Developing a Model of Consumer behavior in Life Insurance "A study based on Grounded Theory"

Understanding the behavior of life insurance policyholders is important in formulating effective marketing strategies and developing life insurance penetration rate. Therefore, this research employed a qualitative approach using the Corbin and Straus' grounded theory (4th Edition) to develop a model in which we explain buying behavior of life insurances in economic, social, cultural and micro or individual contexts in Iran. In order to bring in diverse perspectives in the research, the participants were selected among prospect and actual policyholders, sales representatives, marketers and life insurance experts using the theoretical sampling process. The semi-structured deep interviews were utilized with 27 samples to reach theoretical saturation. The analysis of data in a systematic process of open coding, axial coding and selective coding using the analyzing strategies of questioning, comparisons, and the memos, diagrams, and paradigm tools (Through Maxqda 12 software) concluded to the life insurance buying behavior model (LIBBM). In this model, communication and interactions as an axial category play a fundamental role in the life insurance buying behavior including trust-building, attitude formation, behavioral intentions and taking action, to the extent which considers the behavior as a communication-oriented process based on the multifaceted interactions.