Survey
The conducted survey is based on a five point Likert scale statement questionnaire. It is composed of 59 statements which reflect the different stages of the insurance purchase decision making process. Since the extreme values of the responses are symmetrically opposed to each other (agree/disagree), it is assumed that the distances between available response options are equal.
The survey has been completed by 336 respondents, including both existing and potential insurance service consumers. The social, economical and demographical characteristics of the respondents can be seen in Table 13.
Overview of the applied statistical procedure
The overall data processing is composed of two parts: a) creation of a model by means of three main steps, i.e., factor analysis, multiple regression analysis, and path analysis; and b) exploration of the generated model under demographical and socio-economical characteristics.
In the first part, factor analysis is used to identify the factors that form the insurance purchase decision making. Then, multiple regression is used to identify the impact load of the individual factors on the purchase decision. In this work we distinguish two main stages: the impact of factors on inclination as a dependent variable and the impact of factors on final decision as a dependent variable. Finally, path analysis is used to refine the research model, i.e. to confirm the order of the elements of the decision chain and to eliminate insignificant relationships between dependent and independent variables.
In the second part, 22 sub-variations of the model are evaluated in order to identify the potential influence of socio-economical and demographical characteristics of the population on consumers’ inclination towards insurance services and their actual insurance service purchase decision.