Life insurance purchasing behavior after Covid-19 of consumers in Suratthani, Thailand
School of Accountancy and Finance, Walailak University, Nakorn Si Thammarat, 80161, Thailand.
Research Article
GSC Advanced Research and Reviews, 2023, 16(01), 149–157.
Article DOI: 10.30574/gscarr.2023.16.1.0312
Publication history:
Received on 07 June 2023; revised on 17 July 2023; accepted on 19 July 2023
Abstract:
The objectives of this study are 1) to investigate the behavior of life insurance purchasing after the COVID-19 situation among consumers in Surat Thani province, and 2) to examine the factors associated with the behavior of life insurance purchasing after the COVID-19 situation among consumers in Surat Thani province. The study focuses on consumers aged 20 and above in Surat Thani province, totaling 300 individuals. The tool used for data collection is an online questionnaire. The statistics used to analyze the data include frequency, percentage, mean, standard deviation, and Chi-Square statistical value at a significance level of 0.05.
The hypothesis testing results showed that 1) individual factors such as age, level of education, occupation, and income are related to consumer behavior in purchasing life insurance in terms of the type of life insurance chosen, the main purpose of purchasing, the decision-making time, the source of insurance information, the individuals involved in the decision-making, and the purchasing channels, at a significant level of 0.05. Thus, the research hypothesis is accepted. 2) Motivation factors for purchasing, including motivation from reasoning, product, emotion, and social factors, are related to consumer behavior in purchasing life insurance in the same aspects as mentioned above, at a significance level of 0.05. Thus, the research hypothesis is accepted. 3) Risk perception factors, including perception of opportunity/time, psychological, outcome, financial, safety, and social risks, are related to consumer behavior in purchasing life insurance in the same aspects as above, at a significance level of 0.05. Thus, the research hypothesis is accepted.
The benefits gained from this research can be used as guidelines for planning marketing strategies and adapting various strategies to develop business and life insurance products to meet consumers' needs.
Keywords:
Life Insurance; COVID-19; Consumer Behavior; Motivation; Marketing
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Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
