Gaining trust among insurance customers in purely online transactions in Davao City

Abstract

Understanding how customers perceive risk and trust when conducting online transactions is crucial to the success of digital insurance strategy. Researchers in this study are attempting to bridge the gap in the insurance industry by assessing consumer trust in the insurance industry's digitalization adaptation. The goal of this study is to increase the level of trust among insurance customers in purely online transactions in Davao City. The descriptive approach was used in this study; a questionnaire was adapted from previous studies and distributed to customers of life and non-life insurance products who tend to transact online. Findings have summarized the statistical evidence of no significant difference when the level of customer trust in online insurance transactions is analyzed in terms of sex and age, educational attainment, and employment status, following the descriptive-comparative study design principle. Because of these concerns, the researchers urge that future researchers expand this new body of information by including more respondents, experimenting with alternative approaches, and using statistical treatments to better investigate this field of interest.