Acceptability Level of Microinsurance in a Financial Institution for Marketing Plan
Keywords:
Business, microinsurance, marketing plan, financial institution, Negros Occidental, PhilippinesAbstract
Examining the viability of microinsurance offered by a financial institution across product, pricing, distribution, and promotional strategies is crucial for understanding its acceptability. In this context, the study aimed to determine the level of acceptability of microinsurance in a financial institution. Data needed for this descriptive study were collected from 300 respondents using a 40-item self-made data-gathering instrument that has passed rigorous tests of validity and reliability. Demographically, most clients were older, female, married, and from higher income brackets. Obtained a very high level of acceptability of microinsurance in product, price, place, and promotion, as well as a very high level of acceptability of microinsurance in all areas. The findings showed that the acceptability level in place got the lowest overall mean score. Subsequently, no significant difference was found in the level of acceptability of microinsurance in product, price, and place when grouped and compared according to age, sex, civil status, and average monthly income. However, a significant difference was found in the level of acceptability of microinsurance in age when grouped and compared according to price and a significant difference in the level of acceptability of microinsurance in place when grouped according to age. Subsequent analysis indicated a significant difference in the level of acceptability of microinsurance in promotion when grouped according to monthly income. However, there is a significant difference in the level of acceptability of microinsurance when grouped according to age, sex, and civil status. The study results call for a marketing plan to improve the acceptability of microinsurance.
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