Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 7th International Conference on Economic Management and Green Development
Series Vol. 38 , 10 November 2023
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Marketing Strategies for Insurer and Effective Countermeasures for Consumer
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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
- 10 November 2023
- 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