An Empirical Study on the Insurance Purchasing by Insurance Company Reliability and Satisfaction of Insurance Service in Korea: Focused on the Risk Groups in their 30s
Authors:   Asia-Europe Perspective Association, Lee Yun Suk , Seo Young Soo 
Published: December 2024

Until now, most studies have been conducted to verify how insurance purchases affect only healthy people, the standard. However, with the prevalence rate increasing, it is believed to be academically meaningful to verify whether the two groups have significant differences by distinguishing the patients from the standard, and this difference is expected to provide practical implications in terms of product marketing.
Against this backdrop, this paper tried to distinguish between the 30s patients and the standard group, to find out how the insurance company reliability and insurance service satisfaction between these groups affect insurance purchase and to empirically analyze the differences between the two groups. To that end, data were collected through a survey of 418 men and women aged 30 to 40 nationwide in April 2019. This study used the SPSS 18.0 program and conducted an exploratory factorial analysis of independent variables to verify the validity of the response data. The factor loading values were 0.40 or higher, the factor number 2 was set as well as the Crombach’s α value required for reliability analysis was set at 0.7 or higher. Hypothesis verification of the groups of patients with diseases and the groups of standards was performed by setting the reliability and satisfaction of insurance companies as independent variables and the purchase of insurance as dependent variables.
The main hypothesis test results of this study are as follows. First, multi-regression analysis tests for the patients group showed that the insurance company reliability and insurance service satisfaction were t=1.324 and t=1.273, respectively, while P-value had a significant probability value of .189 insurance service satisfaction .206. All hypotheses were rejected as p > .05. Therefore, insurance company reliability and insurance service satisfaction can be seen as not affecting insurance purchases. Second, as a result of multiple regression analysis tests for the standard group, the reliability and satisfaction of the insurance company were t=2.004, t=2.551, and P-value showed p < .05 as 0.046, 0.011 respectively. Therefore, in the case of a standard, the reliability of the insurance company and the satisfaction of the insurance service can be regarded as having an effect on the insurance purchase. In addition, because t values are all (+), the insurer’s reliability and insurance service satisfaction can be viewed as having a positive impact on insurance purchases under a statistical significance level. On the other hand, an analysis of the differences between groups for each variable in the patient group and the standard body group showed that the insurer’s reliability was not assumed to be equal variances with a significant probability of .000 of the value F, and the t value was 2.758, which differed depending on whether the perception of the insurer’s reliability was the patient or not. The insurance service satisfaction is a significant probability of F value .003, rejecting the null hypothesis that the distribution of the group is the same depending on whether the patient is ill or not. Therefore, in ‘No equal variance assumed’ the t value was 1.460, a significant probability of .146, indicating that the perception of insurance service satisfaction was not different from group to group in the patient group and the standard group. The average value of insurance company reliability is 2.92 for the patients group and 2.68 for the standard body group, indicating that patients confidence in the insurance company is higher.