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Public Perception Towards Insurance Companies in Malaysia

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  • Nurul Hidayah Zainal
  • Faziatul Amillia Mohamad Basir
  • Muammar Rinaldi
  • Wan Nur Fatihah Rohaizad

Abstract

Nowadays, the insurance sector is regulated and driven by profit maximization, just like other providers of financial services. We have been taught that insurance is essential for peace of mind, yet customers generally have a poor perception of insurance providers, and this view is even more evident among younger clients who are so important to the industry's future. The objective of this study is to investigate factors that influence public perception of insurance companies in Malaysia, including fraud, claim settlement, and knowledge. The study adopted a cross-sectional survey research design. This survey was conducted using questionnaires and 110 randomly selected insurance policyholders. The study's findings suggest that the public's perception of insurance companies is significantly influenced by knowledge. As a result, this outcome will assist insurance companies in developing new formulas that take the criteria mentioned above into account to serve the public interest.

Suggested Citation

  • Nurul Hidayah Zainal & Faziatul Amillia Mohamad Basir & Muammar Rinaldi & Wan Nur Fatihah Rohaizad, 2024. "Public Perception Towards Insurance Companies in Malaysia," Information Management and Business Review, AMH International, vol. 16(3), pages 539-551.
    • Handle: RePEc:rnd:arimbr:v:16:y:2024:i:3:p:539-551
    DOI: 10.22610/imbr.v16i3S(I)a.4150
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    References listed on IDEAS

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    1. Carin van der Cruijsen & Jakob de Haan & Ria Roerink, 2023. "Trust in financial institutions: A survey," Journal of Economic Surveys, Wiley Blackwell, vol. 37(4), pages 1214-1254, September.
    2. Bahar Durmaz-Drinkwater & Stephen Platt & Işın Can-Traunmüller, 2020. "Do perceptions of neighbourhood change match objective reality?," Journal of Urban Design, Taylor & Francis Journals, vol. 25(6), pages 718-737, November.
    3. Tajudeen Olalekan Yusuf & Abdur Rasheed Babalola, 2009. "Control of insurance fraud in Nigeria: an exploratory study (case study)," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 16(4), pages 418-435, October.
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