DETERMINANTS OF PURCHASING INSURANCE SERVICES IN THE DIGITAL ERA: A SEQUENTIAL MIXED METHOD APPROACH
Keywords:
Acceptability, Competence, Monetary Behavior, Reducing Premiums, Insurance IndustryAbstract
Digitalization has significantly progressed in other industries, but the insurance industry is lagging behind due to a common mindset that considers digital implementation as a cost-add rather than an investment. This research focuses on factors influencing insurance service purchases, including the acceptability of terms and conditions, insurance company competence, monetary behavior towards insurance, and the possibility of reducing premiums. A sequential mixed method analysis was used, consisting of qualitative and quantitative phases. The results showed that acceptability of insurance terms and conditions and insurance company competence positively influence decisions to purchase insurance services, while monetary behavior towards insurance and the possibility of reducing premiums do not. The study suggests that understanding these factors can help insurance companies adapt and improve their digital strategiesReferences
Accenture, & Oxford Economics. (2019). Get Comfortable: Outside your comfort zone. In Insurance: Digital Transformation Remaking an Industry.
Barrett, M., Davidson, E., Prabhu, J., & Vargo, S. L. (2015). Service Innovation in the Digital Age: Key Contributions and Future Directions. MIS Quarterly, 39(1), 135-154
Caggiano, H., & Weber, E. U. (2023). Advances in Qualitative Methods in Environmental Research. Annual Review of Environment and Resources, 48(1), 793-811
Cappiello, A. (2020). The Technological Disruption of Insurance Industry: A Review. International Journal of Business and Social Science, 11(1)
Cisco. (2017). Digital Transformation for the Insurance Industry
Creswell, J., & Plano-Clark, V. (2011). Designing and Conducting Mixed Method Research (Third (Ed)). California: SAGE Publications Inc.
El Hilali, W., & El Manouar, A. (2019). Towards a sustainable world through a SMART digital transformation. Proceedings of the 2nd International Conference on Networking, Information Systems & Security, 1-8
Fereday, J., & Muir-Cochrane, E. (2006). Demonstrating Rigor Using Thematic Analysis: A Hybrid Approach of Inductive and Deductive Coding and Theme Development. International Journal of Qualitative Methods, 5(1), 80-92
