Advances in Economics, Management and Political Sciences

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Proceedings of the 7th International Conference on Economic Management and Green Development

Series Vol. 38 , 10 November 2023


Open Access | Article

Marketing Strategies for Insurer and Effective Countermeasures for Consumer

Yang Qu * 1
1 University of Edinburgh

* Author to whom correspondence should be addressed.

Advances in Economics, Management and Political Sciences, Vol. 38, 135-140
Published 10 November 2023. © 2023 The Author(s). Published by EWA Publishing
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Citation Yang Qu. Marketing Strategies for Insurer and Effective Countermeasures for Consumer. AEMPS (2023) Vol. 38: 135-140. DOI: 10.54254/2754-1169/38/20231899.

Abstract

In the insurance market, consumers should be rational and avoid buying insurance products that are not suitable for them. Consumers need to be aware of some of the marketing strategies used by insurance companies to enhance the accuracy of their judgement. This paper introduces three theories, representativeness, loss aversion, and framing effect, which are often used by insurance companies in terms of behavioral economic theory and discusses how consumers can avoid becoming victims of market alienation. It then discusses how the insurance market can be optimized from the perspective of consumers, insurers, and government regulators so that consumers can buy the products they really need in a more rational and efficient way. More specifically, for consumers, research and compare insurance products from multiple providers to ensure they are getting the best value for their money would be necessary, consider the actual risk of loss and the potential benefits of insurance coverage when making purchasing decisions, rather than solely focusing on the potential losses.

Keywords

insurance marketing, representativeness, loss aversion, framing effect

References

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Data Availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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Volume Title
Proceedings of the 7th International Conference on Economic Management and Green Development
ISBN (Print)
978-1-83558-097-4
ISBN (Online)
978-1-83558-098-1
Published Date
10 November 2023
Series
Advances in Economics, Management and Political Sciences
ISSN (Print)
2754-1169
ISSN (Online)
2754-1177
DOI
10.54254/2754-1169/38/20231899
Copyright
© 2023 The Author(s)
Open Access
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Copyright © 2023 EWA Publishing. Unless Otherwise Stated