The influence of social media on consumer purchasing decisions for motor insurances products in South Africa

Show simple item record Mokebe, Morena 2019-08-02T10:49:42Z 2019-08-02T10:49:42Z 2018
dc.description A research article submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfillment of the requirements for the degree of Master of Business Administration Johannesburg, 2018 en_ZA
dc.description.abstract Multiple attributes impact the insurance industry when it comes to consumers selection of short-term insurance. Social media is observed as the essential attribute in the sale of short-term motor insurance products in the South African context. Respondents from a gender perspective prefer full-online self-services as a form of engaging with the short terms insurers and engagement with brokers was least preferred. Breaking down the engagement preference by age revealed that the older generation remained unchanged regarding the engagement method. Insurer's understanding of consumer behaviour is fundamental, and the journey that consumers would follow in seeking short-term motor insurance products is essential. The study focused on the top four insurance companies based on their insurance book. This sample group chosen was based on the South African insurance survey and KPMG research on the top 4 insurance companies in South Africa. The research adopted a quantitative approach and utilised a questionnaire designed using the Conjoint software. The conjoint analysis is usually used in marketing research to understand what features a new product should have, as well as how it should be priced. The results of the study revealed social media platforms such as YouTube and Facebook, although popular with organisations as an advertising channel, are not popular with consumers. LinkedIn was the most preferred engagement channel and insurers should begin placing more effort into the platform as it is viewed as a more professional site and targeted marketing can be effective when using LinkedIn. Consumers understand the different types of short-term insurance products in South Africa and prefer comprehensive insurance covers for their vehicles. Respondents would prefer to pay as little as possible for their insurance covers being low premium/low excess; however, a medium premium/medium excess was also selected by respondents. The utility theory should be observed and be adjusted to factor social media engineering as a form of assessing individual’s level of risk. Having a platform where consumers can efficiently rank different products is extremely important; therefore, providing platforms for reducing search process for consumer would be extremely helpful for consumers and insurers en_ZA
dc.language.iso en en_ZA
dc.title The influence of social media on consumer purchasing decisions for motor insurances products in South Africa en_ZA
dc.type Thesis en_ZA
dc.description.librarian MT 2019 en_ZA

Files in this item

This item appears in the following Collection(s)

Show simple item record

Search WIReDSpace


My Account