BUSN20019: Customer Behavior in ICT Adoption for Insurance Growth

This report critically analyzes the impact of Information and Communication Technology (ICT) on customer behavior and the growth of insurance companies. It explores the benefits of developing online applications for insurance businesses, examining how e-commerce websites influence profitability a...Read More

Assignment
Professional Project

Contents
1. Introduction...................................................................................................................................2
2. Project aim.....................................................................................................................................2
3. Research questions........................................................................................................................2
4. Critical Literature review...............................................................................................................3
5. Methods.........................................................................................................................................3
6. Findings and analysis.....................................................................................................................5
7. Discussion...................................................................................................................................10
8. Conclusion...................................................................................................................................12
9. Recommendation.........................................................................................................................12
10. Limitation................................................................................................................................12
11. References...............................................................................................................................12

Title: Studying of customer behaviour in relation to the ICT technology for the growth and
sustainability of the insurance company
1. Introduction
Every organization is moving towards the platform of digitization. The expansion and growth
of the organization depends on the transformation of the business tactics to the inclusion of
ICT technology in the working culture of the enterprise. The customers are get attracted
towards the ICT application because it provides ease of accessing required information from
the online application by making use of their electronic gadgets such as Laptops, desktops,
tablet, android mobile, and others. The development of an online application for the insurance
company helps in bringing sustainability by attracting more customers towards the
organization. The profit of the organization can be improved with the development of the
web application because it helps in increasing the availability of the information as demanded
by the customers about the financial policies, wealth creation policies; market based financial
policies, and others. The customer service support of the web application provides the
response to the query generated by the customers within a fraction of seconds which helps in
developing strong bonding between the customers and the insurance company. In this paper,
we will perform the critical analysis of the customer behaviour in changing response with the
development of a web portal for the insurance company.
2. Project aim
The aim of this project is to critically analyse the change in the behaviour and profitability of
the organization with the inclusion of ICT platform in the working of the insurance company.
3. Research questions
 What are the benefits of developing an online application for the business operations
of the insurance company?
 How the profit of the organization increased with the development of the ecommerce
website for the enterprise?
 How the behaviour of the customer changes with the change in the working
architecture of the enterprise from traditional to e-commerce website?
 What are the marketing policies developed for increasing the sale and profit of the
enterprise?

4. Critical Literature review
The critical analysis on the literature review is conducted on analysing the behaviour of the
customers with the development of the online ecommerce website for the insurance company.
The deployment of the marketing campaign on the social networking sites helps in creating
positive impact on the consumers because it helps in developing psychological impact on the
customer behaviour (Boldosova, 2012). The satisfaction of the customers gets increased by
getting quality of financial services from the online platform of the enterprise. The trading
through the e-commerce website increases affordability of the customers to retrieve effective
response of the query generated in the fraction of seconds (Basu, and Fernald, 2006). The
automation in the working process of the enterprise helps in saving time of the customers and
employees (Deloitte, 2015). The information about the financial services of the organization
can be retrieved any time according to their own customers. The flexibility in the business
processes helps in improving the level of satisfaction in the customers. The consumers can
effectively differentiate between various marketing financial policies which help in taking
effective decision (Gretton, Gali, Parham, 2011). The factors which are responsible for
influencing the behaviour of the customers are categorised as price, convenience, trust,
demographics, attitude and belief, impact of reference, consumer traits, and information
about financial services, and quality of customer service support.
The inclusion of ICT technology in the development of the insurance companies helps in
increasing the communication among the local and the global customers, connectivity with
the global customers for the sale of financial services, on time delivery of information,
automation in the business activities, providing quality of service to the customers, increasing
knowledge about financial services, collaboration among the business units, and others
(Ioncica., and at.el., 2012).
5. Methods
Interview:
The face to face interview is arranged with the customers for analysing their perspective
opinion on the inclusion of ICT technology in the working program of the insurance
company. It helps in collection facts and figures of their opinion which helps in analysing

