Influence of company policy, agent behaviour and financial sufficiency on buying intention of life insurance policy holders

The study assesses the influence of company policy on the buying intentions of life insurance policyholders. The influence of agent behaviour and financial self-sufficiency on buying insurance products is measured as well. An attempt is also made to trace the impact of demographic factors like income and education level. The study is confined to Odisha province of India. ANOVA and explorative factor analysis followed by linear regression have been applied for the impact assessment. The study analysed the responses from 389 policyholders collected on a random basis. It is found that factors like Agents’ Behaviour, Self Sufficiency, and Financial Behaviour have a significant impact on Buying Intentions of policyholders, but Company Policy has no such impact. Similarly, income level has a significant impact on buying intentions. It can be inferred that policyholders buy policies when they are financially self-reliant. In addition, agents at the local level can influence the customer. The findings of the study will be helpful for insurance companies to develop an appropriate strategy to ensure better customer satisfaction and delivery of services.