Switching Behavior in Auto Insurance - An Exploratory Case in Korea -
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When consumers select insurers through a premium quotation site in the Internet, they don’t seek only the cheapest premium. The selection of an insurer depends on brand name, quoted price, conceptual value for the product or expected premium, product and claim service quality, switching cost, previous experience with the insurer through claims service, word of mouth about an insurer, and insurance information published by various media. This article analyzes brand preference and premium quotation to investigate switching behavior and costs in the Internet environment. The findings of this paper show how brand preference, switching behavior and cost differ by various demographic variables. The findings may help insurers to determine a more accurate target market and allocate their effort and resources in order to increase profits.
Abstract
When consumers select insurers through a premium quotation site in the Internet, they don’t seek only the cheapest premium. The selection of an insurer depends on brand name, quoted price, conceptual value for the product or expected premium, product and claim service quality, switching cost, previous experience with the insurer through claims service, word of mouth about an insurer, and insurance information published by various media. This article analyzes brand preference and premium quotation to investigate switching behavior and costs in the Internet environment. The findings of this paper show how brand preference, switching behavior and cost differ by various demographic variables. The findings may help insurers to determine a more accurate target market and allocate their effort and resources in order to increase profits.
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