Awareness, Utilization and Satisfaction of the Products of an Insurance Broker

Abstract

This study was conducted to determine the level of awareness, the extent of utilization, and satisfaction of the participants with insurance broker products. This descriptive-relational research used a survey. There were 210 Insurance Broker clients who answered the researcher’s made questionnaire. The statistical tools used were the weighted mean and Spearman’s Ro. The results showed that the level of awareness, the extent of utilization, and the level of satisfaction of the participants were high. The results also showed that there is still a need to enhance the level of awareness, the extent of utilization, and the level of satisfaction of the participants in terms of auto personal accident, 2,000 pesos deductible/participation, free acts of nature, household helpers, comprehensive general liability and 2% of total sum insured deductible/participation coverage. There was also a significant relationship between the level of awareness and the extent of utilization. The research findings also suggest that the limited awareness of clients is a result of their limited extent of utilization and satisfaction with the insurance broker products. In conclusion, even though the participants’ high level of awareness, the extent of utilization, and level of satisfaction, the need to boost marketing the product and improve the existing insurance coverage and features should be the primary goal of an insurance broker.