An exploration study to detect important factors influencing insurance firms

Abstract

The recent trend on competition among insurance firms has increased motivation to look for important factors influencing this industry. In this paper, we present an empirical investigation to find important factors shaping this industry. The proposed study designs a questionnaire in Likert scale and, using principal component analysis, detects important factors on the success of this industry. Cronbach alpha is calculated as 0.849, and Kaiser-Meyer-Olkin and Bartlett's Test are calculated as 0.873 and 12744 with (Sig. =0.000), respectively. The study has detected four important factors including quality of service casualties, sales improvement and advertisement, quality of issuance of insurance policies and quality of work force.

Keywords

• Insurance firm
• Competition
• Marketing planning