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CAUSAL SURVEY OF PURCHASE OF NON-LIFE INSURANCE PRODUCTS FOR LITHUANIAN CONSUMERS

On purpose to increase the demand for insurance services in Lithuania there still remains a problem of how consumers perceive this service as well as what components, influencing their decision to purchase non-life insurance products, they accentuate in the price of insurance service. Emphasizing the assumptions of sustainable economic development in Lithuania and attempting to form regional policy by means of research, the study was implemented in order to identify factors and causal relationships that determine non-life insurance product purchasing motives in Lithuania. The study conducted a survey of Klaipeda city residents who buy various insurance products in different insurance companies. In total 420 respondents participated in this survey. To verify the results of the research three tests were applied: Pearson‘s Chi-square test, Fisher test (Fisher’s exact) and Cramer’s V test. It was identified that friends’ recommendations do not affect consumer‘s choice for insurance products. Higher rates of benefits as well as flexible pricing policy were not important factors choosing an insurance company. High insurance product’s cost and unclear conditions set in the contracts do not encourage consumers to purchase them. In the course of the research significant relationships between the consumer’s choice to insure by specific insurance product and consumer’s discount-enhanced motivation to purchase insurance products were not observed. All measured insurance products did not reflect statistically significant correlations between the decision to get insured and the knowledge about the prices in other insurance companies. KEY WORDS: non-life insurance products, price, consumers’ perceived value. JEL CODES: C83; G 22; E30; L11; Y10; D46. DOI: http://dx.doi.org/10.15181/rfds.v14i3.868


Introduction
Insurance and its associated processes are treated ambiguously by scientists due to the different points of view to this object (Čibinskienė, Činauskaitė, Navickas, 2005: 33). As stated by Narkūnienė and Stašys (2003: 79), insurance companies are important for both sides, i.e. the national economy and separate insurer.
The success of insurance business development is determined by companies' ability to focus on the relevant segments of insurers and efficiency in responding their insurance needs and expectations. Perceiving insurers, understanding their needs, expectations and behavioral patterns in the insurance market, insurance companies can take effective marketing actions and measures to encourage potential insurers to insure in their company, or change their behavior towards the direction desired by insurers (Kindurys, 2008: 52). The most significant participants in the insurance market are customers whose wishes and financial capacity Therefore, in order to increase the demand for insurance services in Lithuania a relevant problem to disclose how consumers perceive the service, what collectivity, economy, need existence, randomness, measurability and the risk signs they emphasize in the insurance services price, remains. This would allow insurance companies to review their pricing strategies, involving the application of product value theories in practical solutions, reducing the gap between the price paid and the value received.
The research object: the factors influencing consumers' decision to purchase non-life insurance products.
The aim of the research: to identify the factors and determine the causal relationships influencing non-life insurance product purchasing motives in Lithuania.
Research methodology. In order to identify consumers' attitudes to non-life insurance products price components the empirical study conducted Klaipeda city residents', who buy various insurance products in different insurance companies, survey. General population -Klaipeda city residents. According to the Department of Statistics established General population is 158541 residents. The survey sample was established in accordance with V. Dikčius (2006) recommended formula. In total 420 respondents participated in this survey. For the collection of the data a structured questionnaire was used (the majority of the questions included closed-ended type questions). The survey data was processed using SPSS.15 statistical data processing program, and MS Excel. For the evaluation of the research results three tests were used: Pearson Chi-square test, Fisher's exact, and Cramer's. V. Pearson Chi-square test was used to check hypothesis of independence of the two variables. The null hypothesis states that the features are independent, and the alternative states that there are features statistically significantly dependent (or in other words, statistically significant correlation between the analyzed features exists). The null hypothesis is rejected (i.e., statistically significant difference between the features exists), if the Pearson Chi-square test corresponding p-value is less than 0.05. Fisher's exact test is applied for the same purpose as the Pearson Chi-square, only gives more accurate results when both compared features gain 2 values only. The differences are statistically significant when the test p-value is less than 0.05. Cramer's V test is also a Chi-square test analog, when two nominal features are being compared. There is a statistically significant relationship among the features, if the corresponding p-value is less than 0.05.

