Electronic Insurance Marketplace Technology Acceptance Model Based on UTAUT2

Document Type : Research Paper

Author

Faculty Member, Shahrekord University

Abstract

The digital transformation in the insurance industry is rapidly pervasive and various platforms providing electronic insurance services are developing and spreading. Indeed, this industry is transitioning to full digitalization. Meanwhile, due to the benefits and provided capabilities, online insurance marketplaces can be highly effective in promoting e-insurance at the community level. Nonetheless, there is no particular model for the adoption of such marketplaces in Iran. This study aimed to propose a particular acceptance model for electronic insurance marketplace in Iran to increase the promotion of such services in the country. To achieve the objective of the research, UTAUT2 model was selected as the base model. Then, special criteria related to such marketplaces were identified in this model and the initial acceptance model was developed. Then, the evaluation of this model was done based on collecting the opinions of insurance customers and the final was developed. The results of this study show that among the seven main structures in the UTAUT2 model, only four of them including social influence, habit, price value, and effort expectancy are effective in accepting the technology of online insurance marketplaces. The other factors do not have a positive influence on the acceptance of these marketplaces.

Keywords

Main Subjects

References

Ajzen, I. (1991). The theory of planned behavior. Organizational behavior and human decision processes, 50(2), 179-211.
Al-Azawei, A., & Alowayr, A. (2020). Predicting the intention to use and hedonic motivation for mobile learning: A comparative study in two Middle Eastern countries. Technology in Society, 62, 101325.
AL-Rjoub, S. A. Factors and issues affecting adoption of e-insurance in Jordan. Paper presented at the The Seventh International Aqaba Conference, Jordan.
Alalwan, A. A., Dwivedi, Y. K., Rana, N. P., & Algharabat, R. (2018). Examining factors influencing Jordanian customers’ intentions and adoption of internet banking: Extending UTAUT2 with risk. Journal of Retailing and Consumer Services, 40, 125-138.
Alipour, M., Dorodi, H., & Pishgahi, S. (2011). Feasibility Study of E-Insurance Services in Iranian Insurance Companies (Asia Insurance Co.). International Journal of Business and Social Science, 2(10), 277-281.
Bagheri, P., & Forushani, M. (2016). E-Insurance Law and Digital Space in Iran. The Journal of Internet Banking and Commerce, 21(1), 1-5.
Bromideh, A. A. (2012). Factors affecting customer e-reading to embrace auto e-insurance in Iran. The Journal of Internet Banking and Commerce, 17(1), 1-12.
Burlaka, O., Kuzior, A., Hanych, O., Kravchenko, S., & Melnychenko, O. (2019). Implementation and legal regulation of electronic insurance in Ukraine. Journal of Legal, Ethical and Regulatory Issues, 22, 1-5.
Chotigo, J., & Kadono, Y. (2021). Comparative Analysis of Key Factors Encouraging Food Delivery App Adoption Before and During the COVID-19 Pandemic in Thailand. Sustainability, 13(8), 4088.
Davis, F. D. (1985). A technology acceptance model for empirically testing new end-user information systems: Theory and results. Massachusetts Institute of Technology.  
Farzin, M., Sadeghi, M., Kharkeshi, F. Y., Ruholahpur, H., & Fattahi, M. (2021). Extending UTAUT2 in M-banking adoption and actual use behavior: Does WOM communication matter? Asian Journal of Economics and Banking.
Fishbein, M., & Ajzen, A. (1975). Belief, attitude, intention and behavior. edition Addison Wesley.
Fuad, N., Sumarna, A., Prihantoro, P., Hermana, B., Tarigan, A., & Suhendra, E. S. (2010). The information technology in insurance industry inhibitors and supporting factors in ICT implementation in Indonesia. Paper presented at the Workshop on World Insurance Stance: Challengen and the Future of Insurance Industry in Developing Countries, Bali, Indonesia.
Grazy, M. L. T., & Parimalarani, G. (2019). E-Insurance: A Platform For Insurance Penetration In India. Restaurant Business, 118(6), 90-93.
Gupta, K., & Arora, N. (2019). Investigating consumer intention to accept mobile payment systems through unified theory of acceptance model: An Indian perspective. South Asian Journal of Business Studies.
Hew, J.-J., Lee, V.-H., Ooi, K.-B., & Wei, J. (2015). What catalyses mobile apps usage intention: an empirical analysis. Industrial Management & Data Systems.
Joshi, V. C. (2020). E-Insurance Digital Finance, Bits and Bytes (pp. 53-70): Springer.
