IDEAS home Printed from https://ideas.repec.org/a/sae/sagope/v14y2024i1p21582440241239474.html
   My bibliography  Save this article

Antecedents to Thai Consumer Insurance Policy Purchase Intention: A Structural Equation Model Analysis

Author

Listed:
  • Kumpee Thamtarana
  • Puris Sornsaruht

Abstract

This study delves into the factors influencing consumer purchase intention of Thai insurance company policies, focusing on service quality, corporate image, perceived value, and insurance technology. Employing a quantitative approach and multi-stage random sampling, the study selected 440 consumers from 10 Thai insurance agencies in January 2022, using a Google Form link distributed via social media for data collection. The structural equation model path analysis was conducted using LInear Structural RELations (LISREL) 9.1, complemented by descriptive statistics analysis in Statistical Package for the Social Sciences (SPSS) for Windows Version 21. Expert input informed adjustments to questionnaire items, and a pilot test with 35 participants ensured item reliability. The results reveal that insurance technology (0.68), corporate image (0.54), perceived value (0.53), and service quality (0.34) were all influential factors affecting purchase intention, collectively explaining 76% of the variance ( R 2 ). Seven of the nine hypotheses tested found support, with the corporate image-perceived value relationship proving the strongest, followed by a moderately strong association between perceived value and insurance technology. Among the 25 observed variables, the quality of services and data standards provided by service quality stood out, with consumers valuing clear, concise, and convenient services as pivotal for agency satisfaction. This research contributes to the existing literature by offering post-COVID-19 insights into consumer insurance purchase intentions in Asia. It also provides valuable knowledge for policymakers and regulators seeking to enhance their sectors and strengthen national economic competitiveness.

