Life Insurance Take-Up Rate Influencing Factors Comparison between Malaysia and Japan

Authors

  • Silvana Kardinar Wijayanti Sekolah Tinggi ilmu Ekonomi Tenggarong (Tenggarong School of Economic Studies)
  • Barry Ramsay Asia Pacific University

DOI:

https://doi.org/10.18533/ijbsr.v6i7.975

Keywords:

Comparison, Life Insurance, Malaysia-Japan, Product offering, Take-up rates.

Abstract

This study will investigate the factors that influence take-up rates within the Malaysian Life Insurance industry to discover potential opportunities and limitations. For comparative purposes, the study is modelled on Power (2013) who examined four factors affecting customer satisfaction in life insurance in Japan (product, price, customer services and procedures and documentation). This study is exploratory in nature using both secondary research and primary data from questionnaires. The main finding was “Product offerings” being the most significant variation, both an opportunity and limitation, due to the relative maturity, experience and changing trends within the insurance market of Japan, conversely growth, infancy and different dynamics in Malaysia.

Author Biography

Barry Ramsay, Asia Pacific University

Dean, Faculty of Business and Management

References

Abdullah, D. N. M. A. and Rozario, F. (2009), Influence of service and product quality towards customer satisfaction: A case study at the staff cafeteria in the hotel industry, World Academy of Science, Engineering and Technology, Vol. 53.

Ahmad, A. and Sungip, Z. (2008), An Assessment on Service Quality in Malaysia Insurance Industry, Communication of the IBIMA, Retrieved from: www.ibimapublishing.com/journals/CIBIMA/volume1 /v1n2.pdf/ [Accessed 28 April 2016].

DSM (Department of Statistics, Malaysia) (2016) Population Distribution and Basic Demographic Characteristic Report 2010 (Updated: 05/08/2011), Retrieved from: https://www.statistics.gov.my/ [Accessed 25 May 2016].

Eboli, L. and Mazulla, G. (2007), Service quality attributes affecting customer satisfaction for bus transit, Journal of Public Transportation, Vol.10, Issue 3, pp.21-34.

Hui, K.Y. (2010), Malaysia insurance market stays largely untapped, Business Times, Retrieved from: http://www.btimes.com.my/Current_News/BTIMES/articles/ges06/Article/, [Accessed 24 April 2016].

Ismail, N., Alhabshi, D.S.O. and Bacha, O. (2011), Organizational Form and Efficiency: The Coexistence of Family Takaful and Life insurance in Malaysia, Journal of Global Business and Economics, Vol.3, Issue 1, pp.122.

LIAM (Life Insurance Association of Malaysia) (2014) Annual Report 2014, Retrieved from: http://www.liam.org.my/index.php/library/annual-report/, [Accessed 28 April 2016].

Lun, S.K. (2011), Life insurance: Clear Skies Ahead, Asia Insurance Review, July, Retrieved from: http://www.asiainsurancereview.com/, [Accessed 06 May 2016].

Ojo, O. (2010), The Relationship Between Service Quality and Customer Satisfaction in the Telecommunication Industry: Evidence From Nigeria, BRAND, Vol.1, Issue 1. pp.88-100.

Power J.D. (2013) 2013 Japan Life Insurance Contract Customer Satisfaction (Pre-Purchase and Post-Purchase) Study, Retrieved from: http://www.jdpower.com/ [Accessed 24 April 2016].

Salleh, F. and Kamaruddin, A.Z. (2011), The Effects of Personality Factors on Sales Performance of Takaful (Islamic Insurance) Agents in Malaysia, International Journal of Business and Social Science, Vol.2, Issue 5, pp.259-265.

Wang, I.M. and Shieh, C.J. (2006), The relationship between service quality and customer satisfaction: the example of CJCU library, Journal of Information & Optimization Sciences, Vol.27, Issue 1, pp.193-209.

Downloads

Published

2016-08-20

Issue

Section

Article