This paper aims to develop a conceptual model that examines how life insurance saving motivation serves as the antecedent of perceived financial well-being and customer trust, while customer engagement is the consequence, and brand strength acts as the moderator.
The study uses a sequential mixed-methods approach, comprising two studies. In study one, the authors qualitatively explored the dimensions of saving motives in India’s life insurance context. For the quantitative research, an online survey was conducted among 736 insurance consumers, and the PLS-SEM technique was used to analyze the conceptual model and test the proposed hypotheses.
In study one, the authors identified five dimensions of saving motives in life insurance. In study two, the authors obtained empirical support for understanding how multifaceted saving motives contribute to building customer trust, enhancing the perception of financial well-being and engaging customers. Also, the results indicated that brand strength moderates the relationship between saving motivation and customer trust.
This study extends Self-Determination Theory by linking life insurance saving motives to financial well-being and customer engagement – an area that has been underexplored in financial services. It also highlights the moderating role of brand strength, offering both theoretical and practical insights.
