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第一章-CHAPTER 1
文献综述-LITERATURE REVIEW
前言-Introduction
在这第一章,我回顾了在其他杂志中关于这个各个区域保险部门的话题。在第一章第一节中,这些杂志调查的产品和服务会影响消费者的行为。在第一章第二节中,这些期刊调查的是人口影响消费者的行为。在第一章第三节中,期刊调查的是忠诚度影响消费者的行为。在第一章第四节中,期刊调查舒适的过程影响消费者的行为。在第一章第五节中,这些期刊调查客户满意度水平影响消费者的行为。以及在最后的第一章第六节是对整章的一个总结。
产品和服务-Products and Services
Various area of insurance sector
CHAPTER 1
LITERATURE REVIEW
Introduction
In this chapter 1, I review other journal about this topic in the various area of insurance sector. In the 1.1, those journals are investigating the products and services affects the consumers' behavior. In the 1.2, those journals are investigating the demographic affect the consumers' behavior. In 1.3, those journals investigating the loyalty affect the consumers' behavior. In the 1.4, those journals investigating the ease of procedures affect the consumers' behavior. In the 1.5, those journals investigating customer satisfaction level affect the consumers' behavior and the last 1.6 is the conclusion of whole chapter.
Products and Services
The report of "Genetic Testing & Life Insurance Consumer Perception Research" published by Investment & Financial Services Association Ltd (IFSA), (2002), show that most of the people think that insurance companies should be able to use smoking status, current and past health and age when determining life policy premium. This is because those risk factors are fairly obvious risks. In this studies, there is 77% population believe that life insurance companies should be able use smoking status when setting life insurance premiums, 67% agree that insurers should use a person's current and past health to determine the premium, 62% of people think that insurers should be able to use age when setting premiums, 48% population agree the use of family history by life insurance, and 23% of the population believe that insurers should use the age to set the premiums. This result highlighted the opposition to the use of gender focused on its use being a form of discrimination.
In the IFSA's studies, there is generally agreed that life insurance is expensive. This is because those people who do not know the real cost of life insurance premiums tend to overestimate the cost. For example, some people will consider buying insurance for him if it was cheaper but how much is it just can consider cheap? (The studies of consumer perception, 2002)
In the IFSA's studies show there is not a significantly greater level of understanding among those has life insurance. Life insurance always confused with health insurance, general insurance, and endowment products. As a result of this, any bad name surrounding these other companies spills over to life insurance companies.
Praveen, Gaurave, and Vijay (2009) state the services quality considered as an important factor in the study. This factor includes various variable statement which are hassle free settlement, agent respond promptly, satisfy with relationship to company, employees responsible toward customers, and investment in life insurance is more secure than stock market.
Services are activities and/ or benefit that one party to provide to others that do not lead to any title and services are necessarily intangible. Insurance service is complex and dependent on the future of service involves characteristics of a large number of legal. (Khondkar and Rahman, 1993)
Tamzid et al. (2007) found that under the financial and resource constraints, service organization need to manage which customer requirements are properly understood and measured and that, from customer's point of view, quality of service gap identified. Tamzid et al. (2007) also found that the key provide the high-quality is to constantly monitor the customer perceived of service quality, determine the reasons for the shortage of service quality, and take appropriate action to improve the quality of service.
Due to the company which in services is the primary focus of the brand rather than the product, Berry (2000) argued that corporate branding is more usually important to services markets. Thus, despite the company's brand is increasingly important and universal (Balmer, 1995), it is seen as a particularly important role in the services marketing (Dobree and Page, 1990; Olins 1995). In fact, Berry et al. (1988) argued that consumers may think that the components from a single brand for all services provided by a company, which coincide with the finding of de Chernatony and Segal-Horn (2003) that customers clarify the successful services brand in market from their understanding and interactive with the organization rather than only from the company advertising.
For the particular financial services, Ford (1990), Balmer and Wikinson (1991), Saunders and Watters (1993), Denby-Jones (1995), and Milligan (1995) have suggested that corporate brands were particularly related of financial services. Dall'Olmo Riley and de Chernatony (2000) believed that the financial services not suitable for the individual product brands, which indicates that corporate brand may be particularly important in situation where it is difficult to make a priori judgments.
James F.D. & Sally M. (2007) found that customer distinguish that they have nothing to lose by implementation the lowest price offer despite the consequences of who is offering it. With this kind of offering, the brand does not appear to play any role in indication of a particular capability and little or no value is emotionally involved to the brand. If an unidentified or lesser known company offers a better deal, they are likely to be chosen. In general, customers in this kind of markets also show signs of a high degree of willingness to switch providers in look for of a better deal.
