Exploration on Consumer’s Perception and Buying Behavior of Health Insurance Policies in Hyderabad City
Srimannarayana Gajula1, P.Dhanavanthan2
1Srimannarayana Gajula, Research Scholar, Professor & Head, Department of Statistics, Pondicherry University, (Puducherry), India.
2P.Dhanavanthan, Professor & Head, Department of Statistics, Pondicherry University, (Puducherry), India.
Manuscript received on 25 November 2019 | Revised Manuscript received on 19 December 2019 | Manuscript Published on 30 December 2019 | PP: 190-198 | Volume-9 Issue-1S5 December 2019 | Retrieval Number: A10471291S52019/19©BEIESP | DOI: 10.35940/ijeat.A1047.1291S52019
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Health insurance is an emerging channel of distribution adopted by insurers to increase the insurance market and its penetration. Health Insurance can reimburse the expenses of individuals incurred from the long term illness or sudden injuries to pay care provider directly. The present study attempts to know the perception levels to find out the awareness, influence, expectations, and willingness to purchase policy from the Non-Health Insurance Policy holders in Hyderabad City. A sample of 118 respondents were collected for this purpose and statistical analysis such as percentage analysis for socioeconomic factors, awareness levels, sources of information, the Insurer type, policy options, and preferences in payment methods among the Non-Health Insurance policy holders was done. Ranks were assigned to the variables for influence in purchasing the policy through weighted average scores. Different influential factors for buying health insurance policy was explored by Exploratory Factor analysis. We found in our study that socio-economic factors, individuals’ perception and personality traits induces health insurance policy buying behavior in the region.
Keywords: Non-Health Insurance holders, Perception, Percentage Analysis, Weighted Average Scores, Exploratory Factor Analysis.
Scope of the Article: Healthcare Informatics