Characterization of the Purchase Decision Process in the Category of Individual Life Insurance with Savings

This article’s goal is to describe the purchase decision process in the individual life insurance with savings category in Colombia. To this end, the attitudinal and behavioural characteristics of a sample of consumers that own life insurance policies with savings were identified. Given the objectiv...

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Bibliographic Details
Published in:IJIEM. International Journal of Industrial Engineering and Management (Online) 2019-12, Vol.10 (4), p.269-283
Main Authors: González, Ensueño, Muñoz, Carolina, Robayo-Pinzon, Oscar, Rojas-Berrio, Sandra
Format: Article
Language:English
Subjects:
Insurance
Insurance policies
Life insurance
purchase decision
purchase intention
savings
Social factors
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Summary:This article’s goal is to describe the purchase decision process in the individual life insurance with savings category in Colombia. To this end, the attitudinal and behavioural characteristics of a sample of consumers that own life insurance policies with savings were identified. Given the objective of this report and its temporary scope, the design is of a non-experimental cross-sectional cut. The execution of the methodological strategy required qualitative instruments, and thus, its design was exploratory. Among the main results, it was found that the participants show a tendency to procrastinate, that the purchasing process has a high degree of complexity and that there are four associated factors: situational factors, individual factors, social factors and insurance company marketing activities factors. Key words
ISSN:2217-2661
2683-345X
DOI:10.24867/IJIEM-2019-4-246