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Digital touchpoints and multichannel segmentation approach in the life insurance industry

Mónika Anetta Alt (Department of Economics and Business Administration in Hungarian Language, Babes-Bolyai University, Cluj-Napoca, Romania)
Zsuzsa Săplăcan (Department of Economics and Business Administration in Hungarian Language, Babes-Bolyai University, Cluj-Napoca, Romania)
Botond Benedek (Department of Economics and Business Administration in Hungarian Language, Babes-Bolyai University, Cluj-Napoca, Romania)
Bálint Zsolt Nagy (Department of Economics and Business Administration in Hungarian Language, Babes-Bolyai University, Cluj-Napoca, Romania)

International Journal of Retail & Distribution Management

ISSN: 0959-0552

Article publication date: 5 January 2021

Issue publication date: 17 May 2021

1134

Abstract

Purpose

Digital technology is revolutionizing insurance distribution allowing the insurer companies to reach customers via multichannel. The aim of this study is to segment potential customers of life insurance based on their information search, purchasing channels and personal characteristics in the digital environment.

Design/methodology/approach

The study uses cross-sectional research survey. In total, 422 questionnaires were collected through a convenience sample of the Romanian population. The data was segmented based on consumer information touchpoints (online vs offline), purchase channel preference (offline by a professional vs online by a standardized platform) and personal characteristics (age, marital status and children).

Findings

The channel segmentation analysis revealed that information channel preferences are the most important clustering variables, followed by purchase channel preferences, marital status, having children and age. Four distinct segments were identified: young fully offliners (23.7%), mature fully offliners (31.5%), committed online searchers (23.2%) and cross-channel onliners (21.6%).

Practical implications

Insurance companies should adapt their communication and distribution strategy based on multichannel segmentation and should focus on digital touchpoints with costumers.

Originality/value

Firstly, the paper reveals multichannel and hybrid segmentation for life insurance. Secondly, it extends the already studied retail channels with search engines and companies' websites. Thirdly, it extends the behavioural variables for channel segmentation with technology acceptance behaviour, attitude towards life insurance, knowledge about life insurance, attitude towards personal selling and quality appraisal of online information sources.

Keywords

Acknowledgements

This research was supported by Hungarian Academy of Science project No. 4039/1/2018/HTMT.

Citation

Alt, M.A., Săplăcan, Z., Benedek, B. and Nagy, B.Z. (2021), "Digital touchpoints and multichannel segmentation approach in the life insurance industry", International Journal of Retail & Distribution Management, Vol. 49 No. 5, pp. 652-677. https://doi.org/10.1108/IJRDM-02-2020-0040

Publisher

:

Emerald Publishing Limited

Copyright © 2020, Emerald Publishing Limited

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