Clustering, Targeting and Exploring Moderation in Intention-Purchase Behaviour among GIC Customers

General insurance products provide payments against susceptible damages to tangible assets arising from unforeseen contingencies. The present study explored antecedents of purchase intentions in two clusters, measured cluster-wise relationship between purchase intention and actual purchase behaviour, and examined the moderating effect of demographic and socioeconomic variables on the relationship between purchase intention and actual purchase among 259 respondents of 18 GIC operating in the Jammu district of the state of J&K. The results of simple regression revealed that the purchase intention predicted the purchase behaviour by 42.6% and 64.9% in cluster I and II, respectively. Hayes PROCESS Macro recognised qualification, age, premium paid, and nature of product as moderators between purchase intention and actual purchase behaviour in both the clusters. Income did not act as a moderator either in cluster I or II. For respondents of cluster I, it was suggested to simplify terms and conditions of the policies, minimise usage of difficult and technical terms, and strengthen desk staff to provide quick services to customers. For cluster II, the measures suggested include the introduction of innovative products and promotional offers like online discounts, coupons, tax benefits, and so on. Restructuring of claim process and its settlement within the stipulated time frame and awareness among customers through campaigns, social media promotions, road-shows, customer meets, and so on were suggested for all GIC prospects and customers.