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Module Number : UMODJB-15_May 2021  UWE ID BIBM ID  Fathima Hazana Caffoor

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Factors Affecting the Consumers’ Attitude towards Life Insurance Penetration in Sri Lanka.

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The significance of the of the topic Problem Statement and Research Objectives  Literature review   Theoretical Model  Hypothesis  Population & Sampling  Data collection & Analysis

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Over 60 aging population has more than doubled since 1953. In  2041 one in four Sri Lankans will be 60    2036 there will be 36 elderly dependents for every 100 working-age  people

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In Sri Lanka, the informal economy continues to thrive the  sector plays an essential role in the nation’s economy, generating an estimated 40 percent of GDP The  absence of government protection for workers involved in the informal economy No  structured pension arrangements for informal employees

Source : (World  Finance -The Voice of the Market , 2019)

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Young people do not worry about life  insurance

The general disposition of life insurance amongst the young is that they do not need life insurance The  longer one waits, the more expensive it will be When  one need it, it is too late

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Problem Statement  Research Objectives  Life Insurance financially protects a person and his/her family during a time when an uncertain event occurs. Whilst Life Insurance providing safety and protection it encourages saving among society. (Yadav & Tiwari, 2012). Only few researches have been carried out and no research has been carried out particularly to find the factors affecting consumers attitude towards Life insurance penetration in Sri Lanka To assess the factors affecting Life insurance penetration in Sri Lanka from the consumer perspective. To determine the relationship between consumer awareness and insurance penetration in Sri Lanka To provide recommendations to improve consumer awareness to increase insurance penetration in Sri Lanka

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A study carried out by Guan, et al.,(2020) under the topic “Factors Influencing Customer Purchase Intention Towards Insurance Products” confirms that as per Bank Negara Malaysia (BNM), (2017), that it is only 54%-56% of the Malaysian population is insured. This is a lower percentage when compared with other countries in the region such as Singapore which has recorded a penetration rate of more than 80% Insurance is one of the least purchased items within the Nigerian market and a very less percentage of the Nigerian population has insured (Tom, et al., 2014)  Similarly,  Masud , et al.,(2021), reconfirms that the Life insurance penetration is high in developed countries as opposed to developing countries  Masud , et al.,(2021) suggests that life insurance managers should amend their policies and guidelines in line with a positive relationship between the customer intention to purchase insurance and the concepts. Also, the study reiterates that “insurance awareness” is a paramount factor when deciding to purchase a policy.

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Population Populations consist of Consumers who are able to afford a Life Insurance Policy. Probability sampling cannot be adopted due to unavailability of total list  Random sampling not possible due to time constraints and restrictions imposed by the Covid-19 Hence, a non-probability convenient sampling is adopted. Sampling The sample of the study consists of 400 referrals of existing Life insurance policyholders of the Insurance industry

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Data Collection  Primary and secondary data will be collected  A survey method will be followed with a properly articulated questioner based on a 5-point Likert scale where 1 indicates -Strongly Disagree and 5 indicates – Strongly Agree  Two parts  demographic information  Information on four variables of theoretical framework Analysis The first part of the questioner  I,e , demographic information will be analyzed using the descriptive statistical technique The second part of the questionnaire will be analyzed through inferential data analysis technique to predict the relationship such as the impact and influence between the dependent and independent variables Assuming the data is distributed normally a parametric test will be carried out using  Pearson Correlation to identify the degree to how each independent variable is connected to the dependent variable separately

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