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Abstract

This is a study on influencing factors of customer’s decision on purchasing life insurance in Myanmar. The objectives of this study to determine the factors which are strongly related to increase number of people, who covered life insurance policies, in Myanmar. To achieve the objectives, there is a set of structured five-point likert scale questionnaires that were delivered to 250 respondents of life insured at AIA, Dai Ichi, Prudential, CHUBB, Manulife, Myanma Insurance. The study focused on the factors affecting consumer purchase decision on life insurance in Myanmar and found out which factors are mostly influence on customer buying decision followed by other factors. According to the study, there should be the activities and programs for public awareness of life insurance. The volunteers, non-government organizations, government departments, social welfares foundations, which are related to the rural and urban development need to encourage the citizens to have life insurance coverage for life protection, protection plus saving and future investment. Purchasing decision of the insured is generally relied on five independence variables, Options, Values, Trust, Convenience, Engagement. Having more options of insurance companies, life insurance policies, and attractive pricing are key factor to create for the sake of customer needs as per the study. The value expectation from the purchase of life insurance is another key factor. Trust on insurance company is not positively related as there are some lack of communication and not smoothly convey to receive the product
news, special campaigns, seminars group health functions, activities, talks and membership benefits. Agents’ personal engagement is very essential but it was not strong enough, respondents suggested. It is needed to understand which factors influencing on purchase decisions is important
for different players, insurer, agents, brokers, stakeholders, agencies, and insured in this industry including regulators and the state leaders.

Author: Khin Maung Htun