Behaviors and marketing communication affecting life insurance purchasing decisions of Kasikornbank customers in Kanchanaburi Province.

Abstract

             The research aimed to: 1) study life insurance purchasing behaviors of Kasikornbank customers in Kanchanaburi Province; 2) study level of marketing communication and level of life insurance purchasing decisions of Kasikornbank customers in Kanchanaburi Province; 3) study factors associated with customers’ marketing communication and life insurance purchasing behaviors affecting life insurance purchasing decisions of Kasikornbank customers in Kanchanaburi Province; and 4) compare level of life insurance purchasing decisions of Kasikornbank customers in Kanchanaburi Province as classified by personal factors. The samples were 505 Kasikornbank customers who invested in life insurance in Kanchanaburi Province. The samples of this research were calculated by using ‘Taro Yamane’s formula’ which allowed only 3% margin of error. After the sample size was calculated by substituting the numbers into the Yamane formula, the number of sample was 394 persons. The research instrument was a questionnaire. Data were analyzed with frequency, percentage, mean, standard deviation, t-test, one-way analysis of variance and multiple regression using the 'Enter' method.
              The findings of this research were as follows:
              1) Life insurance purchasing behaviors of Kasikornbank customers who invested in life insurance in Kanchanaburi Province were overall at a high level. The first three highest rated aspects were selection of life insurance agents, purpose of purchasing insurance and determination of insurance premiums respectively.
              2) The result analysis of marketing communications regarding the purchase of life insurance of Kasikornbank customers who invested in life insurance in Kanchanaburi Province was overall at the highest level. The first three highest rated aspects were direct marketing, personal selling, and sales promotion respectively. The obtained results compatible with life insurance purchasing decisions of Kasikornbank showed that most customers had their own perception towards life insurance purchasing decisions (64.21%), followed by those who previously invested in other different types of life insurance (51.27%), and the questionnaire responses which resulted in identifying key determinants related to customers’ life insurance purchasing decisions (64.21%). The objectives of purchasing insurance policy of Kasikornbank were to protect individuals’ own self-will (37.31%) and families (62.69%). The premium rates for life insurance premiums were based on two applicable concepts: the previous insurance policies and all Kasikornbank insurance policies that policyholders hold which were expressed as a rate per 15,930 Bath of insurance.
              3) The most influential factors related to Kasikornbank customers’ life insurance purchasing decisions were purpose and type of insurance policies, followed by after-sales services and selection of life insurance agents respectively. Whereas, insurance premiums did not substantially affect considerations when Kasikornbank customers made life insurance purchasing decisions. Whereas, factors influencing Kasikornbank customers’ insurance purchasing decisions were mostly marketing communications associated with direct marketing, followed by sales promotion, media relations, and direct sales representative. Whereas, advertising media did not substantially affect life insurance purchasing decisions of Kasikornbank customers.
              4) Life insurance purchasing decisions of Kasikornbank customers as classified by personal factors were mostly influenced by different average monthly incomes and occupation, followed by age, highest educational level, and social status. Whereas, personal factor least affecting life insurance purchasing decisions of Kasikornbank customers was gender of which obtained results were influentially correlated with life insurance purchasing decisions of Kasikornbank customers in terms of the number of insurance policies.

Article history : Received 16 July 2017
                              Revised 1 December 2017
                              Accepted 7 December 2017
                              SIMILARITY INDEX = 1.03