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Characterizing Life Insurance Marketing: Clients' Perspectives

Reena Beth Sorizo, Filjhon Densing, Regine Tura and Garnette Mae Balacy

MPRA Paper from University Library of Munich, Germany

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.

Keywords: life insurance; marketing; service marketing; factor analysis; principal components analysis (search for similar items in EconPapers)
JEL-codes: G22 G32 M3 M31 (search for similar items in EconPapers)
Date: 2016-06-06, Revised 2016-11-17
New Economics Papers: this item is included in nep-ias and nep-mkt
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