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Characterizing Life Insurance Marketing: Clients' Perspectives

Author

Listed:
  • Sorizo, Reena Beth
  • Densing, Filjhon
  • Tura, Regine
  • Balacy, Garnette Mae

Abstract

This study was conducted to develop a model characterizing life insurance marketing as perceived by prospective clients. Survey method was used involving 200 professionals working in Digos City, Davao del Sur. Exploratory factor analysis was the primary statistical tool used to extract the latent constructs of life insurance, following a principal components analysis to assess the number of components. Results revealed that life insurance marketing is multidimensional and is a function of five dimensions, namely security and integrity, tangibles, credibility, customer service, and value-for-money. These five dimensions are the areas that typify a model that would define the type or quality of life insurance marketing that clients need from insurance companies. The study recommends that the model would be considered in their strategic marketing action plans to effectively capture their prospects. Moreover, testing the items of the developed framework is encouraged to establish its psychometric properties.

Suggested Citation

  • Sorizo, Reena Beth & Densing, Filjhon & Tura, Regine & Balacy, Garnette Mae, 2016. "Characterizing Life Insurance Marketing: Clients' Perspectives," MPRA Paper 74941, University Library of Munich, Germany, revised 17 Nov 2016.
    • Handle: RePEc:pra:mprapa:74941
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    File URL: https://mpra.ub.uni-muenchen.de/74941/1/MPRA_paper_74941.pdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    life insurance; marketing; service marketing; factor analysis; principal components analysis;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M3 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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