Suggested Citation

  • Kumpee Thamtarana & Puris Sornsaruht, 2024. "Antecedents to Thai Consumer Insurance Policy Purchase Intention: A Structural Equation Model Analysis," SAGE Open, , vol. 14(1), pages 21582440241, March.
    • Handle: RePEc:sae:sagope:v:14:y:2024:i:1:p:21582440241239474
    DOI: 10.1177/21582440241239474
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/21582440241239474
    Download Restriction: no
    File URL: https://libkey.io/10.1177/21582440241239474?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Kanitsorn Terdpaopong & Robert C. Rickards, 2021. "Thai Non-Life Insurance Companies’ Resilience and the Historic 2011 Floods: Some Recommendations for Greater Sustainability," Sustainability, MDPI, vol. 13(16), pages 1-19, August.
    2. Daniel Maman & Zeev Rosenhek, 2020. "Facing future uncertainties and risks through personal finance: conventions in financial education," Journal of Cultural Economy, Taylor & Francis Journals, vol. 13(3), pages 303-317, May.
    3. Umbas KRISNANTO & Riska NOVIANTI, 2019. "Examining the Relationships between Service Quality, Corporate Image, Customer Satisfaction, and Customer Loyalty for an Indonesian Bank," Expert Journal of Business and Management, Sprint Investify, vol. 7(1), pages 31-35.
    4. Zarifis, Alex & Cheng, Xusen, 2022. "A model of trust in Fintech and trust in Insurtech: How Artificial Intelligence and the context influence it," Journal of Behavioral and Experimental Finance, Elsevier, vol. 36(C).
    5. Golam Ramij, 2021. "Factors Shaping Consumers Intention in Purchasing Life Insurance Policy in Bangladesh: A Binary Logistic Analysis," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 11(6), pages 1-2.
    6. Rohit Bansal & Dharmendra Singh & David McMillan, 2021. "Efficiency drivers of insurers in GCC: an analysis incorporating company-specific and external environmental variables," Cogent Economics & Finance, Taylor & Francis Journals, vol. 9(1), pages 1922179-192, January.
    7. El-Adly, Mohammed Ismail, 2019. "Modelling the relationship between hotel perceived value, customer satisfaction, and customer loyalty," Journal of Retailing and Consumer Services, Elsevier, vol. 50(C), pages 322-332.
    8. Weidong Chen & Xiaohui Yuan, 2021. "Financial inclusion in China: an overview," Frontiers of Business Research in China, Springer, vol. 15(1), pages 1-21, December.
    9. Qingyu Zhang & Sohail Ahmad, 2022. "Linking Corporate Social Responsibility, Consumer Identification and Purchasing Intention," Sustainability, MDPI, vol. 14(19), pages 1-17, October.
    10. Uzir, Md. Uzir Hossain & Al Halbusi, Hussam & Thurasamy, Ramayah & Thiam Hock, Rodney Lim & Aljaberi, Musheer A. & Hasan, Najmul & Hamid, Mahmud, 2021. "The effects of service quality, perceived value and trust in home delivery service personnel on customer satisfaction: Evidence from a developing country," Journal of Retailing and Consumer Services, Elsevier, vol. 63(C).
    11. Sadia Khatoon & Xu Zhengliang & Hamid Hussain, 2020. "The Mediating Effect of Customer Satisfaction on the Relationship Between Electronic Banking Service Quality and Customer Purchase Intention: Evidence From the Qatar Banking Sector," SAGE Open, , vol. 10(2), pages 21582440209, June.
    12. Chen-Ying Lee & Wei-Chen Chang & Hsin-Ching Lee, 2017. "An investigation of the effects of corporate social responsibility on corporate reputation and customer loyalty – evidence from the Taiwan non-life insurance industry," Social Responsibility Journal, Emerald Group Publishing Limited, vol. 13(2), pages 355-369, June.
    13. Abdullah Al Mamun & Muhammad Khalilur Rahman & Uma Thevi Munikrishnan & P. Yukthamarani Permarupan, 2021. "Predicting the Intention and Purchase of Health Insurance Among Malaysian Working Adults," SAGE Open, , vol. 11(4), pages 21582440211, November.
    14. Mohsin Abdur Rehman & Sadaf Khan & Ismah Osman & Khurram Aziz & Ghazal Shams, 2021. "Revisiting the corporate image through service quality and relationship marketing: an empirical evidence from Malaysian and Saudi Arabian Takaful customers," Journal of Islamic Accounting and Business Research, Emerald Group Publishing Limited, vol. 12(6), pages 849-871, August.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Thi Hong Nguyet Nguyen & Nguyen Khanh Hai Tran & Khoa Do, 2023. "An empirical research of corporate social responsibility on creating the green brand equity: An exploratory of Vietnamese consumers' perception in the bank industry," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(3), pages 1292-1299, May.
