DETERMINANT FACTORS FOR BUYING DECISION ON FIRE INSURANCE IN MYANMA INSURANCE

This is study on determinant factors for buying decision on fire insurance in Myanma Insurance. The objectives of this study are to identify the fire insurance practices of Myanma Insurance and to analyze the determinant factors for buying decision on fire insurance in Myanma Insurance Yangon. For this study, the primary data were collected by the structured questionnaires that are delivered to the respondents who are existing policy holders of fire insurance in Myanma Insurance Yangon using Simple Random Sampling (SRS). The method of research applied in this study is descriptive research method and mean score ranking is used to examine how 7 factors of marketing mix influence on customer buying decision. The sample size is 115 (7.8%) out of 1474 of fire insured who live in Yangon in 2016-2017 FY and in 2017-2018 FY. The determinant factors related with products, price place, promotion, people, process, and physical evidence are identified and assessed with questionnaires. The study found that overall marketing mix factors can affect customer buying decision. People factors mostly influence on customer buying decision followed by product factors while physical Evidence factors slightly influence on customer buying decision. The other factors such as promotion, place, process and price moderately influence on decision making of the policy holders. It means that customers satisfy on the services delivered by staffs and agents of Myanma Insurance but, it should look over not only to upgrade their physical assets like office building, furniture and equipment to be in modern looking and functionality but also renovate its promotional materials like brochures, flyers and its own websites to be attractive and informative to their customers. It should continue to maintain its brand image like the status of state-owned enterprise and its reputation to extend the customer base and to retain the existing customers