Open Access Library Journal

Volume 8, Issue 1 (January 2021)

ISSN Print: 2333-9705   ISSN Online: 2333-9721

Google-based Impact Factor: 0.73  Citations  

Factors Influencing Clients in Choosing Insurance Companies

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DOI: 10.4236/oalib.1106944    691 Downloads   8,486 Views  Citations

ABSTRACT

The paper was conducted to analyze different factors influencing clients’ choice of insurance companies. Insurance is essential for peace of mind, however, clients should be cautious when choosing insurers to avoid future disappointments. Clients should also be aware of fake agents, misrepresentation of information, fraud and coercion by agents and brokers. The main objective of this paper was to identify the factors that drive clients’ preferences in selecting insurance companies, whilst the second objective was to determine the relative importance of these particular factors (advertising, social and behavioral factors). This paper followed a survey design with questionnaires and 185 randomly selected participants from Keetmanshoop Namibia. The results showed that majority of participants chose insurers as a result of agents/broker persuasion, which is similar to what the majority of other researchers found in previous studies. None the less, 87% of participants are satisfied with their current insurers, leaving 13% unsatisfied and intending to switch to other insurers. In addition findings revealed a positive relationship between client’s relative importance of insurance and factors (social, advertising and behavioral factors).

Share and Cite:

Maseke, B.F. and Iipinge, D.N. (2021) Factors Influencing Clients in Choosing Insurance Companies. Open Access Library Journal, 8, 1-11. doi: 10.4236/oalib.1106944.

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