Non-life insurance product pricing theoretical aspects
The most important insurance market participants are customers whose wishes and financial capabilities allow insurance business to exist. Potential consumers of insurance services are critical for the insurance company, so the insurance business success depends on its ability to focus on the relevant segments of the policyholders and intelligently meet their insurance needs and expectations. So the insurance companies, with a view to efficient and profitable operation must use sophisticated testing methods by which would be able to assess insurers' expectations and determine the reasons for their behavior (Lezgovko, 2010). Therefore, a specific product offered in the insurance market, the insurance service, which consumption price is insurance protection, making insurance benefits form, granting.
Insurance, as well as other purchases of services starts from the understanding the need for insurance. The appropriate type of insurance services will satisfy insurer's demands, which is directly related to the reduction of risk, because the insurer takes the policyholder's incurred risk. A policyholder does not realize insurance service's content and benefits while no real loss appears. Thus, the need for insurance services can lead to a variety of reasons for consumer behavior, involving the desire to feel safe and worry about the future, lifestyle, risk reduction or its management mode, binding laws and contractual requirements, or the view of insurance as an investment when the investment of insurance premiums helps to protect against major financial losses in the future (Kindurys, 2008: 57).
Insurance products are among those which are difficult to sell their providers, and consumers find it difficult to use, i.e., consumers struggle understanding the risk they face, probabilities, it is difficult to correctly interpret, to evaluate and choose their price, quality, benefits, compare the products offered in the market, and etc.. The decision to purchase and to use insurance services, as well as the consumption itself are processes that arouse consumer's doubts and considerations (Ulbinaitė, 2010: 5).
Determining the price in terms of value, companies' prices must reflect how consumers evaluate a product or service. Consumers' decision to buy one or another product is influenced by their perception of the value they expect to get. A. Ravald, Ch. Gronroos (1996) argue that the value to the consumer -is the cost faced by consumers (price, service, risk of failure, the time spent by the user) for the purchase of service. A. Eggert, W. Ulaga (2002) received user benefits perceive as certain qualitative characteristics of services and servicing combination. A. S. Khalifa (2004) indicates that the user's perceived value is the maximum price that he is willing to pay for the economic and non-economic signs of the product. J. C. F. Roig, J. S. Garcia, M. A. M. Tena, J. L. Monzonis (2006) provide consumers' perceived benefits as three-dimensional (functional, social, emotional) mix that reflects the benefit for the consumer. As stated by R. Vaitkienė and V. Pilibaitytė (2008) customer value is related to the relationship between the main product's produced tangible and intangible benefits and monetary and non-monetary cost of user-experience while acquiring the product. Other authors (Reddy, 1991;Snoj, 2004;Ge, 2002) define user's perceived value as the relationship between perceived benefits and perceived price. W. L. Chang and Y. T. Hong (2011) indicate that the value for the consumer is an assumption for all other values. V. Praude and E. Shalkovska (2009) delivering concept of the value identify three main components of the value for consumers: the user's benefit, the additional benefit for the user, user's costs incurred.
Value for the consumer can be considered the basis of all marketing decisions because providing greater value for the consumer is expected to be one of the most important competitive advantage and increase consumer loyalty factors (Dovalienė, 2005;Snieškienė, Pridotkienė, 2011). The company, in order to create greater value for the consumer, needs to understand how consumers perceive the value of their offer and make product proposal corresponding to the expectations (Kiyak, 2013).

Consumers' non-life insurance products purchase reasons survey results and discussion
The study sought to identify which aspects influence customers when choosing insurance products of the existing offers in Lithuanian market and what determinants operate making the decision to insure. One of the factors that may influence the decision to purchase insurance product in one or another insurance company was "recommendation of a friend". It was assessed that only 11.1 % of respondents chose the purchase of the insurance product recommended by their friends in one or another insurance company. As Fisher's exact test statistical probability p = 0.035 < 0.05, there is a statistically significant basis to state that friends' recommendations do not affect the respondents choice to purchase insurance products.
