International Journal on Customer Relations

Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

Satisfaction towards Motor Insurance Policies: Experience from Indian General Insurance Industry


Affiliations
1 Banaras Hindu University, Varanasi, Uttar Pradesh, India
     

   Subscribe/Renew Journal


Objectives: The study is intended to assess the relationship between consumer buying behaviour and satisfaction in motor insurance policyholders and to measure the influences of buying behaviour on consumer satisfaction.

Research Materials and Methods: The present study consists of 150 respondents (120 male and 30 female respondents, in a ratio of 4:1) and is based on random sampling method through self-administered questionnaire with five statements of consumer buying behaviour and satisfaction each using 5-point Likert Scale. Two types of statistics namely Bivariate Pearson Correlation and Linear Regression were applied. Bivariate Pearson Correlation was applied to assess the relationship between consumer buying behaviour and satisfaction.

Finally, Linear Regression was applied to predict the value of dependent variable (consumer satisfaction) by using independent variables-IVs (consumer buying behaviour).

Conclusions and Implications: The Pearson's correlation depicts consumer buying behaviour and satisfaction variables are not strongly related. The weak relation of consumer buying behaviour and satisfaction (CB &CS) variables (especially in motor insurance) implies that CB has less impact on CS in this particular insurance policy. From the linear regression it can be seen that the independent variables can predict 14.5 percent of the variance of dependent variables. Finally, the coefficient table depicts that only 2 out of 5 variables have significant impact on the consumer satisfaction at 95% confidence interval. The study has great significance for public and private insurers to understand the buying pattern of motor insurance policy holders.


Keywords

Consumer Buying Behaviour, Customer Satisfaction, Policies, General Insurance and Motor Insurance, JEL Code: D11, M5, G2 and G12.
Subscription Login to verify subscription
User
Notifications
Font Size


  • Anand, S., & Murugaiah, V (2004). Marketing of financial services: Strategic issues. SCMC Journal of Indian Management, 11(3).

  • Arora, R.. & Stoner, C. (1996). The effect of perceived service quality and name familiarity on the service selection decision. The Journal of Services Marketing, 10(1), 22-34.

  • Chow-Chua, C., & Lim, G. (2000). A demand audit of the insurance market in Singapore. Managerial Auditing Journal, 15(7), 372-382.

  • Christopher, D., & Huarng, A. (2003). Planning an effective internet retail store. Marketing Intelligence & Planning, 21(4). 230-238.

  • Curak, M., Dzaja, I., & Pepur, S. (2013). The effect of social and demographic factors on life insurance demand in Croatia. International Journal of Business and Social Science, 4(9).

  • Dasgupta, B. (2013). India General Insurance “Vision 2025” Towards an inclusive, progressive and high performing sector. FICCI Insurance Committee.

  • Deaton, A., & Muellbauer, J. (1980). Economics and consumer behaviour. Cambridge: Cambridge University Press.

  • Duodu, F. K., & Amankwah, T. (2011). An Analysis and Assessment of Customer Satisfaction with Service Quality in Insurance Industry in Ghana (Master’s Thesis). Sweden: Lulea University of Technology.

  • East, R., Vanhuele, M., & Wright, M. (2008). Consumer behaviour, applications in marketing. London: Sage Publications.

  • Hsee, C., & Kunreuther, H. (2000). The affection effect in insurance decisions. Journal of Risk and Uncertainty, 20, 141-159.

  • Jani, D., & Jain, R. (2014). A comparative analysis of buying behaviour of urban and rural investors for insurance. Abhinav Journal, 3, 26-35.

  • Jawaharlal, U. (2005). Insurance Industry-The current scenario. ICFAI University press, 52.

  • Keong, C. C., Xiang, C. C., Yee, K. K. S., Hsien, L. M., & Pei, T. W. (2014). Determinants of Customer Satisfaction in Conventional Insurance Services: The Case of Malaysia (Graduation Project). Malaysia: Universiti Tunku Abdul Rahman.

  • Kotler, P., & Armstrong, G. (2007). Marketing: An introduction (8th Ed.). New Jersey: Pearson Prentice Hall.

  • Kotler, P., & Armstrong, G. (2010). Principles of marketing (13th Ed.). New Jersey: Pearson Education.

