Customer Perception And Factors Effecting Selection Of Health Insurance Policy In Indore Region

Abstract

A new social security tool for people with chronic illnesses and long-term health issues who cannot afford the healthcare system is health insurance. Medical costs spent by individuals and groups both prior to and following hospitalization are covered by health insurance policies. In order to ascertain the awareness, impact, and aspirations of health insurance policy holders in Indore City, the current study investigates respondents' perceptions of the various insurers' health insurance plans. A sample of 192 respondents was gathered for this purpose, and statistical analysis was performed using methods including percentage analysis for demographic data, insurer, approach, policy alternatives, and policy holders' satisfaction levels. Rankings were awarded to the factors based on the computation of weighted average scores for sources of awareness, reasons for obtaining a policy, and claim logged information on health insurance schemes.

The impact of variables in choosing the health insurance policy and the highly impacted elements of claims logged in have been identified through the use of exploratory factor analysis. These findings will provide policy makers and marketers with well-informed guidance on how to implement operational implications and tactics aimed at lowering customer attrition and increasing retention in the future.