Exploring Consumer Opportunism Conundrum in the Insurance Industry: The Role of Marketing

摘要

Drawing from the extant literature, this paper explores the prevalent consumer opportunismudin the insurance transactions, its links to consumers’ perception, and the relevance ofudmarketing strategies in curbing the menace. It shows that insurance opportunism could beudperpetrated by any party in the insurance transaction system and at any stage of the processudinvolved. Among factors identified as prompting this conundrum are economic motive,udresentment towards the insurance companies, laxity in the application processing/asymmetricudinformation, and insiders’ collaborations. Nonetheless, the paper suggests that strongudcommitment of insurance marketers to creating and delivering value to the customers moreudrobustly through a proactive and all-embracing implementation of marketing strategies vis-àvisudrelationship marketing could significantly enhance consumers’ positive perception ofudinsurance business and consequently result in a healthier insurance industry.