seeking Conviviality segments, a higher watching rate is observed between 21:00-23: Order of The Most Frequently Watched TV Channels Future & Family Focused state that they have Satellite TV (55%), D-Smart (9%) and Digiturk (8%) digital systems. 26% don’t have any satellite or digital TV systems. Digital Channel Preference Future & Family Focused Generally watched TV channel

102 102 Facebook is the most used social sharing website in this segment, followed by Youtube (higher than other segments), Twitter and Instagram Most read newspapers among readers of printed newspapers; 66% don’t listen to the radio 17:00-19:00 is the most listened time period. Radio is listened «while driving and travelling». The rate of listening at home is higher than other segments 80% 71% Newspaper Readers Internet Usage 72% have account on social media Most widely read online papers are Hurriyet (37%) and Sabah (32%) 58% read only printed newspapers, 22% read only on the Internet, 20% read both Frequency of reading newspaper: 4 times a week on average Future & Family Focused

103 TV Watching Habits Genelde izlenilen TV kanalı 103 Base: Order of The Most Frequently Watched TV Channels  Compared to Seeking Privilege and Seeking Conviviality segments, a higher rate of watching is observed between 21:00-23:00. Those who seek safety segment state that they have Satellite TV (55%), Digiturk (12%), Cable TV (7%) and D Smart (5%) digital systems. 28% state that they don’t have any digital or satellite TV systems Digital Channel Preference Security Seekers Generally watched TV channel

104 104 80% 65% Rate of those who don’t use social sharing sites to follow brands is higher in this segment. Among those who do, Facebook is the most used social sharing website, followed by Twitter, Youtube and Instagram. 70% don’t listen to the radio They listen to the radio between 07:00-11:00 and 15:00-19:00 Radio is mostly listened while «driving and travelling» Most read newspapers among readers of printed newspapers; Newspaper Readers Internet Usage 74% have account on social media Most widely read online paper is Hurriyet (54%) 64% reads only printed newspapers, 19% reads only on the Internet, 16% read both Frequency of reading newspaper: 4 times a week on average Security Seekers

105 TV Watching Habits Genelde izlenilen TV kanalı 105 Baz: Order of The Most Frequently Watched TV Channels Seeking Discovery & Self-Improvement state that they have satellite TV (56%), D-Smart (11%), Digiturk (10%) and Cable TV (9%) digital systems. Digital Channel Preference Those who don’t own any satellite or digital TV system (20%) is low, as in Seeking Privilege segment Seeking Discovery & Self- Improvement Generally watched TV channel

106 106 77% 57% 83% don’t listen to the radio (higher than other segments) Facebook is the most used social sharing website in this segment, followed by Twitter, Instagram and Youtube. Newspaper Readers Internet Usage Most read newspapers among readers of printed newspapers; 65% have account on social media Most widely read online paper is Hurriyet (42%) 53% read only printed newspapers, 26% read only on the Internet, 21% read both Frequency of reading newspaper: 3 times a week on average Seeking Discovery & Self-Improvement

107 © I psos // STF007 GAB – ISO To contribute to your success…


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