Formulation and Explanation of Factors Affecting the Attraction of Reference Customers in the Insurance Industry

Today, the marketing and sales managers of many insurance companies have experienced that customers who have already used the products or services of a company and are willing to share their experiences, play an essential role in the buying process of buyers and reassuring them. Previous studies show a lack of a local model of customer reference and factors affecting it in the insurance industry. Therefore, the purpose of this research is to fill the existing research gap in this field.

Using a mixed methods approach (qualitative-quantitative), in the first step after conducting library studies using the Delphi technique and the participation of specialized panel members consisting of 23 academic experts and senior managers and experts and the marketers of insurance companies, provided the customer reference model. The data collection tool at this stage was a questionnaire. Then, in the second step and in the quantitative stage, in order to fit and test the obtained pattern, With Smart-PLS software, structural equation analysis and path analysis using partial least squares (PLS) method were used. The statistical population of the study at this stage was 1400 marketing and sales experts of insurance companies in Fars province who are actively involved in the sale of insurance products and services. Cochran's formula was used to select the sample size and therefore the statistical sample was determined to be 301 people.

It indicates that 4 categories of customer-related factors, company-related factors, customer satisfaction, nd customer loyalty lead to the formation of customer reference for insurance companies. The results also showed that customer-related factors (Customer experience of the company; Perceived value; customer interaction with the company; consumer hope; Confidence and trust of the customer and alternative attractions) can better than other factors in the formation of reference be an effective customer. According to the research results, customer-related factors as well as factors related to the company both lead to customer satisfaction and loyalty, and through this we can expect customer referral, and customer referral has significant consequences for insurance companies, including creating customer value will increase the value of customer participation, create a customer reference portfolio and promote the company's brand value. Therefore, customer-related factors and company-related factors can lead to the formation of customer reference for insurance companies when customer satisfaction and loyalty are first established and without it, achieving customer reference results and benefiting from them is not the way.

One of the biggest marketing assets of insurance companies is their current customers. Insurance companies can use the marketing potential of their existing customers without spending a lot of money on advertising for their new audience. Intense competition makes it harder to find new ways to sell more, and winning a competitive market requires seizing every opportunity. By emphasizing the identified criteria, insurance companies, while evaluating customer reference opportunities in the industry, can make the right decisions about how to take advantage of opportunities to increase competitiveness by gaining a competitive advantage. The influence of insurance and ultimately the economic growth and development of the country. Insurance companies can improve customer value creation attitude, customer appreciation and customer citizenship behavior, as well as strengthen customer longevity and referral value and customer knowledge by using customer reference. It can also improve the brand association, brand image and brand identity of the company in the minds of customers. Finally, reference customers can benefit from disseminating information related to service quality and recommending services word of mouth to other customers of the company.