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

Article


Gbadamosi, A. and Yusuf, Tajudeen Olalekan 2016. Exploring Consumer Opportunism Conundrum in the Insurance Industry: The Role of Marketing. The Marketing Review. 16 (1), pp. 92-106.
AuthorsGbadamosi, A. and Yusuf, Tajudeen Olalekan
Abstract

Drawing from the extant literature, this paper explores the prevalent consumer opportunism
in the insurance transactions, its links to consumers’ perception, and the relevance of
marketing strategies in curbing the menace. It shows that insurance opportunism could be
perpetrated by any party in the insurance transaction system and at any stage of the process
involved. Among factors identified as prompting this conundrum are economic motive,
resentment towards the insurance companies, laxity in the application processing/asymmetric
information, and insiders’ collaborations. Nonetheless, the paper suggests that strong
commitment of insurance marketers to creating and delivering value to the customers more
robustly through a proactive and all-embracing implementation of marketing strategies vis-àvis
relationship marketing could significantly enhance consumers’ positive perception of
insurance business and consequently result in a healthier insurance industry.

JournalThe Marketing Review
Journal citation16 (1), pp. 92-106
ISSN1469-347X
Year2016
PublisherWestburn Publishers Ltd.
Accepted author manuscript
Digital Object Identifier (DOI)doi:10.1362/146934716X14636478977395
Publication dates
Print01 Mar 2016
Publication process dates
Deposited02 Jun 2015
Accepted01 Feb 2015
Copyright information© Westburn Publishers Ltd, 2016. This is a post-peer-review, pre-copy-edit version of an article which has been published in its definitive form in the The Marketing Review, and has been posted by permission of Westburn Publishers Ltd for personal use, not for redistribution. The article was published in The Marketing Review, 16(1) pp.92-106, doi: 10.1362/146934716X14636478977395 http://dx.doi.org/10.1362/146934716X14636478977395
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