Product knowledge is a necessary research topic in related fields, and it plays a significant role in the research of consumer behavior. Brucks (1985) declares that product knowledge is dependent upon the known knowledge or memories from consumers. Lin and Zhen (2005) state that product knowledge devolves on consumer's trust about the product, or consumer's consciousness about it.
Consumer knowledge toward the product is an important concept, this is because consumers most probable using two processes before they decide to purchase something. The first is the information search, Solomon (1997) found that consumers require many relevant information to aid with their consuming decision when the consumer facing many consuming relevant questions. The second is information processing which include consumer self choice to disclose, notice, identify, agree, accept, or retain. Brucks (1985) found that consumer knowledge affects their procedures concerning information search and information processing.
Demographic
Amit et al. (2007) state that demographic factor is that factor which having the maximum of influence in the buying behavior of consumer toward the product and especially the insurance product. It includes occupational, age, gender, marital status, income level, education level, cultural factor etc.
The IFSA's studies state that in the younger age groups, they are generally agreed that life insurance was for the people who with "responsibilities", such as dependents, a mortgage, or a husband or wife.
Helmut Grundl, Thomas Post, Roman Schulze, (2005) in Praveen, Guarave and Vijay (2009) found that demographic risk is the risk that life tables change in a nondeterministic way. It is a serious threat to the financial stability of an insurance company having underwritten life insurance and annuity business. The opposite influence of changes in mortality laws on the market value of life insurance and annuity liabilities creates natural hedging opportunities.
Wah C.Y. & Patrick (2007 found that one possible reason is that with an increase in education, people are more exposed to financial information and thus more financially savvy. This is in contrast with those with lower education level who may not have received as much finance-related knowledge. We note the two groups' levels of understanding are still low. Besides that, Wah CY & Patrick (2007) also found that a possible reason could be due to the difference in mindsets between these age groups. The two younger age groups may be more open-minded towards LFAs as a financial service provider, whereas those aged between 50-54 may tend to be more conservative in their financial investments, as they are nearing their retirement age.
Perception towards LFAs seems to increase positively as one's education level increases. A possible reason for this is as one's educational level increases, one is better able to understand the complexities and differences between LFAs and the other financial advisers. This may allow one to better appreciate the services provided by LFAs. (Wah CY & Patrick, 2007)
According to Graham [2002], men are more financially savvy than women and place a greater importance on financial planning. Thus, men could be more inclined to seek advice from more sources of financial advisers to help grow their wealth. This could explain why men may have more positive attitude towards LFAs.
In the closely related view, Suh et al. (2006) argued that customers from different cultures may depend on different factors during the process of relationship development with services providers.
In the study of quality life in developing countries with orientation to South Africa, Moller (2004) found that income and social security which are the own wages, ability to provide for family, insurance against illness and death, and income in old age have been regarded as one of the major pointers of quality of life, this point of view stresses the importance of insurance to human life. Sarcastically, in the developing countries seem not so accepted the insurance services enthusiastically. The relative interests among researchers and practitioners are attracted by the abysmal level of insurance culture in developing economies. In the rural areas of less-developed countries, the risk has been identified as a central fact of life (Udry, 1994).
In the study of social health insurance, Carrin (2002) found that the important and the need of social health insurance as a powerful method to grant the population access to health services in a fair way and the author also observed that half of the industrialized countries have chosen social health insurance as their health financing system.
In the study of Poverty and Vulnerability, Morduch (1994) identifies weak financial organizations in low-income countries as one of the reason of low insurance culture. The author found that they will entreat to the second-best arrangement such as borrowing from relatives and neighbors and selling their valuable assets to cushion the effect of unexpected disaster circumstances.
Douglas and Wildavski (1982) found that the unique culture of the country may be affected the demand for life insurance in a country to the extent that it affects the population's risk aversion. Henderson and Milhouse (1987) argued that understanding religion is an important part of understanding a nation's unique culture that is because an individual's religion can provide a perception into the individual's behavior.
Zelizer (1979) found that history of religion has provide a strong source of cultural opposition to life insurance that is because many religious people believe that a reliance on life insurance results from a distrust of God's protecting care. European nations condemned and banned the life insurance on religious ground in nineteenth century. Zelizer also states that in several Islamic countries there still have religious rivalries to life insurance. Besides that, Wasaw and Hill (1986) tested the effect of the international data set using by the Islam on life insurance consumption. In their study, they found that consumers in Islamic nations purchase less life insurance than the people in non-Islamic nations, this become clearer in the fact that in a comparative manner very low ratio of Muslims in the developed countries with the majority residing in medium to low human development countries. In the Human Development Report (2004) which includes the thirty-five low human development countries, there are seventeen have a majority Muslim population and a further five have a Muslim population of over 20 percent, Patel (2002) found that Muslim surrounding the world are usually faced with the low-income levels, and lack access to education, healthcare, social security system, maintenance of cleanliness and good hygiene, and employment opportunities.
