Role Of Insurance Companies In Shaping Purchase Intention For Health Insurance Policies In Indian Economy; A Quantitative Study

Abstract

The influence of insurance policy stratagems employed by insurance corporations assumes a pivotal role in moulding the perceptions for procuring health insurance policies within India. In a locale where the clamour for top-tier medical amenities continually escalates, efficacious marketing methodologies bear the potential to engender substantial differentiations. The spectrum of HI-products has been expansively broadened to confer a cornucopia of options, prospects, advantages, and opulence to discerning patrons. It mentions that despite the modification of investment products to include risk and return components, the HI industry struggles to cover more than 30% of Indians. To address these issues, researchers have conducted studies to identify various factors influencing customer decisions. These factors include psychographic (behavioural) and demographic elements. Subsequently, bespoke marketing communiques and pricing methodologies are meticulously fashioned to captivate diverse cross-sections of the populace, be it the youthful professionals, nuclear families, or the esteemed elderly citizens.

These stratagems serve a dual purpose, kindling not only the initial sparks of curiosity but also erecting a solid foundation of trust and integrity through the prism of lucid policies and expeditious claims adjudication. The endorsements of contented clientele and the propagation of favourable testimonials further buttress the impetus for procurement. In an arena as fiercely competitive as the domain of health insurance, efficacious marketing manoeuvres emerge as the pivot upon which the pendulum of consumer choices sways, guaranteeing a holistic healthcare umbrella for the residents of Delhi's National Capital Region.

Study survey was conducted among 100 people from marketing sector to know the factors that determines role of marketing strategies of insurance companies in shaping purchase intention for health insurance policies in Indian economy and found that Attitude Toward Health Insurance, Subjective Norms in Health Insurance, Purchase & Satisfaction and Perceived Behavioral Control are the factors that determines purchase intention for Health insurance policies.