Kang, S.-H., & Kim, H.-K. (2016). A Study on the User's Acceptance and Use of Easy Payment Service-Focused on the Moderating Effect of Innovation Resistance. Management & Information Systems Review, 35(2), 167-183.
Kline, R. B. (2015). Principles and practice of structural equation modeling: Guilford publications.
Klishina, Y. E., Glotova, I. I., Uglitskikh, O. N., & Tomilina, E. P. (2021). The Digital Future of the Insurance Market The Challenge of Sustainability in Agricultural Systems (pp. 743-751): Springer.
Lee, S. M., & Cata, T. (2005). Critical success factors of Web-based e-service: The case of e-insurance. International Journal of E-Business Research (IJEBR), 1(3), 21-40.
Marpaung, F. K., Dewi, R. S., Grace, E., Sudirman, A., & Sugiat, M. (2021). Behavioral Stimulus for Using Bank Mestika Mobile Banking Services: UTAUT2 Model Perspective. Golden Ratio of Marketing and Applied Psychology of Business, 1(2), 61-72.
Medeiros, M., Ozturk, A., Hancer, M., Weinland, J., & Okumus, B. (2022). Understanding travel tracking mobile application usage: An integration of self determination theory and UTAUT2. Tourism Management Perspectives, 42, 100949.
Megadewandanu, S. (2016). Exploring mobile wallet adoption in Indonesia using UTAUT2: An approach from consumer perspective. Paper presented at the 2016 2nd International Conference on Science and Technology-Computer (ICST).
Mehta, A., Morris, N. P., Swinnerton, B., & Homer, M. (2019). The influence of values on E-learning adoption. Computers & Education, 141, 10. 3617.
Mezei, J., Sell, A., & Walden, P. (2022). Technology readiness, UTAUT2 and continued use of digital wellness services-A configurational approach. Paper presented at the Proceedings of the 55th Hawaii International Conference on System Sciences.
Nascimento, B., Oliveira, T., & Tam, C. (2018). Wearable technology: What explains continuance intention in smartwatches? Journal of Retailing and Consumer Services, 43, 157-169.
Pahuja, A., & Chitkara, S. (2016). Perceptual exploration of factors and issues affecting adoption of e-insurance. Case Studies in Business and Management, 3(1), 99-112.
Parsamanesh, A., Mehrani, H., Vahabzadeh Monshi, S., & Hasanmoradi, N. (2021). Designing Insuretech Acceptance Model Via Interpretive-Structural Modeling. Iranian Journal of Insurance Research, 36(4), 101-134.
Raman, A., & Thannimalai, R. (2021). Factors Impacting the Behavioural Intention to Use E-learning at Higher Education amid the Covid-19 Pandemic: UTAUT2 Model. Psychological Science and Education, 26(3), 82-93.
Sanayei, A., Torkestani, M., & Ahadi, P. (2012). Readiness assessment of Iran’s insurance industry for e-commerce and e-insurance success. International Journal of Information Science and Management (IJISM), 7(1), 91-105.
Sheppard, B. H., Hartwick, J., & Warshaw, P. R. (1988). The theory of reasoned action: A meta-analysis of past research with recommendations for modifications and future research. Journal of consumer research, 15(3), 325-343.
Song, C.-h., Kim, S. W., & Sohn, Y.-w. (2020). Acceptance of public cloud storage services in South Korea: A multi-group analysis. International Journal of Information Management, 51, 102035.
Sowmiya, G., & Selvam, V. (2020). Awareness, Technology and Service Attributes of E-Insurance-A Literature Review. GIS Business, 15(2), 226-235.
Talukder, M. S., Sorwar, G., Bao, Y., Ahmed, J. U., & Palash, M. A. S. (2020). Predicting antecedents of wearable healthcare technology acceptance by elderly: A combined SEM-Neural Network approach. Technological Forecasting and Social Change, 150, 119793.
Toukabri, M. T., & Ettis, S. A. (2021). The Acceptance and Behavior Towards E-Insurance. International Journal of E-Business Research (IJEBR), 17(2), 24-39.
Vahidi, S., & Sadaghiani, J. S. (2017). The effect of individual values of trust and acceptance of electronic services using structural equation modeling (Case Study: Customers Insurance branches in Tehran, Iran). Journal of Management and Accounting Studies, 5(02), 56-60.
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS quarterly, 425-478.
Venkatesh, V., Thong, J. Y., & Xu, X. (2012). Consumer acceptance and use of information technology: extending the unified theory of acceptance and use of technology. MIS quarterly, 157-178.
Journal of Technology Development Management
Volume 11, Issue 3
December 2023
Pages 111-132

Files

History

  • Receive Date: 04 May 2022
  • Revise Date: 29 April 2024
  • Accept Date: 30 April 2024

Share

How to cite

Statistics