Exogenous Factors Influencing Consumer Behavior on the Insurance Market

The insurance services’ consumer behavior is influenced by a series of factors, which can be divided, function of their nature, in endogenous and exogenous factors. The potential insurance client’s behavior is influenced by the following main categories of exogenous factors: situational factors – related to the moment before the sale of the insurance policy (connected, for instance, to the process of communication between the insured and the insurer), the moment of purchase of the insurance policy, and the moment of use of insurance services; the factors related to the marketing mix of insurance companies – elements pertaining to the personnel of insurance companies, their offer, the insurance premiums, the means of distribution and the process of communication; factors from the external macromedium – demographical, economic,political,technological, factors from the natural environment etc.; factors related to the sociological particularities of the insurance services’ consumer – among which we would like to mention culture, subculture, social class, reference group, family. In the current paper, we shall present the main factors which influence from the exterior the behavior of the insurance services’ consumer.