Behavioural Determinants of Health Insurance Buying Intention of Missing Middle Consumers: A Study During Covid-19 Pandemic

Abstract

Through this study, we intend to highlight the determining factors of missing-middle consumers' health insurance purchase intention in the purview of COVID-19 induced behavioural changes. 228 Indian respondents were sampled using a multi-stage random sampling technique. PLS-SEM & ANN method has been used for the data analysis. The structural model in this study can explain around two-thirds variance of attitude as well as intention toward health insurance purchases. The PLS path analysis demonstrates the significance of attitude, customer trust, herd behaviour, decision delegation preference and subjective norms on health insurance purchase intention. Besides, perceived usefulness, purchase decision involvement and health insurance awareness have been found as significant predictors of attitude towards health insurance purchase behaviour. As per ANN sensitivity analysis, health insurance purchase intention is best predicted by attitude, followed by customer trust, decision delegation preference and herd behaviour. Similarly, attitude is best predicted by health insurance awareness followed by perceived usefulness, subjective norms, purchase decision involvement and perceived risk, respectively. Health insurance awareness significantly moderates the relationship between perceived risk and attitude towards health insurance purchase behaviour. Additionally, this study offers practical implications for insurance companies, senior executives & other stakeholders by analysing the determining factors of consumers’ health insurance purchase intention in the purview of COVID-19 induced behavioural changes.