Consumer Behaviors in Korean Variable Insurance Market: Around the Global Financial Crisis and the COVID-19 Crisis

• 발행기관: 위기관리 이론과 실천
• 간행물 정보: 『한국위기관리논집』Crisisonomy Vol.18 No.3, 139~155쪽, 전체 17쪽
• 주제분류: 사회과학 > 행정학
• 파일형태: PDF
• 발행일자: 2022.03.31

영문 초록

We attempt to analyze the VI (variable insurance) consumers’ behavior in Korean insurance market around the global financial crisis and the COVID-19 pandemic period. We pointed out economic factors that affect VI demand, and confirmed VI demand increases with stock market boom, low interest rate, high price level, and stable economic situation. Also consumers who decide to purchase VI usually consider the size, safety and profitability of a target insurance company. The asset and equity size have positive relationship with VI sales. Also reputation in traditional insurance market helps companies to attract new VI customers. The increase in the number of sales organization and sales person positively affects VI sales. From the analysis, we notice that more risk averse VI customers would choose domestic companies. Foreign companies have very active marketing strategies using young and highly educated sales persons targeting less risk averse VI customers.

목차

Ⅰ. Introduction

Ⅱ. Stock Price and VI Demand: Are VI Purchasers Myopic Investors?

Ⅲ. Other Factors Affecting Consumers’ Purchase of VI

Ⅳ. Which Insurers Do VI Consumers Prefer?

Ⅴ. Conclusion

키워드

variable insurance customer behavior stock market fund management global financial crisis COVID-19 pandemic