Main Article Content
Abstract
Globalisation has entailed high competition among companies and unpredictable buying processes are impelling companies to garner useful information about customers’ actual buying behaviour by studying their purchase intentions. Insurance being growth oriented, focusing on product & operational innovations, competitive pricing, customer focused services, vibrant distribution channels and advanced promotional activities covering every vital aspect of human life. The present study attempts to elicit factors influencing purchase intentions for GIC products. Data for the study were collected from 284 respondents of 18 General Insurance Companies operating in Jammu district namely, National Insurance, New India Assurance, Oriental Insurance, United India, IFFCO Tokio, Universal Sompo, TATA AIG, Bajaj Allianz, ICICI Lombard, Future Generali, HDFC ERGO, Reliance General, Shriram General, SBI General, Bharti AXA, Star Health, Apollo Munich and Religare. The result of SEM demonstrated that purchase intention is significantly reflected through personal, marketing and social aspects. Further, moderate level of satisfaction have been observed among customers and purchase intention is highly reflected through social aspect (SRW= 0.69) followed by personal aspect (SRW= 0.59) and marketing aspect (SRW= 0.53) as indicated by SEM results. To sustain growth in General Insurance companies, managers should focus on their products, price, service quality, claim settlement and easing out terms and conditions before offering products to customers. General Insurance companies should undertake awareness compaign, offer customized products and build trust among customers.