Bigger benefit rates and flexible pricing policy have not been identified as important factors for users that determine their choice for insurance products as well (see Table 1). Statistical significance of these relationships are confirmed by Chi-square test statistical probability p = 0.037 and 0.010 < 0.05. The latter allows to presume that bigger benefit rates and flexible pricing policy do not affect the consumer's choice of the insurance company.
The objective of the study was to determine whether the insurance company's office equipped with modern interior design is an important factor for choosing the insurance. More than 80 % of the respondents believe that this factor does not affect the decision whether to purchase insurance products (see Table 2). The statistical importance of this relationship is supported by Chi-square test statistical probability p = 0.023 < 0.05, so there is a statistically relevant basis to say that beautiful office does not have impact on consumers' decision to buy an insurance product.
Even 45.2 % of consumers claimed that high cost of insurance product does not encourage them to purchase voluntary motor insurance products, and 38.1 % of the respondents indicated that the deterrent factor is unclear insurance conditions (see Table 3). A statistically significant correlation is approved by Chi-square test statistical probability p = 0.000 < 0.05, which suggests, that high price of insurance products and its unclear acquisition conditions have a significant impact on consumers decision to insure. This relationship is strong and in Cramer's V = 0.727, because the symmetrical dependence test statistical probability p = 0.000 < 0.05.
Among the insured with property insurance, 9.5 % of the respondents stated that high cost of insurance product does not encourage them to buy this insurance, and 23.8 % of the respondents indicated that the deterrent factor is unclear insurance conditions of the products (see Table 4). Statistical essence of this relationship is confirmed by Chi-square test statistical probability p = 0.010 < 0.05. The latter formula yet again verifies that uncertain security conditions and high cost of property insurance have impact on the consumer's choice of property insurance.
Assessing consumer satisfaction in non-life insurance products prices, it was determined that none of the insurance product has a statistically significant difference between the satisfaction levels which were given in the survey. That is, we cannot say that satisfaction of the cost of insurance affects user's willingness to insure a specific insurance product.
Significant dependencies were not determined while analyzing consumers' choices for insurance products to whether or not an insurance product price reflects its quality. It can be argued that there is no significant difference comparing consumers' choice to insure specific insurance product in the approach of how price of the product reflects its quality. In order to determine whether the discounts made encourage consumers to buy a particular insurance product, significant dependencies were not observed as well.
The study analyzed the influence of loyalty when choosing accident insurance, vehicle insurance, property insurance, travel insurance, third party liability insurance products. Evaluating members, insured CASCO insurance approach, it was found that 11.6 % of the insured by this insurance believe that loyalty can be an aspect to be taken into account when calculating the cost of this kind of insurance (see Table 5). Meanwhile, between consumers who do not buy this insurance, even 50.7 % believe that it is not a significant factor in calculating the cost of CASCO insurance (see Table 5). The statistical importance of this relationship is confirmed by Fisher's Exact test statistical probability p = 0.037 < 0.05. Therefore it can be claimed that the inclusion of loyalty as a component into the price formula of CASCO insurance would not affect the respondents' who do not buy insurance CASCO decision to purchase it. Loyalty, as one of the possible aspects calculating the price, appeared to be a significant factor between respondents who have opted for travel insurance. 23.2 % of all respondents insured by travel insurance believe that loyalty is an important aspect evaluating the cost of this kind of insurance (see Table  5). The statistical prominence of this relationship is embodied in Fisher's Exact test statistical probability p = 0.010 < 0.05. Therefore, there is a statistically significant basis for the statement that involving loyalty as one of the pricing aspects into prices' spreadsheets should affect consumers' choice in travel insurance.
