Title: Adoption of insurance products among low-income consumers (subsistence marketplaces)

Authors: Preeti Devi; Tejinder Sharma

Addresses: Department of Commerce, Chaudhary Bansi Lal University, Bhiwani, India ' Department of Commerce, Kurukshetra University, Kurukshetra, India

Abstract: Insurance is of utmost importance for the people at subsistence marketplaces as they are more prone to financial and life-related risks than others. However, the rate of adoption of insurance products is very low as far as the subsistence marketplaces are concerned. Keeping this in view, the study investigates the major determinants contributing towards the adoption of insurance products at subsistence marketplaces. Initially, a qualitative survey has been conducted through a personal interview method followed by a primary research survey with 422 respondents (who are already insured or are willing to get insured) belonging to subsistence marketplaces in the Haryana state of India. The factors extracted from exploratory factor analysis are taken as input for applying the regression analysis and artificial neural networks techniques. The study concludes that customer relations, service quality and influence of reference groups are the major factors having a significant impact on the adoption of insurance products at subsistence marketplaces.

Keywords: subsistence marketplaces; adoption; insurance products; customer relations; service quality; influence of reference groups; India.

DOI: 10.1504/IJBEX.2026.151657

International Journal of Business Excellence, 2026 Vol.38 No.2, pp.201 - 222

Received: 27 Sep 2021
Accepted: 09 Apr 2022
Published online: 12 Feb 2026 *

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