The Role of Value Co-Creation Towards Non-financial Performances: Mediating Effect of Customer Support Ticket in the Context of Life Insurance Sector in Sri Lanka

Abstract

Nowadays, value co-creation plays a vital role in acquiring new business and retaining customers in the competitive business world. Understanding customers and providing them with personalized experiences has become a trend. Value co-creation also plays a crucial role in brand development, as it contributes to brand equity, reputation, and credibility. These factors guide consumer decisions, determining whether they become loyal to a brand or switch to another. Despite its importance, the specific mechanisms through which value co-creation impacts non-financial performances in the life insurance sector in Sri Lanka have not been thoroughly explored. Therefore, the main purpose of this research is to study the impact of value co-creation on the non-financial performances of life insurance policies in Sri Lanka. Dimensions of value co-creation, such as relational orientation, customer involvement, freedom of co-creation, and degree of collaboration, will be examined, along with the mediating effect of customer support tickets. A quantitative research strategy will be employed, utilizing data collected through surveys. The researcher has developed a scale based on previous literature to measure value co-creation and non-financial performances. Reliability and validity of the scales were tested using survey data. The study was conducted in a descriptive manner, allowing for natural settings and avoiding researcher interference. Primary data were collected from a convenient sample of 142 employees working in life top performing insurance companies residing in the Western Province. Regression and multiple regression analyses were conducted to examine the relationships. The results revealed that all elements of value co-creation significantly impact the non-financial performances of life insurance policies, and the moderator and mediator effects supported the framework. Finally, the researcher presented several recommendations for marketing strategies based on the study's results. This research contributes to the existing literature and fills the practice gap, providing avenues for future researchers to explore potential areas. Overall, this study emphasizes the importance of value co-creation in the life insurance sector, highlights its impact on non-financial performances, and offers valuable insights for marketing strategies in Sri Lanka.