  • Lahiri, S. (2004). Brand identity: Its influence in customer decision making. The Journal of Insurance Institute of India, 30, 74-81.

  • Nazir, S., Tayyab, A., Sajid, A., Rashid, H. & Javed, I. (2012). How online shopping is affecting consumers buying behaviour in Pakistan? International Journal of Computer Science Issues, 9(3). 486-495.

  • O’cass, A., & Frost, H. (2002). Status brands: Examining the effects of non-product-related brand associations on status and conspicuous consumption. Journal of Product and Brand Management, 11(2), 67-88.

  • Outreville, J. F. (1996). Life insurance markets in developing countries. Journal of Risk and Insurance, 63(2), 263-278.

  • Pavot, W., Diener, E., Colvin, C. R., & Sandvik, E. (1991). Further validation of the Satisfaction with Life scale: Evidence for the cross method convergence of well being measures. Journal of Personality Assessment, 57, 149-161.

  • Retzloof, C. D. (1989). What are some of Opportunities in Cross Selling? Market Facts, 8(8), 11-15.

  • Shanmugham, R. (2000). Factors influencing investment decision: Indian capital market trends and dimensions (Ed.). New Delhi: Tata McGraw-Hill Publishing Company Ltd.

  • Smith, A. D., & Rupp, W. T. (2003). Strategic online customer decision making: Leveraging the transformational power of the Internet. Online Information Review, 27(6). 418-432.

  • Solomon, M., Bamossy, G., Askegaard, S., & Hogg, M., K. (2006). Consumer behaviour, a European perspective (3rd Ed.). Essex: Pearson Education.

  • Sridevi, P. (2012). A Study of Consumer Behaviour towards Endowment Policy of Life Insurance Corporation of India, Perambalur District, Tamilnadu (Ph.D. Thesis). Tiruchirapalli, Tamil Nadu: Periyar E. V. R. College, Bharathidasan University.

  • UAE Insurance Authority. (n.d.). A Questionnaire to Measure Customers’ Satisfaction with the Insurance Authority’s Services.

  • Ulbinaite, A., Kucinskiene, M., & Moullec Y. L. (2013). Determinants of insurance purchase decision making in Lithuania. Inzinerine Ekonomika-Engineering Economics, 24(2), 144-159.

  • Wu, S. I. (2003). The relationship between consumer characteristics and attitude toward online shopping. Marketing Intelligence & Planning, 21(1), 37-44.


Abstract Views: 464

PDF Views: 0




  • Satisfaction towards Motor Insurance Policies: Experience from Indian General Insurance Industry

Abstract Views: 464  |  PDF Views: 0

Authors

Sudhir Chandra Das
Banaras Hindu University, Varanasi, Uttar Pradesh, India
Shalakha Rao
Banaras Hindu University, Varanasi, Uttar Pradesh, India

Abstract


Objectives: The study is intended to assess the relationship between consumer buying behaviour and satisfaction in motor insurance policyholders and to measure the influences of buying behaviour on consumer satisfaction.

Research Materials and Methods: The present study consists of 150 respondents (120 male and 30 female respondents, in a ratio of 4:1) and is based on random sampling method through self-administered questionnaire with five statements of consumer buying behaviour and satisfaction each using 5-point Likert Scale. Two types of statistics namely Bivariate Pearson Correlation and Linear Regression were applied. Bivariate Pearson Correlation was applied to assess the relationship between consumer buying behaviour and satisfaction.

Finally, Linear Regression was applied to predict the value of dependent variable (consumer satisfaction) by using independent variables-IVs (consumer buying behaviour).

Conclusions and Implications: The Pearson's correlation depicts consumer buying behaviour and satisfaction variables are not strongly related. The weak relation of consumer buying behaviour and satisfaction (CB &CS) variables (especially in motor insurance) implies that CB has less impact on CS in this particular insurance policy. From the linear regression it can be seen that the independent variables can predict 14.5 percent of the variance of dependent variables. Finally, the coefficient table depicts that only 2 out of 5 variables have significant impact on the consumer satisfaction at 95% confidence interval. The study has great significance for public and private insurers to understand the buying pattern of motor insurance policy holders.


Keywords


Consumer Buying Behaviour, Customer Satisfaction, Policies, General Insurance and Motor Insurance, JEL Code: D11, M5, G2 and G12.

References