Tajudeen, Ayantunji and Dallah (2009) believed that people with education have more positive attitude toward insurance than people who less education ones. As a matter of fact, the higher educated respondents outperformed others although no statistical important different was observed with vocational education. Besides that, they also find out the respondents who have highest positive attitude towards insurance is the people in age group between 56 and 65 years than other age groups this is due to the people in this age group are at the end of the active life and they are more aware of their retirement life. Tajudeen, Ayantunji and Dallah found that high household income groups have highest positive attitude toward insurance than the low household incomes groups, in fact, the wealthy household comparatively feel protected commonly in Nigerian economic environment. From the other point of view, the low household income groups are less authorized and usually they feel that the insurance is further than their reach. In addition, the people who are insured have a significant higher positive attitude toward insurance than those non-insured.
Loyalty
Praveen, Gaurave, and Vijay (2009) found that company loyalty is considered as the highly contributing factor towards study. This factors includes various variable statement which are the only company the consumer wants to associate himself with it in the future, himself would purchase more policies from the same company, suggest friends and family to buy insurance product from the same company, company able to fulfill expectation, and policy benefits benchmarks.
Tamzid et al. (2007) found that when consumer want to try new product or service, most of them will rely on the opinions of their family and friends, and they will discuss with a trusted person before decide to choose an insurance company.
Customer loyalty describes the customer opts for a business or product over another kind of their special needs. Therefore, well-managed customer retention program will increase the customer loyalty. (Novo, 2004)
In the study, Wah CY & Patrick (2007) show that six customer segments based on the different degrees of loyalty:
Emotive loyalists - sentimentally attached to their brands.
Inertial loyalists – dislike taking the trouble to switch.
Deliberative loyalists – rationally chosen the best option
Lifestyle downward migrators – existing customers who spend less since their lifestyle have changed.
Deliberative downward migrators – existing customers who spend less after they rationally reassess their option and needs.
Dissatisfied downward migrators – existing customers who spend less as they may be actively dissatisfied with the product or services.
James F.D. & Sally M. (2007) found that it is obvious that to an extent a number of consumers receive some value from a sense of familiarity, which could help account for the noticeable degree of behavioral loyalty. That said, most behavioral loyalty appears to be the mostly inertia-based, more willingly than a result of positive attitudes and a agreeableness to forgive mistakes.
Angles and Manuel (2003) believed that the idea of relational commitment and also the impact that its development has on the presence of client loyalty will be identified. Therefore, the commitment has been recognized as an necessary component for successful long-term relationships (Garbarino and Johnson, 1999; Gronroos, 1996; Morgan and Hunt, 1994). Morgan and Hunt (1994) found that the attendance of commitment, cooperatively with confidence, this will promotes the effectiveness, efficiency, productivity of the organization. Nevertheless, the relationship will fast to finish if there is lack of commitment (Wetzels et al., 1998). Hence, organization should be concerned in understanding their clients' commitment level, and likewise the feature that differentiate committed and non-committed clients, so that to administer an appropriate strategy to each case. In addition, organization commitment appears to be an essential state for organization loyalty to occur (Bloemer et al., 1998; Bloemer and de Ruyter, 1998). Dick and Basu (1994) and Martin and Goodell (1991) have same believed that if the loyalty are not base on commitment, then it will be simply false loyalty. Therefore, organization want to maintain a true loyalty for long-term, the development of commitment in consumers is needed (Zins, 2001; Richards, 1998).
In the study of how consumers' evaluation processes differ between goods and services, Zeithaml (1981) state that some of the major determinants of brand loyalty for products and services are accessibility of substitutes, recognized risk related with a purchased, the cost of exchanging brands, and the previously satisfaction with a brand. Javalgi and Moberg (1997) state that as the services have different characteristics, so that the result of differences in strategic positioning, and so the most effective strategies for maintaining and building the loyalty may be different between product and service providers. In addition, these differences may mean that there is indeed a market-oriented product marketing service providers in relation to different meanings.
