On the Drivers of Potential Customers' Interest in Long-term Care Insurance: Evidence from Switzerland
Détails
Etat: Public
Version: Final published version
Licence: CC BY 4.0
ID Serval
serval:BIB_2EE4714D2539
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Institution
Titre
On the Drivers of Potential Customers' Interest in Long-term Care Insurance: Evidence from Switzerland
Périodique
Risk Management and Insurance Review
Statut éditorial
Publié
Date de publication
2022
Peer-reviewed
Oui
Volume
25
Numéro
3
Pages
271-302
Langue
anglais
Résumé
As the risks associated with aging start to materialize, societies become more aware of the financial consequences of long-term care (LTC). While limited coverage is available through social insurance in many countries, attractive offers of private products barely exist and a lack of knowledge about LTC insurance persists. Based on a novel survey on aging, health, and dependence conducted in Switzerland, this study aims to comprehend the key drivers that make individuals interested in buying care insurance products for themselves. Using models that combine features from both classical statistics and machine learning techniques, we depict the characteristics of potential buyers based on key economic, social, demographic, and political factors. We find that factors relating to the awareness and understanding of LTC are extremely relevant. Self-perceived health, behavior, and trust relationships between customers and insurers are important. Socio-economic factors only play a secondary role in the decision-making process. Our findings are relevant beyond the academic community and for policymakers and private insurers alike.
Mots-clé
long-term care insurance, care preferences, care costs, health literacy
Open Access
Oui
Financement(s)
Fonds national suisse / Projets / 100018_169662
Création de la notice
22/08/2022 17:44
Dernière modification de la notice
03/10/2022 7:08