생명보험시장에서 광고가 가격민감도에 미치는 영향
The Impact of Advertising on Price Sensitivity in Life Insurance Market
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본 연구는 생명보험시장에서 광고비지출이 수입보험료와 해약률에 대한 소비자의가격민감도에 미치는 영향을 파악하고 있다. 이론적으로는 광고비지출이 소비자의가격민감도를 감소시킨다고 주장하는 설득적 관점과 소비자의 가격민감도를 확대시킨다고주장하는 정보적 관점에 대한 검증이다. 첫째, 수입보험료를 종속변수로 하고 보험가격 및보험가격과 광고비지출의 교호항을 설명변수로 하는 회귀모형에서는 보험가격의회귀계수가 음(-)의 값을 나타낸 가운데 교호항의 회귀계수가 양(+)의 값을 나타내어설득적 관점을 지지하고 있다. 둘째, 해약률을 종속변수로 하는 회귀모형에서는보험가격의 회귀계수가 양(+)의 값을 나타낸 가운데 교호항의 회귀계수가 음(-)의 값을나타내어 설득적 관점을 지지하고 있다. 이러한 결과는 보험회사가 상품의 기능에 초점을맞춘 광고를 통해 가격민감도 확대를 이용한 가격차별화전략 보다는 브랜드 이미지제고를 통한 소비자 로열티를 높이는 전략이 보다 효과적일 수 있음을 시사한다.
Abstract
This study investigates the impact of advertising expenditure on the price sensitivity of insurance demand and surrender and lapse rates. Especially, we test two forms of hypothesis on advertising: (1) a persuasive view of advertising, in which advertising could reduce consumers' price sensitivity and (2) an informative view of advertising,in which it is likely to increase consumers' price sensitivity. We show the followings : First, a model, using premium as a dependent variable, supports the persuasive views of advertising as the sign on coefficients of the insurance price is negative and the inter-action term is negative. Secondly, another model, using surrender and lapse rates as a dependent variable, also supports the persuasive views of advertising as the signs on coefficients of the insurance price and the inter-action term are all negative. These results imply that increasing consumers' loyalty by enhancing brand images is more effective for insurance companies than price differentiation strategies to maintain high price sensitivity by the advertisement focusing on the function of insurance products.
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