The Effect Of Social Interaction On Household Commercial Life Insurance Purchase Behavior

It has been nearly 40 years since the commercial life insurance business in China resumed in 1982.During this period,with rapid economic development,continuous policy innovation and constant changes in residents’ consumption habits.The life insurance industry has experienced a painful period of rapid development,transformation and upgrading.The 2020 Central Economic Work Conference made clear that the third pillar of pension insurance should be standardized and developed.Commercial life insurance can provide residents with due protection in the fields of accident,health,endowment and so on.However,many families and individuals in China do not have a correct understanding of life insurance products.On the whole,the national participation is not high and the effective demand is insufficient.The theory of social interaction holds that people’s economic behavior is inevitably influenced by their subjective factors.Interaction has an important influence on the purchase behavior of family commercial life insurance.With the increasing penetration of smart phones and the Internet,online communication has become an increasingly important way of social interaction.By constructing Probit and Tobit models through online and offline channels,this thesis empirically analyzes the influence effect of social interaction on family life insurance purchasing behavior,which is divided into three samples of national,urban and rural areas.The results show that online social interaction significantly improves the possibility and degree of commercial life insurance participation of households in the whole sample,while offline social interaction only promotes the purchase behavior of urban households,and has no significant effect on rural households.The research of this thesis provides a new perspective of social characteristics for the development of China’s commercial insurance market,attaches importance to the promoting role of social interaction,and strengthens the construction of insurance integrity,so as to promote the development of China’s commercial insurance industry.