All Title Author
Keywords Abstract

Publish in OALib Journal
ISSN: 2333-9721
APC: Only $99

ViewsDownloads

Factors Influencing Clients in Choosing Insurance Companies

DOI: 10.4236/oalib.1106944, PP. 1-11

Subject Areas: Economics

Keywords: Insurance, Policyholders, Preferences

Full-Text   Cite this paper   Add to My Lib

Abstract

The paper was conducted to analyze different factors influencing clients’ choice of insurance companies. Insurance is essential for peace of mind, however, clients should be cautious when choosing insurers to avoid future disappointments. Clients should also be aware of fake agents, misrepresentation of information, fraud and coercion by agents and brokers. The main objective of this paper was to identify the factors that drive clients’ preferences in selecting insurance companies, whilst the second objective was to determine the relative importance of these particular factors (advertising, social and behavioral factors). This paper followed a survey design with questionnaires and 185 randomly selected participants from Keetmanshoop Namibia. The results showed that majority of participants chose insurers as a result of agents/broker persuasion, which is similar to what the majority of other researchers found in previous studies. None the less, 87% of participants are satisfied with their current insurers, leaving 13% unsatisfied and intending to switch to other insurers. In addition findings revealed a positive relationship between client’s relative importance of insurance and factors (social, advertising and behavioral factors).

Cite this paper

Maseke, B. F. and Iipinge, D. N. (2021). Factors Influencing Clients in Choosing Insurance Companies. Open Access Library Journal, 8, e6944. doi: http://dx.doi.org/10.4236/oalib.1106944.

References

[1]  Bonner, M. (2018) Choosing the Right Insure. Business Insurance-Choosing a Company.
[2]  Banerjee, G. (2015) Five Things to Consider While Choosing the Right Insurance Company. https://m.economictimes.com/five-things-to-consider-whilechoosing-the-right-insurnce-company/articleshow/46597607.cms
[3]  Tucker, K. (2018) Social Factors of the Insurance Business.
[4]  Tadesse, F. (2014) Insurance Selection Decision: Factors That Influence the Choice of Insurance Services in Selected Insurance Companies in Jimma Town. http://opendocs.ids.ac.uk/opendocs/handle/123456789/9784
[5]  Mathur, D. and Tripathi, A. (2014) Factors Influencing Customers’ Choice for Insurance Companies: A Study of Ajmer City. LOSR Journal of Business and Management, 16, 35-43. https://doi.org/10.9790/487X-16213543
[6]  Rajkumar, M. and Kannan, N. (2014) Factor Affecting Preferences for Selection of Life Insurance Companies: An Empirical Study with Reference to Tamilnadu. International Journal of Accounting and Business Management, 2, 19-27.
[7]  Suneja, A. and Sharma, K. (2015) Factors Influencing Choice of a Life Insurance Company. https://www.researchgate.net/publication/265351618
[8]  Siddiqui, M. and Sharma, T. (2010) Analyzing Customer Satisfaction with Service Quality in Life Insurance Services. Journal of Targeting, Measurement and Analysis for Marketing, 18, 221-238. https://doi.org/10.1057/jt.2010.17
[9]  Omni Convert (2018) What Is a Sample Size?
[10]  Farooq, U. (2013) Types of Questionnaires: Study Lecture Notes.
[11]  Gyasi, R. and Graff, C. (2015) African Population and Health.

Full-Text


comments powered by Disqus

Contact Us

service@oalib.com

QQ:3279437679

微信:OALib Journal