Consumer's perception and factors influencing selection of health insurance policy in Hyderabad region

Abstract

Health Insurance is an emerging social security instrument for those with long-term health problems, due to chronic illnesses and unable to afford health care system. Health insurance policy covers medical expenses incurred during pre and post hospitalization stages among individuals, and group insurances. The present study explores the perception levels among the respondents of Health Insurance schemes provided by the various Insurers and to find out the awareness, influence and expectations from the Health Insurance policy holders in Hyderabad City. For this purpose a sample of 192 respondents were collected and statistical analysis such as percentage analysis for demographical information, the Insurer, approach, policy options, and satisfaction levels among the Health Insurance policy holders was carried out. Weighted average scores are calculated for sources of awareness, Reasons for availing policy and claim logged information about health insurance schemes and accordingly ranks were assigned to the variables. Exploratory Factor analysis have been used for identifying the highly influenced factors of claim logged in Health Insurance and the impact of variables in selecting the Health Insurance policy. These results will give wise directions to policy makers or marketers to provide some operational implications with strategies for reducing attrition and improving customer retention in future.