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Behavior of Malaysian iGeneration in purchasing life insurance policy / Nooriha Abdullah … [et al.]

Globally the role of insurance industry is crucial for every country as it plays a core function in the mordern economy and the financial systems. Insurance/Takaful, like other financial services, has become important due to the increase of risks and uncertainties in most societies. Simultaneously,...

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Main Authors: Abdullah, Nooriha, Roslan, Azreen, Mohamed Yusuf, Rosmi Yuhasni, Mohd Rasid, Mohd Faizol Rizal
Format: Book Section
Language:English
Published: Faculty of Accountancy 2018
Subjects:
Consumer behavior. Consumers' preferences. Consumer research. Including consumer profiling
Life insurance
Social perception. Social cognition
Online Access:http://ir.uitm.edu.my/id/eprint/43918/1/43918.pdf
http://ir.uitm.edu.my/id/eprint/43918/
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spelling my.uitm.ir.439182021-04-05T03:03:32Z http://ir.uitm.edu.my/id/eprint/43918/ Behavior of Malaysian iGeneration in purchasing life insurance policy / Nooriha Abdullah … [et al.] Abdullah, Nooriha Roslan, Azreen Mohamed Yusuf, Rosmi Yuhasni Mohd Rasid, Mohd Faizol Rizal Consumer behavior. Consumers' preferences. Consumer research. Including consumer profiling Life insurance Social perception. Social cognition Globally the role of insurance industry is crucial for every country as it plays a core function in the mordern economy and the financial systems. Insurance/Takaful, like other financial services, has become important due to the increase of risks and uncertainties in most societies. Simultaneously, the rapid changes in technology has a huge impact on human lives, in particular the internet. Since iGeneration or commonly known as Generation Z, includes people born between 1990s and early 2000s, was born ‘in the internet’ era, therefore most of their decision to buy things depends on the info that is obtained from the internet. With less than 40 percent of Malaysian citizens that own a life insurance or family takaful policy, there is a significant, untapped potential for the insurance industry to penetrate Malaysian market in particular the iGeneration population. Hence, this paper is to determine the drivers of consumer purchase behavior that can influence the willingness of iGeneration to buy life insurance policy. Due to the characteristic of iGeneration, a survey via ‘google form’ was utilized in order to obtain the relevant data. Using quantitative research method, about 200 questionnaires were distributed. The research findings depict that variables of service quality of insurance company, perceived value of life insurance policy and role of agent were related with the dependent variable of iGeneration behavior. Subsequently, perceived value of life insurance policy was found to be the most influential factor that affects iGeneration behavior in purchasing life insurance policy. Thus, this paper suggests that iGeneration are aware about the benefits of purchasing life insurance products because iGeneration already have knowledge about life insurance policy and they can compare which insurance/Takaful products are more valuable and worth to purchase. The implication towards the insurance companies as a catalyst of financial system in Malaysia, should grab this opportunity to enhance their marketing efforts to capture the potential buyers among the iGeneration. Faculty of Accountancy 2018 Book Section PeerReviewed text en http://ir.uitm.edu.my/id/eprint/43918/1/43918.pdf Abdullah, Nooriha and Roslan, Azreen and Mohamed Yusuf, Rosmi Yuhasni and Mohd Rasid, Mohd Faizol Rizal (2018) Behavior of Malaysian iGeneration in purchasing life insurance policy / Nooriha Abdullah … [et al.]. In: ICAM2019 – International Conference on Accounting and Management. Faculty of Accountancy, Universiti Teknologi MARA Puncak Alam, Selangor, p. 74. ISBN 978-967-17038-0-9
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic Consumer behavior. Consumers' preferences. Consumer research. Including consumer profiling
Life insurance
Social perception. Social cognition
spellingShingle Consumer behavior. Consumers' preferences. Consumer research. Including consumer profiling
Life insurance
Social perception. Social cognition
Abdullah, Nooriha
Roslan, Azreen
Mohamed Yusuf, Rosmi Yuhasni
Mohd Rasid, Mohd Faizol Rizal
Behavior of Malaysian iGeneration in purchasing life insurance policy / Nooriha Abdullah … [et al.]
description Globally the role of insurance industry is crucial for every country as it plays a core function in the mordern economy and the financial systems. Insurance/Takaful, like other financial services, has become important due to the increase of risks and uncertainties in most societies. Simultaneously, the rapid changes in technology has a huge impact on human lives, in particular the internet. Since iGeneration or commonly known as Generation Z, includes people born between 1990s and early 2000s, was born ‘in the internet’ era, therefore most of their decision to buy things depends on the info that is obtained from the internet. With less than 40 percent of Malaysian citizens that own a life insurance or family takaful policy, there is a significant, untapped potential for the insurance industry to penetrate Malaysian market in particular the iGeneration population. Hence, this paper is to determine the drivers of consumer purchase behavior that can influence the willingness of iGeneration to buy life insurance policy. Due to the characteristic of iGeneration, a survey via ‘google form’ was utilized in order to obtain the relevant data. Using quantitative research method, about 200 questionnaires were distributed. The research findings depict that variables of service quality of insurance company, perceived value of life insurance policy and role of agent were related with the dependent variable of iGeneration behavior. Subsequently, perceived value of life insurance policy was found to be the most influential factor that affects iGeneration behavior in purchasing life insurance policy. Thus, this paper suggests that iGeneration are aware about the benefits of purchasing life insurance products because iGeneration already have knowledge about life insurance policy and they can compare which insurance/Takaful products are more valuable and worth to purchase. The implication towards the insurance companies as a catalyst of financial system in Malaysia, should grab this opportunity to enhance their marketing efforts to capture the potential buyers among the iGeneration.
format Book Section
author Abdullah, Nooriha
Roslan, Azreen
Mohamed Yusuf, Rosmi Yuhasni
Mohd Rasid, Mohd Faizol Rizal
author_facet Abdullah, Nooriha
Roslan, Azreen
Mohamed Yusuf, Rosmi Yuhasni
Mohd Rasid, Mohd Faizol Rizal
author_sort Abdullah, Nooriha
title Behavior of Malaysian iGeneration in purchasing life insurance policy / Nooriha Abdullah … [et al.]
title_short Behavior of Malaysian iGeneration in purchasing life insurance policy / Nooriha Abdullah … [et al.]
title_full Behavior of Malaysian iGeneration in purchasing life insurance policy / Nooriha Abdullah … [et al.]
title_fullStr Behavior of Malaysian iGeneration in purchasing life insurance policy / Nooriha Abdullah … [et al.]
title_full_unstemmed Behavior of Malaysian iGeneration in purchasing life insurance policy / Nooriha Abdullah … [et al.]
title_sort behavior of malaysian igeneration in purchasing life insurance policy / nooriha abdullah … [et al.]
publisher Faculty of Accountancy
publishDate 2018
url http://ir.uitm.edu.my/id/eprint/43918/1/43918.pdf
http://ir.uitm.edu.my/id/eprint/43918/
_version_ 1696979082056564736
score 13.211869

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