Unlocking the Secrets of Consumer Behaviour: An In-Depth Analysis of Insurance Preferences in Ahmedabad City
Keywords:
Covid-19 Financial Fragility, Life Insurance, Pricing, Distribution, CommunicationAbstract
The Indian health insurance market is quickly expanding, but it faces numerous obstacles, including poor penetration, high out-of-pocket prices, a lack of awareness, and insufficient regulation. Consumers’ demands and preferences for health insurance products and services vary, including coverage, price, network, claims process, and customer service. Significant gaps exist between customer expectations and industry offerings, particularly in product design, pricing, distribution, and communication. According to the research, there has been a significant growth in consumer knowledge of the importance of life insurance in minimizing financial risks. With the global economic situation becoming increasingly unstable, more people are recognizing the importance of protecting their family’s future with life insurance plans. Today’s consumers want insurance plans that are suited to their specific demands and financial goals. Policy flexibility, such as numerous riders, investment-linked plans, and variable premium payments, has become critical in recruiting new clients. The report emphasizes digital channels’ growing importance on the purchasing journey. For researching, comparing, and purchasing life insurance products, consumers prefer the ease of online platforms. Insurers who provide smooth digital experiences enjoy a competitive advantage. Both are important factors in the life insurance industry, Companies that have a strong brand reputation, financial stability, and transparent claims processes are more likely to retain customers and attract new business. The paper identifies the impact of the global pandemic on consumer behaviour. COVID-19 has enhanced customers’ perception of financial fragility, causing them to prioritize life insurance as a hedge against uncertainty.
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