Abstract
This cross-sectional study was conducted to identify the factors influencing Malaysian millennials' purchasing intentions for an insurance product after post-COVID. This study applied the Stimulus-Organism-Response (SOR) model. In particular, it investigates the antecedents of perceived value, income protection, and financial security that led to Malaysian millennials' purchase intention of insurance products, to which similar studies received less attention. Judgmental sampling approaches were used to acquire the samples. The data was analysed using the Partial Least Square Structural Equation Modelling technique (PLS-SEM) followed by Necessary Condition Analysis (NCA). According to the PLS-SEM estimation, all hypotheses were statistically significant. The finding shows that income protection is the most critical factor influencing insurance product purchase intentions, followed by financial stability and perceived value. Meanwhile, NCA results also demonstrated that income protection is the most crucial must-have factor driving insurance product purchasing intentions. Perceived value has a greater impact than financial security and ranks as the second must-have factor contributing to purchase intention, followed by financial security. Lastly, NCA results suggest that tax savings are not a must-have factor in determining the perceived value of an insurance product. This study provides valuable insights and practical implications for industry and practitioners. Meanwhile, to fill a methodological gap, this study used PLS-SEM combined with the NCA to uncover the must-have factors contributing to Malaysian millennials' intention to purchase insurance products.
Published Version
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