their attitude and behaviour towards the development of an e-commerce website for
retrieving information about the financial services and programs. The positive and negative
comments of the customers should be analysed for the research to predict their point of view
about the benefits which they expect and receive through the development of an e-commerce
websites. The interviewee can effectively share their views, thoughts, processes, and opinions
on the online portal for the enterprise (Mihajlovic, 2014). It can be noticed that the customers
feel comfortable in using the online application for fetching the financial information from
the organization. The interview was arranged with all age group audience who make utilize
of the ecommerce website for trading. The research questions which were prepared for the
interview were what are the differences which they feel in the traditional working and online
working of the insurance company? What are the factors which are responsible for getting
attracted towards the online portal? Do they feel comfortable in using the online application
of the insurance organization? What are the benefits which they seen from the online portal?
The interview was arranged with 15 customers and top executives of the company to analyse
their opinion on the effectiveness and transformation of the traditional business to the new
environment of ICT technology.
Questionnaire:
The Questionnaire was arranged with the amalgamated group of customers and experts of the
enterprise. It helps in analysing the change in the working practice which the employees and
customers feel with the development of the web portal and services. It is an open forum
where the participants can express their opinion freely on the use of ICT in changing the
working practice of the insurance companies. The questionnaires were arranged by
undertaking the questions like Do they feel comfortable for using the web portal of the
insurance company? Which is more convenient traditional working of the enterprise or ICT
platform? Do they feel difficulty is acquiring information about the financial services from
the application? Do they get response of the query posted? Do the employees feel difficulty
in using the ICT working system? Do they need any extra training and development program
for using the application? They analysing of the answers of the questions helps in analysing
the behaviour and attitude of the customers and employees with the working architecture of
the ICT technology.
Survey:

The survey was arranged on the two insurance companies one is having online portal and the
other is working on the traditional way of insurance marketing policies. The difference
between the two working architecture and the profit gained by the company helps in
analysing the facts about the efficiency and effectiveness of the two models.
Sampling:
The small sample of 200 populations is taken under consideration for analysing the change in
the behaviour of the customers to use an online application of the enterprise. The
convenience of the customers can be effectively measured through the deployment of the
sampling methods.
Online and offline sources:
The online and offline sources are used for collecting the facts and figures related to the
efficiency on the online web application in satisfying the requirement of the customers. The
analysis of the literature review helps in collecting the details of the customer experiences
and complexities which they face in using the application. The critical analysis on the
literature review is conducted on analysing the behaviour of the customers with the
development of the online ecommerce website for the insurance company (Narwal, and
Sachdeva, 2012). The deployment of the marketing campaign on the social networking sites
helps in creating positive impact on the consumers because it helps in developing
psychological impact on the customer behaviour.
6. Findings and analysis
The data collected for the questionnaire methodology is from 226 participants of different age
group and gender. The following table shows the distribution of the participants of different
gender which are taken under consideration:
Gender No. of participants
Male 80
Female 146
Total 226

The following table shows the distribution of different age group people which are taken
under consideration for analysing their behaviour:
The analysis of the questionnaire report helps in finding the facts and figures about their
opinion on the online web application of the insurance company on the basis of their
experience (Kundishora, 2011). The following table shows their experiences on taking
policies through the online web portal of the insurance company:
It can be analysed that most of the customers are satisfied with the use of ICT technology in
delivering insurance policies (Sapa, Phunde, Godbole, 2011). The customers are getting
instant response of their query posted within a fraction of second which was a troublesome
job in the traditional working of the enterprise. The following diagram shows the future
expectation of the users:

It can be seen that the customers are getting attracted towards the online application of the
web portal. The percentage of the customers associated with the insurance program through
online web portal is getting increased from 54% to 62%.
The factors which are responsible for making customers attracted towards the online web
portal are trust, convenience, customer service support, and information. The research was
conducted to analyse the change in the behaviour of the customers according to the trust,
convenience, customer service support, and information. The trust is the major problem with
the online business application because it looks like dealing financial services with an
unknown insurance company. The following table shows that the less number of respondent
behaves in the feeling of trust developed with the online insurance company:
It is difficult for the customers to choose financial services from the online insurance
company due to the lack of confidence and trust with them.
The positive response from the respondent can be achieved on the basis of convenience they
feel with doing business through an online portal of insurance company (Talonen, 2011). The

following table shows the result of the data collected for analysing the convenience which the
customers feel with taking financial services from the online application of the company.
Most of the respondent are showing positive attitude with the convenience associated with
the online development of the insurance company. The customers can directly retrieved
information from the website of the company and the related offer without going to the office
of insurance company. The queries raised by the customers are instantaneously solved by
providing the facility of 24 hours customers service support. The majority of the respondent
are happy with the development of ecommerce website for trading the insurance policies
(Tapera, and Gororo, 2013).
The comparison of the financial services provided by the company can be effectively done by
the customers through the online application which helps in selecting the best policies for
them. It helps in generating trust in the financial services that they are getting best quality
financial services at lowest prices. The sale of the business increases with the increase in the
satisfaction level of the customers in doing business with the organization by getting quality
of service at lowest price. The following table shows the research analysing conducted on the
customer behaviour in making comparison of financial services provided by the organization
with the other market competitors:

