Consumer Buying Behavior for Life Insurance

Syed Maruf Reza and Mohammed Masum Iqbal (2007), in their paper “Life Insurance Marketing in Bangladesh”, shows the insurance marketing problems in Bangladesh such as low per capita income, poor knowledge of agents, poor service to policy holders, etc. It aimed at making some important recommendations to the problems of insurance marketing in Bangladesh. Therefore to cater to these problems and improve the performance of insurance marketing, some important steps were taken such as more training to sales force, diversified policies, more marketing research for improved strategies and so

The study was carried out only as per the requirements for the award of Masters of Business Administration, Bangalore university

When comparing and contrasting universal life, variable life, and variable universal life insurance there are many similarities and differences. For instance, universal life insurance provides coverage throughout the life of the policyholder and this system of insurance helps in building cash value that keeps premiums from becoming cost-prohibitive in the course of the policyholder’s aging (Leslie & Gillen, 2015). Also, universal life insurance allows the policyholder to have flexibility in ways in which premiums can be paid and policyholders can also change their policy’s death benefits (Leslie & Gillen, 2015). Moreover, variable life insurance differs because it’s more like a mutual fund in which the insured’s premium goes into a separate

The statistics on the test data, indicate Allstate agency owners can increase revenue through the offering of financial and life insurance products. With proper procedures implemented, each agency owner’s staff can identify consumers as the need develops. First, the registered financial advisor is recommending that a staff requirement exist for new Allstate agency owner’s consumers. Further, the registered financial advisor recommends staff require financial meeting for new consumers after policy

As you may realize, the new product, Universal Life, is very different from other traditional life insurance products. I would recommend this new product, as its flexibility may be attractive and novel to our prospective

The challenge for the insurance companies nowadays is to provide the right type of policy to the customer as per the financial needs of customers. IDBI Federal is yet to prove its worth in the industry. Though IDBI Federal is able to sell the right policy to the right customer but the needs to boost up its advertisements to build a bond of mutual trust between the customers and the company. The products of IDBI Federal require additional features in it.

Purchasing life insurance would ensure that beneficiaries can receive indemnity from the death of the insured. For business owners, many of them owe their great success to some key employees in their companies who can discover new segmented markets, create groundbreaking products and maintain close relationships with big customers; therefore, the death of key employees would cause a dramatic profit decrease. To redeem the loss of the firm and search for suitable substitutes, business owners purchase life insurance for key employees. Moreover, for parents and spouses, they purchase insurance to acquire the promise of a financial fresh start after the death of the insured. According to the Capital Needs Worksheet, a large amount of money are needed to cover the expense of a decent funeral and the debt. In that case, life insurance meets the fund demand by providing death proceeds,

When it comes to choosing a life insurance policy, the best way to save money and making sure that you are getting good coverage from a quality company is by going online to compare life insurance quotes. Besides, when you compare life insurance quotes, you can rest assured you are saving both time and money because you are guaranteed to get the lowest insurance quote. Not to mention, the comparison of life insurance quotes becomes mandatory, since there is a huge competition in the market and there are a number of insurance houses who offer great insurance policies with lots of other benefits for their clients. Besides, you can find a plethora of websites offering life insurance quotes online.

The company has designed its products according to the need of the clients. These insurances cover different aspects from medical insurances, accident coverage to even catering to THE vision and dental issues. Each client is provided with an array of choices from which they can choose the best for them. The services are designed to deal with the customer’s requirements

I take this opportunity to express my sincere thanks and deep gratitude to all those people who extended their whole hearted co-operation and have helped me in completing this project successfully.

As part of their means of segmenting consumers, marketers and the media have usually demonstrated some bias for the individuals' life stage and demographics. The main reason for the use of these factors to segment consumers is because the economic, cultural, and age-specific characteristics have a significant influence on the consumer's behaviors and their purchase decisions. However, life stage does not necessarily cover for the entire reason that influences a person's behavior and purchase decisions. This is mainly because the way with which an individual lives his/her life is also a major contributing factor to their purchase decision and behaviors.

Canara HSBC OBC Life Insurance Company Limited (CHOICe), as the name suggests, is a Life Insurance Company which was launched in June 2008. The Company is jointly owned by two of India’s largest public sector banks – Canara Bank (holding 51%) and Oriental Bank of Commerce (23%) and HSBC Insurance (Asia Pacific) Holdings Limited (26%), the Asian insurance arm of one of the world’s largest banking and financial services groups – HSBC. The Company has exclusive access to around 60 million customers and a pan-India network of over 7000 branches of Canara Bank, HSBC and Oriental Bank of Commerce.

This case was written by P. Indu, under the direction of Vivek Gupta, IBS Center for Management Research. It was compiled

The data was collected in controlled lab-in-the-field experiments carried out in Ethiopia. Insurance games were conducted with iddir members in addition to general information being collected specifically relating to these individuals .The games were carried out with an attached monetary reward, with the aim of gaining an understanding of the decision-making process of members given a particular scenario. There were four different sessions conducted in which members of the same iddir took part in particular games: the Index insurance with risk-sharing game, the index insurance without risk-sharing game , the indemnity insurance with risk-sharing game and the indemnity insurance without risk-sharing game. In each information environment, those participating in the experiment were given the choice to purchase 0, 1 or 2 units of insurance. Each session consisted of 40 members, with 10 sessions being conducted in total. Thus, 400 farmers were observed in total. There were 240 individuals participating in the indemnity sessions and 160 involved in the index sessions. Full training was given to farmers in the form of interactive games, with information and instructions being read out to those participating in the study before the final games were played. The purpose of this was to ensure that the farmers were capable of making informed decisions with regards to the risks that they were willing to take.

In the partial fulfillment of the requirement of Master of Business Administration (M.B.A.) Program (2002-2004) Hemchandracharya North Gujarat University, Patan.