The Consumer Buying Behavior Towards

Marine Insurance

Inter-University Avishkar research Convention 2022-23

Category: Commerce, Management and Law Level: PG

Code No : R-2-06-CM-PG-54
Objectives of Study

● To conclude that behavioural factors are accountable for making a choice

to buy marine insurance and consumer buying Behaviour is closely
associated with those behavioural traits
1. Rates
2. Top insurance provider in India (Brand Name)
3. Relationship with existing service provider
4. Preference to cloud automation technology

● To trace out the most acceptable behavioural factor that governs the
decision making of the consumer while buying marine insurance.
● To find out whether gender gap is involved in CHA and Freight
Forwarding.
 Methodology

Research Design
Type of research - Qualitative research
Data source - Primary data
Data collection Method - Telephonic method
Sample size - 130
Data Analysis And Interpretations

• The most respondents are buying their Marine

Insurance through CHA i.e Custom House
Agent which is 27.4 % of the total.

• 15 % of the respondents buy their marine

policies from TATA AIG which is highest
amongst.

• After that ICICI LOMBARD is there with

10.60 % of respondents.
 Marine Insurance Average Rates

• The different marine insurance rates offered by different

provider are almost same.

• But rates are depend upon volume of a Cargo.

Cloud Automation

• 87 % of the respondents who are

aware of cloud automation
technology want to prefer it
while buying marine insurance.

• The rest of the respondents are

uses or would be okay with
offline or the traditional way of
buying marine insurance
Most acceptable behavioural factor

• The 82.30 % of the total respondents are

not interested in buying the marine
insurance policy

• The main reason behind is that their

relationship with existing insurance
provider.
• From the collected responses it can be observed that a
very small number of females are involved in a
Logistics industry which is only 8.5 % of the total.
 Conclusion

• 17 % and 12 % of the respondents buy their marine insurance policies

simultaneously from TATA AIG and ICICI LOMBARD.

• 87 % of the respondents want to prefer the cloud automation

technology.

• Though rates are one of the important factor, but it does not have much
impact while purchasing policy.

• The rate of conversion of consumers to buy marine insurance is only

5.3 % As, 82.3 % of the respondents are not ready to buy marine
insurance and the main reason behind is respondents have already
good relationships with the existing insurance provide. Which is
also the most acceptable factor while making decision.

• It can be conclude that less number of females are involved in logistic

industries (8.5 %).
SWOT ANALYSIS
 Recommendations

 Business setup and services need to be expanded in more states also. To reach more
local industries, business need to be settle in that particular area.

 To gain more customers from digital platform dgnote Technologies has to work on
it.

 Social media is a new tool for industries like dgnote Technologies to reach out more
customers, and for that they need to be majorly active on LinkedIn plus for
marketing purposes Facebook and Instagram would be helpful.

 More product/services need to be launched to compete with competitors.

THANK YOU