The result shows that the feeling of trust and confidence can be effectively developed with
the organization if it provide the facility of the doing comparison with the rates and price of
insurance policies provided by other market competitors (Sahu, Jaiswal, and Pandey, 2009).
It makes them believe that they are getting the best quality financial services at lowest prices.
72% of the respondent are satisfied with the comparison made by them on the price.
The customer service support provides the facilities of posting queries at any time and gets
the relevant response to the query posted within a fraction of second (Parida, at.el., 2013).
The customer service support plays an important role in purchasing and selling of the
insurance policies to the customers because they guide them to take effective policies
according to their requirement which helps them to take decision in purchasing financial
services and policies from the company. It helps in building strong relationship between the
customers and organization for the future trust and reference (Pawar, 2011). The following
table shows the impact of customer service support in purchasing insurance policies at any
time according to their requirement and need.

The mixed behaviour can be seen with the availability of service for purchasing insurance
policies at any time according to their own comfort and time.
The following table summarised the primary factors which plays an important role in
changing the behaviour of the customers in doing business and taking financial services
through the development of the online web portal for the company. The important factors can
be categorised as trust, convenience, and the service of making comparison of price with the
market competitors.
The good quality of service at lowest price is the centre of attraction for the development of
an online web portal for the organization (PWC, 2011). 41% of the respondent gets attracted
due to the lowest price which they pay for getting best quality of financial services from the
insurance company. 30% of the participants are get attracted through the trust which
generates by taking policies with the company, and 28% of the participants are get attracted
with the ICT application for the sale of insurance policies through an online web portal is due
to the convenience which they get in purchasing financial services by sitting in their home.
7. Discussion
From the result generated from the different methodologies which are taken for collecting the
data on analysing the customer behaviour get affected with the inclusion of ICT technology
in the working architecture of the insurance company. It can be seen that the drastic change in
the customer behaviour and the increment in the profit of the organization can be seen with
the development of the ICT application for the insurance company to do trading of financial

services through an online web portal (Apampa, and Razaq, 2010). The convenience of the
sale and purchase is provided to both employees and the customers. The field work of the
employees had been reduced which increases the productivity of the organization by utilizing
their time in the productive work for the growth of the company (Nikoloski, 2012). The
inclusion of the customer service support helps in guiding the customers in taking effective
financial policies according to their requirement and need. The profitability and sustainability
of the insurance company can be achieved by connectivity of the global customers with the
organization. The development of the ecommerce websites provides expansion of the
enterprise to the global world. The area of sale of financial policies is get increased with the
online web application.
The behaviour of the customers get changed with the three factors which are categorised as
lowest price which they get for the good quality financial services, facility of customer
service support for increasing their convenience, and feeling of trust which is generated by
getting quality of services from the organization (Mathur, and Tripathi, 2011). The customers
prefer to use the same organization to fetch the information and financial services for the
future reference. 41% of the respondent gets attracted due to the lowest price which they pay
for getting best quality of financial services from the insurance company. 30% of the
participants are get attracted through the trust which generates by taking policies with the
company, and 28% of the participants are get attracted with the ICT application for the sale
of insurance policies through an online web portal is due to the convenience which they get in
purchasing financial services by sitting in their home. The satisfaction level of the customers
can be effectively improved by getting instant responses to their query posted. It helps in
minimizing the wastage of time which was previously spent in searching the policies at
lowest prices, market analysis, doing agreement with the company, and others (Osewe,
2013). The complexities of the traditional way of working of the insurance company can be
effectively resolved with the development of an online web portal because it helps in
developing strong connectivity with the global customers, ease of searching and doing
agreement, cost effective, time effective, and others. The security of the confidential
information of the customers is the major concern of the consumer in doing business with the
online application. The security features like cryptographic techniques, firewall protection
system, and hash value algorithm are some of the preferred solution for securing the
confidential and private information of the user. It helps in restricting the unauthorised
accessing of the customer account with the third party (Pandey and Rao, 2011).

8. Conclusion
The critical analysis of the customer behaviour on the use of ICT technology in the working
of the insurance company helps in analysing that the trading through the e-commerce website
increases affordability of the customers to retrieve effective response of the query generated
in the fraction of seconds. The positive response from the respondent can be achieved on the
basis of convenience they feel with doing business through an online portal of insurance
company. The security is the major concern of the customers in doing trading through online
medium. The security parameters should be used for preserving the confidentiality of the
information.
9. Recommendation
It is recommended to develop an online web application for the effective working of the
enterprise because the customers are getting attracted towards the convenience and price of
financial services which they receive from the online organization.
10. Limitation
The limitation of the research is that the research was conducted with the small number of
sample population of 226 participants. The behaviour of the customers are judged on the
positive and negative feedback received from them.
11. References
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