Article
From Commitment to Change: Exploring the Behavioural Triggers of Policyholder Switching in Life Insurance Services with Reference to Rajkot City
In the present study, the behaviouristic factors affecting the behaviour of switching customers from life insurance services cost perspective in Rajkot city is studied. The retailing of insurance particularly customer retention – has turned into a significant challenge for you with the rising level of competition, digital transformation, and evolving customer expectations. The aim of the study is to analyse the relationship between Behavioural triggers, Customer Commitment and Policy holder switching behaviour. The data were obtained from 112 life insured individuals by using a structured questionnaire and the collected data were analysed using Pearson's correlation and simple linear regression. The results show that there is a significant positive relationship between behavioural triggers and switching behaviour (r = 0.894, p < 0.001). The attachment to customers also had a significant effect (R² = 0.599) and the behavioural triggers account for 79.8% of the variance in switching behaviors. The study findings indicate that behavioral triggers play the highest influence on policyholder switching, which suggests the need to reinforce the bond, boost service quality, build trust and carry out effective customer retention strategies.