E-ISSN:2250-0758
P-ISSN:2394-6962

Research Article

Women Customers

International Journal of Engineering and Management Research

2025 Volume 15 Number 4 August
Publisherwww.vandanapublications.com

A Study on Factors Influencing Women Customers towards Choice of Insurance Company

Poornima S1*
DOI:10.5281/zenodo.16900058

1* S. Poornima, Associate Professor, PG Centre, Department of Studies in Commerce, Vidyavardhaka First Grade College, Sheshadri Iyer Road, Mysuru, India.

The insurance sector in India is a fast-growing industry that plays a essential role in the country’s economy. The objective of the research paper is to study the demographic profile of the Women customer and to identify various factors influencing women customer’s choice for insurance company. For this study, a random sampling technique has been adopted. The present study has been conducted in the State of Karnataka. The sample size 386 individuals who had an experience of offline and online insurance systems were taken. A statistical tool used is Percentage analysis and Mean. To achieve the above objectives the researcher identified 25 factors for choosing the insurance company. From the above study, researchers conclude that the insurance company management should analyze all these factors and give due weightage to these factors and make appropriate marketing strategies to retain and attract the potential customers in order to increase their market share and profits.

Keywords: Women, Buying Behaviour, Indian Insurance Sector, Insurance Companies

Corresponding Author How to Cite this Article To Browse
S. Poornima, Associate Professor, PG Centre, Department of Studies in Commerce, Vidyavardhaka First Grade College, Sheshadri Iyer Road, Mysuru, India.
Email: 		Poornima S, A Study on Factors Influencing Women Customers towards Choice of Insurance Company. Int J Engg Mgmt Res. 2025;15(4):27-31.
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https://ijemr.vandanapublications.com/index.php/j/article/view/1777

Manuscript Received Review Round 1 Review Round 2 Review Round 3 Accepted
2025-07-03 2025-07-23 2025-08-05
Conflict of Interest Funding Ethical Approval Plagiarism X-checker Note
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© 2025 by Poornima S and Published by Vandana Publications. This is an Open Access article licensed under a Creative Commons Attribution 4.0 International License https://creativecommons.org/licenses/by/4.0/ unported [CC BY 4.0].

Int J Engg Mgmt Res 2025;15(4)27
Download PDFBack To Article1. Introduction2. Review of
Literature3. Need of the
Study4. Scope of
the Study5. Objectives
of the Study6. Research
Methodology7. Data
Analysis8. ConclusionReferences
Poornima S. A Study on Factors Influencing Women Customers

1. Introduction

The development of the economy depends on the soundness of its fiscal system. Insurance sector is one of the major players in fiscal system. India is a country where the average selling of life insurance programs is still lower than numerous western and Asian countries; with the second largest population in world the Indian insurance request is looking veritably prospective to numerous transnational and Indian insurance companies for expanding their business and request share. In the Indian, there's limited mindfulness about life insurance products. This is substantially because people are not entirely conscious of the purpose for which this policy is bought; the most introductory need for buying a life insurance policy is to give fiscal support to the immediate family in the event of demise of the life ensured. From the forenamed introductory need of income relief, some other benefits that come with buying life insurance plans are steady investment option, assured income through appropriations, duty benefits, etc., however there are relatively a lot of benefits, people do not want to buy life insurance due to different reasons. Some of them are lack of knowledge, not obligatory to buy, lack of trust on insurance companies or on agents, no immediate benefit or it seems to be too precious.

2. Review of Literature

Krishnamurthy et.al., (2005), in the paper entitled the “India’s Insurance Industry: Performance, Structure and the Challenges of Future”, studied the status and also the growth of the insurance industry of India post liberalization and further puts forward the opportunities and challenges link to the industry.

Mossin (1968), in the research paper “Aspects of Rational Insurance Purchasing”, study on the preference of the customer towards the services provided by the insurance sector explores the awareness, the terms of satisfaction and also the choice of a customer while preferring a particular company. The study focuses on the attitude of the user towards the product purchase and the available format services as given by banks. Researcher suggested that improve the awareness of the users related to the banks performance while selling the policies of insurance.

Lee and Marlowe (2003), the prime need today is the effectiveness of customer management for their underlying interactions. Services provided to the user leverage the interaction of the same with the company. Organization has the urgent need to assess the data to view the behaviour of the customer and understand their value. Analysis of the relationship with the customers is imperative for the success of the company.

Back and Webb (2003), suggest that this product is of a good sense majority when the protection is bought against the specific loss so huge that it is deemed as catastrophic as the destruction of the home of a person, death of person in the family and also the liability judgment of an accident. But there has been a recognition that such product is not easy to sell.

Jain (2015), investigated on the factors affecting consumer satisfaction at Bhavnagar, Gujrat. His study was confined to health insurance only. This research identified key areas of success to generate customers satisfaction by the public-sector health insurance companies are-better branch office location; good reputation in market; sound financial strength; regular correspondence with agents by meetings; accurate presentation of product line. Whereas strength of the Private sector health insurance companies is better physical layout for business purposes; error free information; quick services; availability of employee on time; settlement of claims on time; individual attention to customers; effective investment advice and guidance.

