Influencing factors of the extent, timing, and pattern of online insurance adoption

Abstract

This study investigates the influence of consumer traits, product attributes, marketing activities, and word of mouth (WOM) on three aspects of online insurance adoption: the number of products adopted, adoption timing, and adoption pattern. We empirically examine the relationships between these variables using data from 509 consumers collected through an online survey. The results from three statistical analys es suggest that consumers with low social needs, are price-conscious, and perceive fewer risks when buying on the Internet tend to purchase more online insurance products. Furthermore, products advertised on television and the Internet or perceived as having high premium variability are likely to have shorter adoption timing than other products. Moreover, the adoption of an insurance product appears contingent upon the type of insurance previously adopted and the attribute discrepancy between products. Finally, we discuss the managerial implications of our findings to increase the effectiveness of marketing effort s.

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