CONSUMER PERCEPTION TOWARDS INSURANCE PRODUCTS AT SUBSISTENCE MARKETPLACES: THE BOTTOM-UP APPROACH

Received: 24.08.2021; Revised: 30.09.2021, Accepted: 31.10.2021, Published Online: 16.11.2021

Preeti Devi

Research Scholar, Department of Commerce, Kurukshetra University, Kurukshetra, India

mpreeti241@gmail.com

Tejinder Sharma

Professor, Department of Commerce, Kurukshetra University, Kurukshetra, India

sharmatejinder@gmail.com

Abstract

Government of India has taken a lot of initiatives to ensure access of insurance products to every section of the society. Still, a significant number of people at subsistence marketplaces are not enrolled under any of such initiative. This study investigates the factors that influence consumer behavior or buying decisions towards insurance products at subsistence marketplaces. Initially, a qualitative survey was conducted to identify the relevant variables and this was followed by a primary data collection from the 422 respondents from the subsistence marketplaces in Haryana state of India. Factor analysis technique has been used to extract the most relevant factors towards the buying decisions of insurance products. This study reveals the eleven factors, which can be determinants to consumer behavior towards the Insurance products. The work has significant implications for designing as well as for selecting the distribution channels of insurance products at the subsistence marketplaces.

Keywords: Subsistence Marketplaces, Low-Income Consumers, Perception, Insurance Products, Insurance Buying