The purpose of this paper is to investigate an individual’s technological readiness to/adoption of online insurance services in India − one of the dominant economies in South Asia and how it contributes towards practices that help in moving towards a sustainable future.
Qualitative research was conducted by adopting phenomenological approach and using grounded theory approach for analysis. An exploratory study wherein data was collected about online insurance services using in-depth, semi-structured interviews from 19 individuals/consumers and 10 agents/employees of life insurance companies in the Delhi-NCR area of India.
This study found that there are some incentives of and barriers to using online insurance services as perceived by the respondents that have a bearing on their level of readiness towards technology. Based on the incentives of and barriers to using online insurance services, the study further suggests a conceptual model of individual’s/consumer’s perception of online insurance services and sustainable practices in the backdrop of their technological readiness and barriers to digital adoption.
This study provides profound understanding of individual’s/ consumer’s perception of online insurance services and also outlines the areas where the insurance companies are required to play catch-up for an emerging South Asian Economy like India.
The rich narrative puts forth an elaborate spread of thoughts, views and perception of individuals regarding online insurance services and expands its purview by comprehending individual/ consumer’s inclination towards digitization of insurance services. It holds scope for further empirical testing and provides spill-overs of India-specific findings for the benefit of the South Asian region.