Javalgi and Moberg (1997) also found that when customers become well-known with a particular service, they will difficult to evaluate the quality of services and make the switching brands of services become less probably. The relationship between provider and customer is inseparability in many service setting; this will make the customers less switching after they develop a relationship with a service provider. Most of the customers believed that the services have higher risk than goods that is because services are intangible and heterogeneous. Those authors believed that when the perceived risk increase, the possibility of loyalty to a brand increase (Cunningham, 1966; Guseman, 1981; Roselius, 1971). Zeithaml (1981) argued that consumers always depend on the credibility qualities to evaluate a service that is because the intangibility of service is hard to evaluate the service quality. The author also found that the intangibility feature make service more hard and high cost to collect the information about it. The higher cost may cause there have less consumer information about services than about goods. Hence, the loyalty of band may become more important for the services.
Ease of Procedures
The report of "Genetic Testing & Life Insurance Consumer Perception Research" published by Investment & Financial Services Association Ltd (IFSA), (2002) show that there is also bad name generated from within the life insurance industry, mainly cause of the perceived unscrupulous behavior by life insurance's agents. Many people keep strongly negative perceptions of life insurance salespeople. Therefore, this become a barrier to inquiring about product, thus inhibiting product knowledge and ultimately, purchase.
Praveen, Gaurave, and Vijay (2009) found that ease of procedures is a contributing factor towards the study. This factor includes various variable statements which are co-operative and friendly agent, settlement of claims easy and timely, the company provides claims on time, and agent is well informed about policies.
Govind (2009) found that insurance company required to provide efficient services just can generate the confidence of customer toward company, however, allow customers to an undue delay is an important reason to lose the confidence by the insured in the talks by the insurer or his representative.
Crosby et al. (1990) and Morgan and Hunt (1994) found that the interpersonal relationship salespeople establishes with the customers will determined largely on the salespeople's ability to affect the customer's long-term commitment in the insurance services.
According to the respondents in Ravipa L. & Mark S. (2004) interviews, they confirmed that human interaction still play an important role to encourage customers to make decisions on insurance policies.
Tam and Wong (2001) found that in the opinion of customer, the salespeople are acting mainly in their own best interest when the salespeople using a "hard sell" approach, this approach just can aimed at meeting a short-term sales target but unlikely to develop the customer's trust. They suggest that salespeople must be effective in communicating with customers in order to introduce gradually confidence and reduce perception risk. Bejou et al. (1998) also found that the short-term "sales-oriented" behavior and "hard sell" approach can have a considerable negative effect on trust.
Keillor et al. (1997) found that the salespeople who use the technology to manage contact with and strengthen commitment to buyers increased the perceptions of continuousness among their customers. Ravipa L. & Mark S. (2004) found that most of the customers are glad to see the salespeople use technology applications during the interpersonal communication. They strongly agreed that technology application can assist salespeople in identifying, remembering, and following through on customer request, and maintaining regular contact with their customers. Ravipa L. & Mark S. (2004) also found that customers perceived that salespeople look more professional when they can easily and immediately check schedules to make appointments, and keep accurate records of the schedule to collect money and without carry a lot of paper. Ravipa L. & Mark S. (2004) believed that all customers are satisfied with salespeople who use technology to help provide information that is because customers believe that the technology helped reduce cycle time in the communication.
Ravipa L. & Mark S. (2004) state that customer perceived that life insurance is a long-term investment. With the long-term policy of life insurance, customers want to confirm that they understand how to receive their money back when the maturity date of insurance policy in the future, or that their family knows how to get it when they have any unfortunately happen. Fundamentally, customers need personal commitment from salespeople whom they trust to make sure their money will not be lost cause of the poor investment by the insurance company. Besides that, customers want to have someone who will help them take care their interest and can be contacted easily when they need claim for themselves.
Customer Satisfaction Level
Amy (2004) in Praveen, Gaurave, and Vijay (2009) empirically observed the role of emotional satisfaction in service encounters. Purposely, this study seeks to investigate the relationship between emotional satisfaction and key concepts, such as, customer loyalty, relationship quality, and service quality, and clarify the role of emotional satisfaction in predicting customer loyalty and relationship quality. The results show that service quality is positively associated with emotional satisfaction, which is positively associated with both relationship quality and customer loyalty. Advance investigations showed that customers' feeling of enjoyment serve as the best predictor of customer loyalty, while feelings of happiness serve as the best predictor of relationship quality. The results imply the need for a service firm to strategically leverage on the key antecedents of relationship quality and customer loyalty in its pursuit of long-term profitability and customer retention.
