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Adoption of insurance products among low-income consumers (subsistence marketplaces)

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  • Preeti Devi
  • Tejinder Sharma

Abstract

Insurance is of utmost importance for the people at subsistence marketplaces as they are more prone to financial and life-related risks than others. However, the rate of adoption of insurance products is very low as far as the subsistence marketplaces are concerned. Keeping this in view, the study investigates the major determinants contributing towards the adoption of insurance products at subsistence marketplaces. Initially, a qualitative survey has been conducted through a personal interview method followed by a primary research survey with 422 respondents (who are already insured or are willing to get insured) belonging to subsistence marketplaces in the Haryana state of India. The factors extracted from exploratory factor analysis are taken as input for applying the regression analysis and artificial neural networks techniques. The study concludes that customer relations, service quality and influence of reference groups are the major factors having a significant impact on the adoption of insurance products at subsistence marketplaces.

Suggested Citation

  • Preeti Devi & Tejinder Sharma, 2026. "Adoption of insurance products among low-income consumers (subsistence marketplaces)," International Journal of Business Excellence, Inderscience Enterprises Ltd, vol. 38(2), pages 201-222.
    • Handle: RePEc:ids:ijbexc:v:38:y:2026:i:2:p:201-222
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