Impact of Brand Equity on Purchase Intentions of Customers in Insurance Industry of Pakistan
DOI:
https://doi.org/10.51153/mf.v16i2.497Abstract
Insurance firms play an important role in an economy’s growth and development and are key financial institutions that are critical for the success of other companies. They provide stability to both individuals and businesses by agreeing to bear the financial liability of insured parties. However, in Pakistan, the share of insurance towards GDP is significantly lower than in similar developing countries. Thus, we have developed a model that can help the insurance sector improve its image and sustainability. We collected the data from five major cities of Pakistan based on pre-developed questionnaires. The study has a useable sample size of 424. We found that Brand Attitude (BA) and Customer Satisfaction (CS) promote Brand Equity (BE) and Purchase Intention (PI). Further, BE is a determinant of PI. However, brand image has contradicting effects. On the one hand, Brand Image (BI) does not affect BE, but on the other hand, BI has a significant association with PI. The results also suggest that BI, BE, and CS mediates BA and PI. Also, BI and CS affect BE. However, BE does not mediate BI and PI, but BI mediates CS and purchase intentions.References
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