Antecedents and consequences of perceived value in the insurance industry
Purpose: The objective of this paper is to understand the role that perceived value plays in the insurance industry, as well as its relational antecedents and consequences.
Design/methodology/approach: This investigation proposes a theoretical model tested using structural equation modelling (SEM). A questionnaire survey was developed to explore the relationships among service quality, reputation, distributive justice, lost benefit costs, perceived value, loyalty and word-of-mouth. For this study, 744 valid questionnaires were collected from a sample of Portuguese car insurance holders.
Findings: The results show that service quality, reputation, distributive justice and lost benefit costs directly influence perceived value and loyalty. Service quality, reputation, distributive justice and lost benefit costs also indirectly influence loyalty and word-of-mouth, through perceived value. Finally, loyalty influences word-of-mouth.
Originality/Value: This investigation examines the partial mediating role of perceived value in the relationship among service quality, reputation, distributive justice, lost benefit costs and loyalty, in a relational perpective. Also investigates the total mediating role of perceived value in the relationship among service quality, reputation, distributive justice, lost benefit costs and word-of-mouth. Finally, investigates the influence of loyalty on word-of-mouth.
Keywords: perceived value; antecedents and consequences of perceived value, insurance industry.
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