Insurance Awareness And Purchase Behaviour: The Role Of Customers Preference Among Policyholders In Chennai.

Abstract

In the contemporary insurance market, increasing competition and product diversification have made consumer awareness and preference crucial factors influencing insurance purchase behaviour. Awareness of insurance products enables policyholders to understand policy benefits and evaluate alternatives effectively, which in turn shapes their preferences and purchase-related decisions. This study examines the influence of insurance awareness on preference and purchase behaviour among policyholders in Chennai. The study considers awareness of general insurance products and awareness of policy benefits and coverage as independent variables, preference based on claim settlement process and insurance company reputation as mediating variables, and actual policy purchase behaviour and recommendation decision as outcome variables. Primary data were collected from policyholders using a structured questionnaire. Descriptive statistics and correlation analysis were employed to analyze the proposed relationships. The findings highlight that insurance awareness significantly influences preference, which in turn affects purchase behaviour and recommendation decisions among policyholders.