The study of factors that impact life insurance decision of individuals

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Abstract

The life insurance industry is a new field in the Kosovo market, which has shown rapid development in the last two decades. The purpose of this study is to find the main factor which impacts individuals in Kosovo in the decision to purchase a life insurance policy. This research was done in two different periods, one in 2009 and the other in 2021, using the same research methodology and aiming to compare the results of the two time periods. The first part of the research was carried out in 2009 and lasted about three months, while the second was in the last two months of 2021. Data are collected through a survey using a questionnaire designed for the study. Data analysis has shown that benefits from disability insurance are a crucial factor for life insurance. Ranjan et al. (2020) say that with increased competition, the life insurance industry has adopted innovative practices to capture a larger market; therefore, companies are developing their capabilities for penetration, distribution, and sales based on access to customers. Life insurance companies and their agents will benefit from the results of this survey, which will serve as a tool for contributing to the development of the life insurance industry in Kosovo.

Keywords: Life Insurance, Life Insurance Industry, Life Insurance Policy, Preferences, Benefits

Authors’ individual contribution: Conceptualization — A.S. and M.H.; Methodology — A.S. and M.H.; Data Curation — A.S. and M.H.; Writing — Original Draft — A.S. and M.H.; Writing — Review & Editing — A.S. and M.H.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: G2, C8, D6

Received: 23.10.2022
Accepted: 21.06.2023
Published online: 23.06.2023

How to cite this paper: Shabani, A., & Hashani, M. (2023). The study of factors that impact life insurance decision of individuals [Special issue]. Corporate & Business Strategy Review, 4(2), 375–385. https://doi.org/10.22495/cbsrv4i2siart17