Social Cultural, Demographic and Psychological Effects on Insurance Product Purchase Decisions
Keywords:
social culture, demography, psychology, purchase decisions, insurance productAbstract
Insurance products are financial products that are useful for protecting themselves from various risks of financial loss when exposed to a disaster. Although it is known that the benefits provided by insurance products are not enough to influence consumer decisions to use them. This is because the decision to buy insurance products is caused by many factors such as social cultural, demography and psychology. This study aims to determine the role of social cultural, demography and psychology on purchasing decisions of insurance products. Of the 100 respondents who became the research sample, there were only 89 respondents whose research data could be processed further. The research data will be tested for validity, reliability, classical assumptions, multiple linear regression, hypothesis testing and testing the coefficient of determination using the SPSS program. The findings of this study are that socio-culture actually plays a role in shaping insurance product purchasing decisions. Demographics play a significant role in shaping purchasing decisions for insurance products. Psychological actually plays a role in shaping the decision to purchase insurance products. Socio-cultural, demographic and psychological variables also play a significant role in shaping the decision to purchase insurance products.
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