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| Investigative Approach and Research Methods |
This paper uses both quantitative and qualitative methods as
each research method has its own weaknesses and is somewhat compensated by the
other (Steckler A., et al, 1992). Quantitative data tends to be factual and if
enough numbers obtained, fairly representative of the population of which it
samples. It is used in this report to obtain information on consumer behaviour
and attitude towards insurance purchases and their agent if they have one.
Qualitative methods on the other hand sample a relatively smaller number of
participants as compared to quantitative; however it delves into the minds of
selected participants for deeper perspectives. Thus the selection of candidates
for qualitative research is of paramount importance and critical to its
success. In this report, leading industry professionals are interviewed for
their authoritative views of the research topics. Data from both methods may be
viewed as complementary (Jick T.D., 1979) and may then even allow for contrast
and comparison. There could also be unexpected uses uncovered when using
multi-methods research (Bryman A., 2006)
This paper aims to answer the following hypotheses:
- ‘Simpler’ general insurance products like motor, travel, home, etc. will see increased traction towards online purchase instead of via an agent.
- The agent is preferred especially for complex products that require financial needs analysis.
- Most Singaporeans value quality advice over price discounts when it comes to insurance
- Despite online purchase options, the agent is still relevant and important
- People who are satisfied with their agent are less likely to buy online
- There is a functional relationship between demographics and the perceived value of an agent
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