    2. Barić, Andrija, 2022. "The Role of Social Responsibility in Company Strategy," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2022), Hybrid Conference, Opatija, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Hybrid Conference, Opatija, Croatia, 17-18 June 2022, pages 390-405, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    3. Yuhan Ge & Qing Yuan & Yaxi Wang & Keunsoo Park, 2021. "The Structural Relationship among Perceived Service Quality, Perceived Value, and Customer Satisfaction-Focused on Starbucks Reserve Coffee Shops in Shanghai, China," Sustainability, MDPI, vol. 13(15), pages 1-19, August.
    4. Rand Al-Dmour & Ola H. Alkhatib & Hani Al-Dmour & Eatedal Basheer Amin, 2023. "The Influence of Social Marketing Drives on Brand Loyalty via the Customer Satisfaction as a Mediating Factor in Travel and Tourism Offices," SAGE Open, , vol. 13(2), pages 21582440231, June.
    5. Hatice Doğan-Südaş & Ali Kara & Emre Karaca, 2023. "Effects of Gamified Mobile Apps on Purchase Intentions and Word-of-Mouth Engagement: Implications for Sustainability Behavior," Sustainability, MDPI, vol. 15(13), pages 1-17, July.
    6. Sergey Evgenievich Barykin & Anna Viktorovna Strimovskaya & Sergey Mikhailovich Sergeev & Larisa Nikolaevna Borisoglebskaya & Natalia Dedyukhina & Igor Sklyarov & Julia Sklyarova & Lilya Saychenko, 2023. "Smart City Logistics on the Basis of Digital Tools for ESG Goals Achievement," Sustainability, MDPI, vol. 15(6), pages 1-20, March.
    7. Mobin Fatma & Imran Khan, 2023. "How Do Bank Customers’ Perceptions of CSR Influence Marketing Outcomes: Their Trust, Identification, and Commitment?," Sustainability, MDPI, vol. 15(7), pages 1-10, March.
    8. Muflih, Muhammad, 2021. "The link between corporate social responsibility and customer loyalty: Empirical evidence from the Islamic banking industry," Journal of Retailing and Consumer Services, Elsevier, vol. 61(C).
    9. Daniel K. Maduku & Steven Mbeya, 2024. "Understanding family takaful purchase behaviour: the roles of religious obligation and gender," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(2), pages 440-458, June.
    10. Qingren He & Taiwei Shi & Ping Wang, 2022. "Mathematical Modeling of Pricing and Service in the Dual Channel Supply Chain Considering Underservice," Mathematics, MDPI, vol. 10(6), pages 1-15, March.
    11. Oliphant, Wesley & Ma, Hong, 2021. "Applying Behavioral Economics to microcredit in China’s rural areas," Journal of Behavioral and Experimental Finance, Elsevier, vol. 31(C).
    12. Zhang, Yaqiong & Wang, Shifu, 2023. "The influence of anthropomorphic appearance of artificial intelligence products on consumer behavior and brand evaluation under different product types," Journal of Retailing and Consumer Services, Elsevier, vol. 74(C).
    13. Kuo-Yan Wang, 2022. "Sustainable Tourism Development Based upon Visitors’ Brand Trust: A Case of “100 Religious Attractions”," Sustainability, MDPI, vol. 14(4), pages 1-30, February.
    14. Shu-Hsien Liao & Da-Chian Hu & Huan-Lun Chou, 2022. "Consumer Perceived Service Quality and Purchase Intention: Two Moderated Mediation Models Investigation," SAGE Open, , vol. 12(4), pages 21582440221, December.
    15. Nejla Ould Daoud Ellili, 2024. "Financial inclusion and sustainable development: A review and research agenda," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(4), pages 1345-1364, December.
    16. Feng Xiong & Yaxin Shao & Haotian Fan & Yi Xie, 2023. "Analysis of the Motivation behind Corporate Social Responsibility Based on the csQCA Approach," Sustainability, MDPI, vol. 15(13), pages 1-29, July.
    17. Kumar, Avinash & Chakraborty, Shibashish & Bala, Pradip Kumar, 2023. "Text mining approach to explore determinants of grocery mobile app satisfaction using online customer reviews," Journal of Retailing and Consumer Services, Elsevier, vol. 73(C).
    18. Chun Lei & Md Sazzad Hossain & Elise Wong, 2023. "Determinants of Repurchase Intentions of Hospitality Services Delivered by Artificially Intelligent (AI) Service Robots," Sustainability, MDPI, vol. 15(6), pages 1-17, March.
    19. Li, Mingfei & Huang, Shanshan, 2022. "Contactless but loyal customers: The roles of anxiety and sociability in the hotel service context," Journal of Retailing and Consumer Services, Elsevier, vol. 66(C).
    20. Massimo Pighin & Aldo Alvarez-Risco & Shyla Del-Aguila-Arcentales & Mercedes Rojas-Osorio & Jaime A. Yáñez, 2022. "Factors of the Revisit Intention of Patients in the Primary Health Care System in Argentina," Sustainability, MDPI, vol. 14(20), pages 1-16, October.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:sagope:v:14:y:2024:i:1:p:21582440241239474. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.