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29.11.2017 | Abhandlung

Defaults and advice in self-customization procedures of insurance

verfasst von: Michaela Grösch, Martina Steul-Fischer

Erschienen in: Zeitschrift für die gesamte Versicherungswissenschaft | Ausgabe 3-4/2017

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Abstract

The customization of insurance products is a crucial factor for the success of many insurance companies because it allows customers to tailor the insurance according to their specific needs. Customization can lead to increased customer satisfaction and loyalty. Focusing on two vertical customization methods, by-attribute and by-alternative customization, we experimentally analyze the influence of defaults. Moreover, we compare the effect of defaults to the influence of stated advice. Our results demonstrate that defaults enhance the likelihood of choosing premium insurance compared to a situation without defaults for both the by-attribute customization and the by-alternative customization. However, the customization process itself has no influence on default acceptance. If insurance companies combine a default with extensive advice (i. e., advice that provides an explanation for why the advice is given), customers are most likely to choose the premium insurance.

Vorheriger Artikel The relationship between enterprise risk management, value and firm characteristics based on the literature

Nächster Artikel Income heterogeneity and index insurance demand

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Recently, Franke et al. (2010) introduced a third factor, namely, the “I designed it myself”-effect.

According to this factor, customers ascribe more value to a self-designed product simply because they feel like they are the creator of the object. The “I designed it myself”-effect was examined for self-expressive, publically consumed products that may help consumers express their unique personality to others (Coker and Nagpal 2013; Franke et al. 2010). It is highly questionable whether the pride of being a product’s originator is valid for utilitarian products that are privately consumed. We do not dwell on this third factor in this research.

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Titel: Defaults and advice in self-customization procedures of insurance
verfasst von: Michaela Grösch
Martina Steul-Fischer
Publikationsdatum: 29.11.2017
Verlag: Springer Berlin Heidelberg
Erschienen in: Zeitschrift für die gesamte Versicherungswissenschaft / Ausgabe 3-4/2017
Print ISSN: 0044-2585
Elektronische ISSN: 1865-9748
DOI: https://doi.org/10.1007/s12297-017-0390-1

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