The study found that education, as one of the pricing aspects, is an important factor between respondents who have opted for travel insurance. The majority, i.e. 52.2 % of all respondents do not use this insurance and do not think that it is important. Meanwhile, among the insured persons, 18.8 % believe that this is an important aspect (see Table 6). Statistical relevance of this relationship is confirmed by Fisher's Exact test statistical probability p = 0.006 < 0.05. Respondents insured by property insurance showed a tendency of pursuit of optimum variant between the protection granted, and the price paid for it. The percentage of such respondents comprised 27.5 % of all insured by property insurance (see Table 7). The statistical significance of this relationship is justified by Fisher's Exact test statistical probability p = 0.015 < 0.05. The influence of the insured person's independence on the choice of insurance mode is reflected in Table  8. It is noted that in most cases customers choose insurance companies independently or partially independently. A similar trend is observed among respondents who choose insurance brokers. Meanwhile, internet is usually chosen by respondents who consider themselves exclusively independent. The statistical importance of this relationship is confirmed by Fisher's Exact test statistical probability p = 0.036 < 0.05. Therefore there are statistically significant grounds to assert that the presence of independence influences respondents in their choice of insuring online. Among the respondents, who prefer broker services, a clearly distinguished inclination to purchase faceto-face with the seller appears. This type of respondents amounted 29.5 % of all examined (see Table 9). The statistical relevance of this relationship is approved by Fisher's Exact test statistical probability p = 0.034 < 0.05, therefore, there exist statistically significant grounds to claim that direct communication with the seller affect respondents to choose insurance brokers' services, i.e., those who like to purchase directly communicating with the sellers often choose insurance brokerage services.
It can be seen that among those who insure themselves against accidents, the major part are respondents with higher income (more than 2000 Lt), that is 17.7 % of all respondents. Among those who do not purchase this insurance, the greater part is represented by people with lower than 2000 Lt income, that is 47.1 % of all respondents (see Table 10). The statistical importance of this relationship is justified by Fisher's Exact test statistical probability p = 0.023 < 0.05. Accordingly, there are statistically significant features to claim that family income has impact on respondents' choice to buy insurance against accidents, i.e., those who have higher income insure against accidents more frequently.
Observing relationships between travel insurance and education, it is clear that respondents with higher education use travel insurance more frequently. The percentage of respondents with secondary education who opted for travel insurance was only 4.3 %, while of those having a university degree -20.3 % (see Table 11). The statistical significance of this relationship is confirmed by Fisher's Exact test statistical probability p = 0.031 < 0.05, so there is a statistically significant basis to assert that education has impact on respondents' choice to buy travel insurance, i.e., those who have higher education, are more common customers of travel insurance.

Conclusions
The study showed that friends' recommendations have no influence on the choice of insurance products. Higher benefit rates and flexible pricing policy are also not important elements choosing an insurance company. High cost of the insurance product and unclear conditions in the insurance product purchase contract do not encourage consumers to purchase motor third party liability and property insurance. Moreover, the study did not reveal significant relationships between consumer's choice to insure a specific insurance product and consumer's encouragement to purchase insurance products using offered discounts. As well no inter-correlations between the decision to insure and familiarity with other companies' prices were noticed. Loyalty as a potential component for CASCO insurance cost calculation is irrelevant for respondents who do not buy such insurance. Meanwhile, respondents insured by travel insurance believe that loyalty is an important factor assessing the cost of this insurance. It was assessed that education, as one of the aspects of insurance pricing, was an important factor for travel insurance consumers. Property insurance consumers aim to find optimal variant between the protection granted and the price paid for it. The consumers who find themselves independent enough are inclined to purchase insurance products on the internet, whereas insurance brokerage services are more prevalent among customers with a marked feature of direct communication with the seller. Accordingly, the latter mentioned insurance brokers' customers expect to save and pay less for insurance. Consumers with higher income are inclined to insure against accidents more frequently, similarly to how respondents with higher education are more likely to purchase travel insurance.