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Psychographic characteristics and demand decisions for life insurance products in Uganda

Author

Listed:
  • Yusuf Katerega Ndawula
  • Mori Neema
  • Isaac Nkote

Abstract

Purpose - This study examines the relationship between policyholders’ psychographic characteristics and demand decisions for life insurance products in Uganda. Design/methodology/approach - The study is based on a cross-sectional survey. Using a purposive sampling method, 389 questionnaires were administered to life insurance policyholders in the four geographical regions of Uganda. Partial least squares structural equation modeling (PLS-SEM) was employed to analyze the primary data, specifically to test the relationships between the dependent and independent variables. Findings - The findings indicate a positive and significant influence of psychographic characteristics on demand decisions for life insurance products. In addition, the analysis indicates that the two first-order constructs of psychographic characteristics, namely price consciousness and consumer innovativeness, are positive and significant predictors of demand decisions for life insurance products. In contrast, the third first-order construct religious salience, exhibits a negative and nonsignificant effect on demand decisions for life insurance products. Practical implications - For insurance practitioners, to influence demand decisions, they should emphasize premium-related appeals in their marketing messages (price consciousness) ignore product decisions based on religious beliefs and norms (religious salience). They should also ensure that insurance products are highly trustable and experiential (consumer innovativeness). For insurance policymakers, it offers an in-depth understanding of customer psychographic characteristics, which can be used to identify exploitative information embedded in certain marketing campaigns targeting specific psychographic characteristics, for better regulation. Originality/value - The study provides a basis for understanding lifestyle and personality characteristics (psychographics), which may influence demand decisions for life insurance products in a developing country like Uganda, where the insurance industry is at an early stage of development. Peer review - The peer review history for this article is available at:https://publons.com/publon/10.1108/IJSE-06-2023-0440

Suggested Citation

  • Yusuf Katerega Ndawula & Mori Neema & Isaac Nkote, 2024. "Psychographic characteristics and demand decisions for life insurance products in Uganda," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 51(11), pages 1498-1513, March.
    • Handle: RePEc:eme:ijsepp:ijse-06-2023-0440
    DOI: 10.1108/IJSE-06-2023-0440
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