EXPLORATION OF THE FACTORS INFLUENCING CUSTOMERS’ INTENTIONS TOWARDS LIFE INSURANCE PRODUCTS DURING INFLATION IN PAKISTAN: A QUALITATIVE STUDY

Abstract

In Pakistan, inflation is a major issue that permeates all facets of the economy and has a significant impact on consumer behavior, especially when it comes to financial investments like life insurance. Insurance businesses must comprehend the aspects that affect consumer intentions towards life insurance products amid inflation in order to develop strategies that answer the changing demands and worries of the populace. This research attempts to investigate and grasp the wide range of factors influence customers’ intentions towards life insurance products in Pakistan during periods of inflation. The goal of the study is to delve into customer perceptions, attitudes, and preferences in order to deliver insightful information that may guide the creation of efficient marketing strategies and product offers in the insurance industry. Because of the unpredictable environment that inflation produces, people turn to insurance products for financial stability and risk reduction. A crucial financial tool, life insurance gives people and their family’s financial security and peace of mind. In order to modify their products to customers' changing requirements and expectations, insurance companies may help by analyzing the factors influence customer desire to purchase life insurance during inflation. To gather information from a wide sample of future and current life insurance clients in Pakistan, this study utilizes a qualitative methodology, including in-depth interviews and focus group discussions. The qualitative data will be subjected to thematic analysis in order to extract patterns, themes, and insights.