The Impact Of Insurance Public Attention On The Demand For Commercial Personal Insurance

In order to cope with the trend of population aging and meet the people’s growing security demand,our country has been committed to building and improving a multi-level social security system.Among them,vigorously developing the third pillar of commercial personal insurance and improving the internal imbalance of the security system is one of the most important policy of insurance reform.Commercial personal insurance can not only effectively meet the increasingly diverse security demand of the people,but also significant alleviate the financial pressure on social security funds.In recent years,our country has launched tax-deferred insurance,long-term care insurance,exclusive endowment insurance,urban supplementary medical insurance and other pilot projects in many places.However,under the active promotion of government and insurance companies,the response of the public is negative,the sustainability of the products have been questioned a lot.How to stimulate the effective demand of the public for commercial personal insurance is still a difficult problem that academic research needs to focus on.Consumers’ insurance decision-making is a complex dynamic process of continuously internalizing all kinds of insurance-related information,updating insurance awareness,and transforming willingness to purchase insurance.Due to the limitation of attention,it is impossible for people to accept and process all the information in the market.Therefore,people’s "attention" is equivalent to influencing the "information-willingness-action" insurance decision-making mechanism from the source.Only being noted can information have an impact on insurance purchase decisions,if not,no matter how beneficial it is to the public,the message will fail on opening the policy transmission mechanism and stimulating effective insurance demand.Public attention is one of the policy feedback indicators with great potential.However,because of being difficult to capture and quantify,it was not enter the horizon of academic empirical research until that the internet user data becomes economically and technically viable in recent years.Therefore,this paper takes the degree of public attention as the research object,compares the focus of public attention in the insurance field,studies its impact on the demand for commercial personal insurance,and explores the mechanism of attention on demand.The main structure of the article is divided into five parts:The first chapter is the introduction,which sorts out the research background and research significance,and then conducts a literature review on the definition,measurement and application of public concern,summarizes the influencing factors of commercial personal insurance demand,and makes a brief comment as a summary.Finally,it introduces the main research content and methods,as well as points out the innovation and shortcomings of the paper.The second chapter is the theoretical basis and the impact mechanism analysis.Above all,it clarifies the definition of public attention and commercial personal insurance demand in this paper.Then,it sorts out four relevant theories and proposes an individual insurance decision-making mechanism under limited attention.In the end,it puts forward research hypotheses and conductes research design.The third chapter is measurement of the insurance public attention.It imports high-frequency keywords extracted from the past decade of insurance policies and events into the Baidu index.By filtering,expanding,and categorizing,this paper finally gets a total of 168 keywords in 29 focus areas.At last,it,through principal component analysis,reduces keywords to four dimensions and generate comprehensive evaluation indicators.The fourth chapter is the empirical analysis.To begin with,descriptive analysis and other analysis are conducted on the basis of data processing.Besides,after passing the unit root test,the OLS model is used for benchmark regression.Otherwise,it verifies the conclusions by robustness test and endogenous analysis,as well as further discussion is conducted through heterogeneity analysis and regulatory effect analysis.Finally,the paper studies the dynamic relationship through the PVAR model.The fifth chapter is the conclusion and suggestion.The research finds that:Firstly,the insurance public attention is higher on topics directly related to people’s livelihood interests;Secondly,the degree of public attention has effectively increased the demand for commercial personal insurance;Thirdly,there are heterogeneity impact in the both region and insurance type;Fourthly,this impact is moderated by cognitive level,market development level,and service availability;Fifthly,there is the dynamic relationship between public attention and insurance demand.The main contributions of this paper are as follows: Firstly,this paper studies the impact of information on insurance demand under limited attention,which is the innovation of research direction;Secondly,it uses internet user data,which is the innovation of research data;Thirdly,this article combines and compares the conclusions of static and dynamic models,which is a kind of innovation in research methods.