FROM AWARENESS TO ACTION: A STRUCTURAL MODEL OF MICRO INSURANCE PURCHASE INTENTION IN SECTORAL CONTEXTS

This study attempts to assess the psychological and situational factors that induce the buying attitude of economically weak people of Ernakulam district, Kerala to purchase microinsurance. Mobilized around awareness, perception, attitude, & effects of sectoral context, the study develops & supports a structural model using Structural Equation Modelling (SEM). The findings report that a higher level of awareness corresponds with better perception and attitude, playing significant roles as intermediaries who finally decide on purchase intention. Moreover, people’s sectoral membership becomes critical in supporting the transition from an intention to buy in the organized or unorganized sector. Analytically sound due to consistent R-squared values and model fit indices, the equivalent model demonstrated robust explanatory capacity. This finding highlights the relevance of psychological factors and occupational backgrounds and gives workable intelligence in implementation of individualized outreach efforts and policy targets for micro insurance expansion and improved financial stability of the marginalized groups.