Govind (2009) state that satisfaction of customer toward product and services for a company is the most important criterion, which include the quality product and value addition through value proof of what was indirectly suggested to provide greatest customer satisfaction. Govind (2009) found that customer dissatisfaction is a cascading effect that is because once a dissatisfied customer share his perception to other who in turn happen to share yet to another people, this can imagine the 'cascading effect' of these small wave spreading dissatisfaction to many people. Besides that, customer dissatisfaction needs to build the confidence and trust in the relationship with largest commitment, internal accountability, and customer service awareness. Govind (2009) also found that customer satisfaction is the cost of insurance to purchase the use of policy product, when a claim was paid, the buyer get the ultimate satisfaction. The satisfaction is not fully achieved only when the product bought by the buyer will give him the expected result, but it also requires that the product give its full use. During the product cycle, customer wishes to have peace of mind when it is in use by him. Nowadays, customer not buy the product but his greatest satisfaction, he become an active seeker of value-proof. He keeps more attention directed on the promise of satisfaction made by company, industry, regulator or legislature declared by the agents, brokers, or advertisement. Other than that, Govind (2009) also found that in order to achieve customer satisfaction, a sense of care is a very important tool. A visit of unattended or frustration may bring discord and feelings of exclusion, which may break down the relationship between the development of a thin line, due to the relationship between insurer and insured. In the study, Govind (2009) found that the prompt and accurate issue of document, prompt and fair settlement of claim, good listening mechanism, better problem solving approach, reliable manner of service, and meet the customer's requirement on time every time are the insurance customer needs.
In the study, Praveen, Gaurave, and Vijay (2009) found that satisfaction level can regard as a significant factor in the study. They also found that the factor includes "various variable statement which are the company provides them satisfactory services, services should be provided on time, suggested benefits of Insurance Policy should met the investors, fulfill its promise about life insurance policy, and awareness of terms and conditions of policies".
In the study, Tamzid et al. (2007) found that company's reputation is the most affected in the purchase of insurance policies, companies should establish their own credibility by fulfill all the commitments given to customers.
Robert (1994) found that the purchase does not require the protection of small losses and do not purchase adequate protection against losses are related.
In order to maintain long-term relationships with customers, companies are turning to the promotions and engaging in higher concept approaches such as thank-you card and birthdays card, this will encourage customer agree to buy. These technologies often make customers feel good about their purchasing decisions, and enable them to better interact with company (Novo, 2004).
Wah CY & Parick (??) found that the company's value- add by building strong interpersonal relationships by way of relationship marketing as they believed that the life cycle of consumers in the design of personalized and custom procedures. Relationship investment can help them to build loyalty and confidence of suppliers, so that customer's happiness in the employment services (Novo, 2004). White and Yanamandram (2004) found that the attention to complaints not only to identify the problem, but also helps to understand the clien's deficiencies and improvements. Therefore, it is clear that relationship marketing improve customer retention of existing.
In accordance with many observers, external and internal markets reflect one another that are customer satisfaction in service industries can be driven by employee responsiveness during interpersonal service encounters (e.g. Piercy, 1995). For instance, "spontaneous delight" is one of several satisfaction drivers.The customers are greatly satisfied with unexpected elements of the service encounter if the service employees pay particular awareness to them without having been requested (Bitner et al., 1990; Bitner et al., 1994).
Kuhlemeyer and Allen (1999) found that the main reason of the consumer satisfaction with the life insurance products is create by the sales agents who they trust in contrast to those who purchase direct from the insurance companies. From their survey result, they find out the surveyed population who purchased from sales agents were more satisfied with their insurance industry than those who purchased directly from insurance industry.
Henning-Thurau and Klee (1997) found that customer satisfaction has been an extremely discussed topic in the areas of marketing research and consumers for more than twenty years more. Fornell (1992) found that this situation is in the expectation as measuring the customers' satisfaction has become an important subject in an effort to promote the quality of the product and ensure a more competitive economy.
During the 1980s, satisfaction becomes a well-liked topic in marketing and during the industry expansion and recessions, satisfaction is an argued topic (Oliver, 1980). The topic always discuss in customer satisfaction include customer expectation that are go beyond or not fulfilled satisfactorily, customer expectation of service delivery, and substantial delivery of the customer experience. If customer experience is lower than expectation, a negative disconfirmation result, while a positive disconfirmation results when expectations are exceeded.
Oliver (1997) found that Customer's evaluation of service feature affect significantly the customer satisfaction in the service. Other than that, Zeithaml and Bitner (2003) state those customers' perceptions of equity and emotional responses affect the satisfaction. Perception involved the equity estimation among others customers, and also the price and value comparisons.
Under the Oliver's (1980) study, the preceding of customer satisfaction include disconfirmations and expectations, and results of satisfaction include positive effects on post-purchase purposes and attitude. Zeithaml and Bitner (2003) believed that customer satisfaction level may be very important as pricing statistics and economic efficiency, and satisfaction may be identifying with a good quality of life.
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