Consumer Decision-Making: Describe the process of consumer decision making for either hospital services or insurance services....

Consumer Decision-Making: Describe the process of consumer decision making for either hospital services or insurance services. What are the keys elements that influence choice? Consider family, friends, culture and sub-culture, social class, etc. in your answer.

Expert Solution

Process of customer decision making in insurance services:

Deciding the beneficiary of the insurance plan, i.e. buying for self, family member, whole family, employees of an organisation etc.
Deciding the insurer i.e. choosing a public company or a private insurance provider.
Browsing through various plans and deciding the goal of the insurance i.e. life cover, health cover, accidental cover, or for investment purposes.
Deciding the amount to be invested in the insurance.
Deciding the level of risk that the beneficiary wants to bear.
Deciding the time period of the plan.
Choosing the right plan matching the goal and amount to be invested. Also, calculating the premium to be paid and its end term benefits.
Buying the plan and completing documentation.

Key elements that affect customer decision making in Insurance services:

Coverage
Settlement ratio
Solvency ratio
Cost-benefit ratio
Other plans currently availed by the beneficiary
Performance of the insurer
Terms of the policy

keosha answered 2 years ago

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