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Title: Exploring the mediating role of risk aversion in the relationship between personality traits and life insurance purchase intention

Authors: Jeevitha Elangovan; Michael David Premkumar; G. Yoganandan

Addresses: PG and Research Department of Management Studies, Bishop Heber College, Tiruchirappalli, Tamil Nadu Affiliated to: Bharathidasan University, India ' PG and Research Department of Management Studies, Bishop Heber College, Tiruchirappalli, Tamil Nadu Affiliated to: Bharathidasan University, India ' Department of Management Studies, Periyar University, Salem, Tamilnadu, India

Abstract: Life insurance is a financial risk management tool for individuals. The intention to purchase a life insurance product was influenced by various demographic and psychological factors. The present study investigated the relationship between big five personality traits and life insurance purchase intention, with risk aversion as a mediator. The data was collected among 580 respondents and analysed using PLS-SEM. The results show that risk aversion has a positive significant effect on life insurance purchase intention and mediates the relationship of personality traits - conscientiousness, neuroticism, and openness to experience with life insurance purchase intention. The paper suggests that risk aversion and personality diagnostic tests can be conducted for the potential customers and the best possible life insurance products can be offered to them. This will aid the life insurance providers to have a long lasting relationship with the customers.

Keywords: personality traits; PT; life insurance purchase intention; risk aversion; RSA; PLS-SEM; mediation analysis.

DOI: 10.1504/IJBEX.2025.146552

International Journal of Business Excellence, 2025 Vol.36 No.5, pp.1 - 26

Received: 16 Mar 2025
Accepted: 06 Apr 2025
Published online: 03 Jun 2025 *