Determinants of Insurance Awareness and Perceived Value and Their Impact on Unit Linked Insurance Customer Retention With The COVID-19 Pandemic as Moderator
Abstract
Purpose – During the covid 19 pandemic life insurance companies faced matter of concerning to extension of customers of unit linked insurance policies. Unit-linked life insurance product has become a major contributor to the company's profits. This study aims to investigate the factors that influence insurance awareness and perceived value and their impact on customer retention with the covid 19 pandemic as a moderator.
Design/methodology/approach – This study conducted an online survey and total of 230 completed questionnaires were collected from customers in Jakarta. The data was analyzed using SmartPLS software.
Findings – Results indicate that insurance awareness, perceived value, and covid 19 pandemic significantly influence customer retention. Insurance agents, psychological factors and financial literacy significantly influence insurance awareness. E-service quality significantly affects perceived value. The interaction between the covid 19 pandemic and insurance awareness and the interaction between the covid 19 pandemic and perceived value did not significantly affect customer retention.
Originality/value – The study contributes to the marketing literature by proposing a conceptual model: the life insurance customer retention model. The findings offer practical guidance to life insurance companies to keep the customer loyalty.
Downloads
Copyright (c) 2023 Japari Antony, Hermana Budi, Sudaryanto Sudaryanto
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International. that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
