The role of insurance technology adoption in leveraging elderly well-being mediated by insurance inclusion and societal value

This study examines the impact on Elderly Well-Being (EWB), focusing on implementing Insurtech and the mediating variables of Insurance Inclusion (INL) and Societal Value (SV). The subject of the study is a segment of the pension group for police and military personnel who adopt Insurtech to process their pension claims. This study uses 384 samples, obtained through proportional stratified random sampling for groups of Police, Army, Navy, and Air Force retirees. It employs four variables: Insurtech Adoption (IA), INL, SV, and EWB, with 37 indicators, analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that IA exerts a significant effect (T-statistic = 5.995) on EWB. One significant finding is that when sequentially mediated by INL and SV, IA exhibits a significantly leveraged influence on EWB (T-statistic = 6.338). The mediating roles of INL and SV are effectively leveraged to enhance EWB, while the sole mediating impact on EWB is significantly diminished. Furthermore, the study could be expanded to include additional variables and the broader general population. The practical implication of this study is that when applying technology to the elderly, it is essential to always consider societal value, making it a valuable recommendation for policymakers.