Perceived Website Efficacy for Life Insurance Companies: Insights From a Best-Worst Method

Abstract

Given the proliferation of websites which act as digital channels for life insurance companies, a competitive situation has emerged with each vying for the web user's attention and patronage. Web efficacy is vital for creating an impressive online experience and gaining customer patronage. To facilitate the understanding of website managers on specific aspects which matter the most to customers, this study employs the best-worst method to evaluate the importance of various criteria employed by the web users to assess these digital options. Additionally, using four life insurance websites (LIC, SBI Life, HDFC Life Insurance, and Max Life Insurance) as alternatives, the study helps illustrate the competitive position of the websites based on key criteria: trust, visual appeal, innovativeness, information fit-to-task, tailored information, response time, intuitive operations, and relative advantage. The results of this study are easily interpretable and can provide key insights on the specific attributes in a comparative manner for website administrators and managers.