Volume 20 No 22 (2022)
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Evaluating the Influence of Customer Trust in Insurance Products on General Insurance Market Penetration in India
Mahalakshmi Kannan, Dr. Jyotsana Khandelwal
Abstract
This study aims to investigate the influence of customer trust in insurance products on the penetration of the general insurance market in India. Specifically, the research focuses on two latent variables of trust: Financial Stability and Reliability, and Claims Processing and Settlement. The study seeks to assess their impact on market penetration within the context of the Indian insurance industry. Drawing upon a robust quantitative analysis, the study evaluates the relationships between these trust dimensions and their effect on industry support perception and accessibility. The findings reveal nuanced insights into the role of trust in shaping customer perceptions and market dynamics. The results indicate that while Financial Stability and Reliability significantly impact industry support perception, Claims Processing and Settlement do not exhibit a significant influence. Similarly, the dimensions of accessibility are not notably influenced by either Claims Processing and Settlement or Financial Stability and Reliability. Interestingly, the study highlights the substantial impact of Financial Stability and Reliability on both Claims Processing and Settlement and Industry Support Perception. These findings contribute to a more comprehensive understanding of the intricate interactions between trust dimensions and their impact on customer perceptions within the general insurance market. The implications of these results extend to insurers and practitioners seeking to enhance customer relationships, attract new clients, and foster market growth. By recognizing the multifaceted nature of trust-related factors and their differential impacts on customer perceptions, insurers can tailor their strategies to address specific areas of concern, ultimately shaping positive perceptions of accessibility, industry support, and affordability.
Keywords
Customer Trust, General Insurance Market, Financial Stability &Reliability, Claims Processing And Settlement Practices
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