Volume 5, Issue 4 (10-2021)                   EBHPME 2021, 5(4): 267-275 | Back to browse issues page


XML Print


Download citation:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:

Dehghani Ghale R, Karimi F, Ghorbani Dinani H. Customer Lifetime Value of Supplementary Health Insurance: An Analytical Model. EBHPME. 2021; 5 (4) :267-275
URL: http://jebhpme.ssu.ac.ir/article-1-343-en.html
Department of Management, Mobarakeh Branch, Islamic Azad University, Mobarakeh, Isfahan, Iran
Abstract:   (332 Views)
Background: With the number of insurance customers growing, insurance companies are trying new ways to retain customers and streamline communication channels to avoid loss of revenue. The present study set out to develop a model for a reliable analysis of customer lifetime value.
Methods: The present study was exploratory mixed method in design. The study took place in Jundishapur University of Medical Sciences, located in Ahvaz, Iran. A total of 402 insurance experts and university staffers participated in the study. A cross-sectional data collection was done using semi-structured interviews (n = 22) and a questionnaire (n = 380). The latter was validated via a panel of content area experts, criterion-dependent validity (second-order confirmatory factor analysis), and divergent validity (cross-sectional load test and Fornell-Laker). Cronbach's alpha and combined reliability were - 0.8 and 0.8, respectively. A structural equation approach was employed to analyze data using Smart PLS software.
Results: Customer loyalty with an impact factor of 0.60 and T-statistic of 5.79, profitability with an impact factor of 0.55 and T-statistic of 3.75, customer co-creation with an impact factor of 0.28, and T-statistic of 2.7 have been identified as dimensions of customer lifetime value.
Conclusion: Measuring customer lifetime value to implement various strategies requires a deep understanding of such value dimensions as loyalty, profitability, and value creation.
Full-Text [PDF 4086 kb]   (146 Downloads) |   |   Full-Text (HTML)  (56 Views)  
Type of Study: Applicable | Subject: Healt care Management
Received: 2021/05/15 | Accepted: 2021/10/22 | Published: 2021/10/22

References
1. Li X, Tian L. The effect of non-employment-based health insurance program on firm's offering of health insurance: Evidence from the social health insurance system in China. Elsevier. 2020; 48(4): 997-1010. [DOI:10.1016/j.jce.2020.05.005]
2. Le QN, Blizzard L, Si L, Giang LT, Neil AL. The evolution of social health insurance in Vietnam and its role towards achieving universal health coverage. Health Policy OPEN. 2020; 1. [DOI:10.1016/j.hpopen.2020.100011]
3. World Health Organization. WHO. Cancer: Key Facts. Available from URL: http://www.who.int/ news-room/fact. Last access: August 2, 2018.
4. Piroozi B, Rashidian A, Moradi Gh, Takian AH, Ghasri H, Ghadimi T. Out-of-pocket and informal payment before and after the health transformation plan in Iran: Evidence from hospitals located in Kurdistan, Iran. International Journal of Health Policy and Management. 2017; 6(10): 573-86. [DOI:10.15171/ijhpm.2017.16]
5. Schokkaert E, Van Ourti T, De Graeve D, Lecluyse A, Van De Voorde C. Hospital supplements in Belgium: Price variation and regulation. Health Policy. 2019; 19(4): 377-95. [DOI:10.1002/hec.1478]
6. Kwak K, Kim N. Concentrate or disperse? the relationship between major customer concentration and supplier profitability and the moderating role of insider ownership. Journal of Business Research. 2019; 109: 648-58. [DOI:10.1016/j.jbusres.2019.09.033]
7. Desirena G, Diaz A, Desirena J, Moreno I, Garcia D. Maximizing Customer Lifetime Value using Stacked Neural Networks: An Insurance Industry Application. In2019 18th IEEE International Conference On Machine Learning And Applications (ICMLA) 2019: 16)1):541-544. [DOI:10.1109/ICMLA.2019.00101]
8. Jamrozy U, Lawonk K.. The multiple dimensions of consumption values in ecotourism. International Journal of Culture. Tourism and Hospitality Research. 2017; 11(1): 18-34. [DOI:10.1108/IJCTHR-09-2015-0114]
9. Kalaimani G. 7 P'S of services marketing in insurance and banking services. Journal of Management and Science - JMS. 2015; 5(10): 1-4.
10. Kumar V, Choi JWB, Greene M. Synergistic effects of social media and traditional marketing on brand sales: Capturing the time-varying effects. Journal of the Academy of Marketing Science. 2017; 45(2): 268-88. [DOI:10.1007/s11747-016-0484-7]
11. Miri M, Ahrari M. Grading of branches and representatives in the insurance industry with mathematical models (case Study: Dana Insurance Company). Quarterly Journal of New Applied Studies in Management, Economics and Accounting. 2019; 4(1): 92-103. [In Persian]
12. Havaye S. In a Study Entitled "Insurance Services Marketing" Fifth International Conference on Innovation. Development and Business of the Comprehensive University of Applied Sciences. 2019; 3(1):1-8. [In Persian]
13. Ho MH, Chung HF. Customer engagement, customer equity and repurchase intention in mobile apps. Journal of Business Research. 2020; 121: 13-21. [DOI:10.1016/j.jbusres.2020.07.046]
14. Singh S, Singh S. Accounting for risk in the traditional RFM approach. Management Research Review. 2016; 39(2): 215-34. [DOI:10.1108/MRR-11-2015-0272]
15. Gupta S, Hanssens D, Hardie B, Kahn W. Modeling customer lifetime value. Journal of Service Research. 2006; 9(2):139-55. [DOI:10.1177/1094670506293810]
16. Ferrentino R, Cuomo MT, Boniello C. On the customer lifetime value: A mathematical perspective. Computational Management Science. 2016; 13(4): 521-39. [DOI:10.1007/s10287-016-0266-1]
17. Siddharth S. Singh, Dipak C. Jain. Measuring customer lifetime value. Review of Marketing Research. 2015; 6: 37-62. [DOI:10.1108/S1548-6435(2009)0000006006]
18. Weng CH, Huang TC. Knowledge acquisition of association rules from the customer-lifetime-value perspective. Kybernetes. 2018; 47(3): 441-57. [DOI:10.1108/K-03-2016-0042]
19. Echchakoui S. Salesperson profitability in relationship marketing. Journal of Modelling in Management. 2014; 9(3): 1-22. [DOI: 10.1108/ JM2-02-2014-0014]
20. Bonacchi M, Ferrari M, Pellegrini M. The lifetime value scorecard: From E-Metrics to internet customer value. Measuring and Rewarding Performance. 2015; 18: 193-226.
21. Chen SC. Customer value and customer loyalty: Is competition a missing link?. Journal of Retailing and Consumer Services. 2015; 22: 107-16. [DOI:10.1016/j.jretconser.2014.10.007]
22. Wu Y, Li EY. Marketing mix, customer value and customer loyalty in social commerce: Astimulus- organism- response perspective. Internet Research. 2018; 28(1): 74-104. [DOI:10.1108/IntR-08-2016-0250]
23. Flint DJ, Blocker CP, Boutin Jr PJ. Customer value anticipation, customer satisfaction and loyalty: An empirical examination. Industrial Marketing Management. 2011; 40(2): 219-30.

Add your comments about this article : Your username or Email:
CAPTCHA

Send email to the article author


Rights and permissions
Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

© 2022 CC BY-NC 4.0 | Evidence Based Health Policy, Management and Economics

Designed & Developed by : Yektaweb