Influence of Company Policy, Agent Behaviour and Financial Sufficiency on Buying Intention of Life Insurance Policy Holders
Keywords:
Life Insurance, Insurance Products, Policyholders Perception, Company PolicyAbstract
The study assesses the influence of company policy on the buying intentions of life insurance policyholders. The influence of agent behaviour and financial self-sufficiency on buying insurance products is measured as well. An attempt is also made to trace the impact of demographic factors like income and education level. The study is confined to Odisha province of India. ANOVA and explorative factor analysis followed by linear regression have been applied for the impact assessment. The study analysed the responses from 389 policyholders collected on a random basis. It is found that factors like Agents’ Behaviour, Self Sufficiency, and Financial Behaviour have a significant impact on Buying Intentions of policyholders, but Company Policy has no such impact. Similarly, income level has a significant impact on buying intentions. It can be inferred that policyholders buy policies when they are financially self-reliant. In addition, agents at the local level can influence the customer. The findings of the study will be helpful for insurance companies to develop an appropriate strategy to ensure better customer satisfaction and delivery of services.
References
Amulyamala, D., & Rao, B. S. R. (2017). Policyholders perception towards life insurance regulations: A factor analysis. International Journal in Management & Social Science, 5(11), 235-242.
Anusha, A. C. (2019). A study on service quality of life insurance corporation. International Journal of Exclusive Management Research, 9(09), 1–9.
Ariharasuthan, J. (2013). Perceptions and preferences of policyholders towards insurance products offered by LIC of India in Tirunelveli district. Manonmaniam Sundaranar University.
Bartlett, M. S. (1950). Tests of significance in factor analysis. British Journal of Statistical Psychology, 3(2), 77–85.
Bartlett, M. S. (1951). The effect of standardization on a χ2 approximation in factor analysis. Biometrika, 38(3/4), 337-344.
Basaula, D. (2017). Customers’ satisfaction towards life insurance claim settlement in Nepal. Janapriya Journal of Interdisciplinary Studies, 6, 29–44.
Chattha, S. (2020). Consumer awareness and insurance services: An empirical study of Punjab. Journal of Information and Computational Science, 13(2), 72–83.
Chaudhary, S., & Kaur, J. (2016). Consumer perception regarding life insurance policies: A factor analytical approach. International Journal of Information Movement, 9(6), 52–61.
Cortina, J. M. (1993). What is coefficient alpha? An examination of theory and applications. Journal of Applied Psychology, 78(1), 98–104.
Cronbach, L. J. (1951). Coefficient alpha and the internal structure of tests. Psychometrika, 16(3), 297–334.
Gautam, V., & Kumar, M. (2012). A study on attitudes of Indian consumers towards insurance services. Management Research and Practice, 4(1), 51–62.
Geetha, R., & Bindhu, A. R. (2019). Implications of perceived benefits and snags on consumer attitude towards insurance policies. International Journal of Recent Technology and Engineering, 8(July), 396–399.
Guan, L. P., Yusuf, D. H. M., & Ghani, M. R. A. (2020). Factors influencing customer purchase intention towards insurance products. International Journal of Business and Management, 4(5), 70–79.
Gurung, J. B. (2016). Insureds’ perception towards insurance services in Pokhara. REPOSITIONING The Journal of Business and Hospitality, 1(1), 23–36.
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19(2), 139–152.
Hutcheson, G., & Sofroniou, N. (1999). The multivariate social scientist: An introduction to generalized linear models, Thousand Oaks, CA: Sage Publications.
Jain, R. (2018). Customer satisfaction towards services of life insurance corporation (LIC) with special reference to Jaipur City. International Journal of Research and Analytical Reviews, 5(3), 459–465.
Jiyas, K., & Sureshkumar, K. S. (2019). Agents’ perception on the problems and satisfaction in marketing micro insurance products in Kerala. Splint International Journal of Professionals, 6(2), 32–38.
Kaiser, H. F. (1970). A second generation little jiffy. Psychometrika, 35(4), 401–415.
Kumar, P. (2011). A study of customer expectation and satisfaction of life insurance in India. Journal of Doctoral Studies. Accounting, 1(2), 65–82.
Mathew, A., & James, P. J. (2021). A study on customer perception towards products and services offered by life insurance corporation with special reference to Mavelikara Taluk, Kerala. International Journal of Research (IJR), 8(5), 655–668.
Mishra, S. P., Sarkar, U., Traphder, S., Datta, S., Swain, D. P., Saikhom, R., Panda, S., & Laishram, M. (2017). Multivariate statistical data analysis- Principal component analysis (PCA). International Journal of Livestock Research, 7(6), 60–78.
Mohandoss, K., & Balamurugan, M. (2013). A study on performance of insurance industry In India. Primax International Journal of Commerce and Management Research, 1(2), 73–80.
Mohideen, R. K., & Sekar, K. (2016). A study on policy - Holders satisfaction of life insurance corporation of India at Sirkali Town. International Journal of Management, 7(2), 730–734.
Murthy, S. S., Vijay Kumar, P., & Ramesh, A. (2017). Relative positioning of the life insurance brands - A study using correspondence analysis. Prestige International Journal of Management & IT - Sanchayan, 06(01), 52–98.
Nunnally, J. C. (1978). Psychometric Theory (2nd ed.). New York: McGraw-Hill.
Panda, P., Mishra, S., & Behera, B. (2021). Developing a research methodology with the application of explorative factor analysis and regression. IOSR Journal of Business and Management (IOSR-JBM), 23(4), 23–35.
Rajendran, B., & Sathyakala, R. (2016). Policyholders’ satisfaction towards services offered by life insurance corporation of India - A study with reference to Nagapatinam District. JAC: A Journal Of Composition Theory, XIII(1), 581–589.
Raza, S. A., Ahmed, R., Ali, M., & Qureshi, M. A. (2020). Influential factors of Islamic insurance adoption: An extension of theory of planned behavior. Journal of Islamic Marketing, 11(6), 1497–1515.
Sathya, P. K., Sakthivel, J., & V., B. (2018). Customer satisfaction of LIC policyholders with special reference to Thiruvallur District - A study. International Journal of Innovative Science and Research Technology, 3(1), 271–274.
Siddiqui, M. H., & Sharma, T. G. (2010). Measuring the customer perceived service quality for life insurance services: An empirical investigation. International Business Research, 3(3), 171-186.
Sivakami, R., & Ganesan, T. R. (2014). A study on customer perception on marketing efficiency of life insurance corporation. International Journal of Commerce & Business Studies, 2(4), 1–8.
Subashini, S., & Velmurugan, D. R. (2016). Policyholders’ satisfaction of life insurance products with reference to Coimbatore District. International Journal of Business and Management Invention, 5(4), 28–33.
Ulbinaitė, A., & Kučinskienė, M. (2013). Insurance service purchase decision-making rationale: Expert-based evidence from Lithuania. Ekonomika, 92(2), 137–155.
Unnamalai, T., & Rajinikanth, V. (2021). A study on customer perception towards life insurance corporation of India (With special reference to Kumbakonam Town). Information Technology In Industry, 9(1), 1265-1269.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Thailand and The World Economy
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
