Summary of - Purchase of Unit Linked Life Insurance Policies: The Role of Agents Relationship Selling Behaviour
2023
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
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Article Description
Research Goals: The objective of this study is to understand the influence of relationship selling behavior on the selection of life insurance products. The current study added to the body of evidence supporting the relevance of relationship selling behaviour in the context of unit linked life insurance policies (ULIPs). It also demonstrates the advantages of the corporate agent (bancassurance) model in not marketing complex products like ULIPs.Methodological Approach:The quantitative data was collected from 542 life insurance policyholders in Karnataka by adopting a cross-sectional survey methodology. The multinomial logistic regression model estimates the determinants of ULIPs purchase.Results and implications:The results establish that the channel of distribution (individual agents), trust, interaction intensity, information sharing, and income influence the selection of life insurance products. The insurance companies should revamp corporate culture that stresses the interests of the customers’ over that of agents and curtail adaptive sales practices of agents who sell complex products that do not cover customers’ insurance needs. The promotion of customer-oriented ethical sales behaviour focussing on trust, information sharing, and higher interaction intensity is the need of the hour. Efforts should be made to counter systemic short-termism and educate the customers on the necessity for long-term investment, instead of surrendering the policy where they lose the entire investment. Given the fact that the quality and frequency of insurance agent – customer interactions play a major role in investor decision-making, agents are expected to be responsive and offer personalized inputs to facilitate the purchasing process.Citation to the base paper: Basri, S. & Shetty, A. (2023). Purchase of Unit Linked Life Insurance Policies: The Role of Agents Relationship Selling Behaviour. Indian Journal of Marketing, 53(11), 8-22.Publication Date2024
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