3. Need of the Study

Investment behaviour differs from one to another. Especially when it comes to insurance, there is a large difference and influence of factors that also govern buying behaviour. Women are less impulsive when it comes to investment decisions as compared to men. Investment attitudes and decision making of women are more conservative and thus they choose their portfolios carefully. Hence, research work is made to attempt and explore through descriptive research to find out buying behaviour of women consumers towards life insurance policies in Karnataka state.


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Poornima S. A Study on Factors Influencing Women Customers

4. Scope of the Study

The scope of the study is to find out the effectiveness and quality provided by insurance companies and which influences women consumer buying behaviour and help to improve further to meet the requirements and objectives of both customers and insurance companies.

5. Objectives of the Study

1. To study the demographic profile of the Women customer.

2. To identify various factors influencing women customer’s choice for insurance company.

6. Research Methodology

A. Sampling Technique: For this study, random sampling technique has been adopted.

B. Sample Size: The total of 386 respondents was contacted. The respondents were the women customers of insurance company in the State of Karnataka.

C. Data Collection: The present study has been conducted in the State of Karnataka. The purposive sample 386 individuals who had an experience of offline and online insurance system were taken. The respondents were requested to give their responses with respect to the factors they would consider while making a choice of insurance company.
Structured questionnaire was prepared for the survey. The questions were divided and organized into two sections. The first section of the questionnaire were asked regarding the demographic profile of the respondents and the second section of the questionnaire asked related to factors influence the choice for insurance companies.

D. Statistical Tools: Percentage analysis and Mean.

7. Data Analysis

Table 1: Demographic Profile of the respondents

FactorsNo. of RespondentsPercentage
Age
Upto 30 Years19350%
31 – 40 Years7720%
Above 40 Years11630%
Gender
Female386100%
Marital Status
Married23260%
Unmarried15440%
Educational Qualification
Upto School Level4211%
Graduate22260%
Post Graduate11229%
Occupation
Government Employer11630%
Private Employer15440%
Entrepreneurs11630%
Type of Family
Nuclear Family30980%
Joint Family7720%
Number of Members
Up to 3 members19350%
4 to 6 members11630%
7 and Above7720%
Monthly Income
Upto Rs. 50,0009625%
Rs. 50,001 – Rs. 1,00,00017445%
More than Rs. 1,00,00011630%

Source: Primary Data

Interpretation: From the above Table No. 1 reveals the Demographic profile of the respondents 50% of the respondents are belonging to the 30 Years of age group. 60% of the respondents are married. 222 respondents were graduate, 154 respondents were employed in the private sector, 80% of the respondents were in nuclear family, 50% of the respondents family having 3 members and 174 respondents monthly income between Rupees 50,001 to Rupees 1,00,000.

The mean scores of all the 25 factors are mentioned and their ranks are given to find out which factors have a great influence on women customer’s choice for insurance companies.


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Poornima S. A Study on Factors Influencing Women Customers

Table 2: Factors Influence on Women Customer’s choice for Insurance Companies

Sl. No.FactorsMeanRank
1Computerization and Online transactions5.51831
2Connectivity to bank5.46662
3Speed and efficiency of transactions5.45513
4Availability of premium collection center5.37514
5Clear communication5.35435
6Convenient company office location5.33556
7Reputation of company5.31337
8Professionalism and credibility of staff5.29188
9Fast and efficient counter services5.25449
10Ease of opening the account5.186610
11Secured internet banking5.173211
12Company operating hours5.152312
13Ownership5.140013
14Use of modern equipment5.112314
15Confidentiality of insurance company5.104515
16Proper guidance and immediate complain handling5.018916
17Regular insurance account statement4.958317
18Number of branches across the globe4.932318
19Interest rate4.858819
20Infrastructure of the insurance company4.808320
21Lower service charge4.789921
22Staff courtesy4.698022
23New scheme information4.671123
24Influential marketing campaign4.569024
25Peer group impression4.512125

Source: Primary Data

Interpretation: From the above Table No. 2, the top 10 most important factors are computerization and online transactions, connectivity to bank, speed and efficiency of transactions, availability of premium collection center, clear communication, convenient company office location, reputation of company, professionalism and credibility of staff, fast and efficient counter services and ease of opening the account.

8. Conclusion

From the above study researcher conclude that the insurance company management should analyze all these factors give due weightage to these factors and make appropriate marketing strategies to retain and attract the potential customers in order to increase their market share and profits.

Limitations and Further Research

Based on the factors there is a significant impact on the buying behaviour of women customers.

Extended research should be performed at a different location that has women customers of different demographic and cultural background. The current study does not compare and so the future study need to focus on comparison of the choices made by the women customer while choosing a particular insurance company.

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