Analysis Of Factors That Influence The Demand For Educational Insurance In The City Of Medan

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Introduction

The demand for educational insurance in Medan City has been increasing in recent years, driven by the growing awareness of the importance of financial protection for education. However, the factors that influence the demand for educational insurance in Medan City are not well understood. This study aims to analyze the factors that affect the demand for educational insurance in Medan City, with a focus on the number of children, duration of education, income level, premium, and customer age.

Methodology

This study uses primary data obtained through a questionnaire, which was distributed to a sample of 500 respondents in Medan City. The sampling method used is non-probability, with convenience sampling techniques, snowball sampling, and quota sampling to determine relevant samples. The data was analyzed using dual linear regression, with the demand for educational insurance as the dependent variable and the number of children, duration of education, income level, premium, and customer age as independent variables.

Results

The results of the analysis showed that the value of R² is 0.545, which means that the variation of the number of children, duration of education, income level, premium, and age customer is able to explain 55% of the variation of educational insurance demand in Medan. The T test results showed that the variables that have a significant influence on the demand for educational insurance in Medan are the number of children, duration of education, income level, and age. Meanwhile, the premium does not show a significant effect on the demand for educational insurance.

Discussion

The results of the study showed that the number of children is the most significant factor that influences the demand for educational insurance in Medan City. This suggests that parents who have more children tend to pay more attention to education and try to provide financial protection through education insurance. The length of education is also an important factor, as parents who plan to invest more time for their children's education tend to choose education insurance as a financial solution.

The level of income is also a variable that cannot be ignored, as the higher a person's income, the more likely they are to buy education insurance. This is because with better income, parents can be more free in planning finances for children's education. However, the results of the study also showed that the premium did not have a significant effect, which can mean that parents pay more attention to the benefits and guarantees provided by education insurance, rather than only focus on the amount of premiums that must be paid.

Conclusion

This study provides an important picture for stakeholders in the education and insurance sector to better understand the dynamics of the education insurance market in Medan City. The results of the study can be used to formulate a more effective marketing strategy for insurance companies, which can adjust their products based on the needs and preferences of the local community. The study also provides an important contribution to the existing literature on the demand for educational insurance, which can be used to inform policy decisions and improve the quality of education insurance products in Indonesia.

Recommendations

Based on the results of the study, the following recommendations can be made:

  • Insurance companies should adjust their products to meet the needs and preferences of the local community, with a focus on the number of children, duration of education, income level, and age.
  • Insurance companies should provide more information about the benefits and guarantees provided by education insurance, rather than only focusing on the amount of premiums that must be paid.
  • The government should provide more support for education insurance, including subsidies and tax incentives, to encourage more people to buy education insurance.
  • The education sector should work closely with the insurance sector to provide more education insurance products that meet the needs of parents and students.

Limitations

This study has several limitations, including:

  • The sample size is relatively small, which may not be representative of the entire population of Medan City.
  • The study only focuses on the demand for educational insurance in Medan City, and does not consider other factors that may influence the demand for education insurance in other cities.
  • The study only uses primary data, and does not consider secondary data that may be available.

Future Research

Future research should aim to overcome the limitations of this study, including:

  • Increasing the sample size to make the results more representative of the entire population of Medan City.
  • Considering other factors that may influence the demand for education insurance in other cities.
  • Using secondary data to provide a more comprehensive understanding of the demand for education insurance in Medan City.

Conclusion

In conclusion, this study provides an important picture for stakeholders in the education and insurance sector to better understand the dynamics of the education insurance market in Medan City. The results of the study can be used to formulate a more effective marketing strategy for insurance companies, which can adjust their products based on the needs and preferences of the local community. The study also provides an important contribution to the existing literature on the demand for educational insurance, which can be used to inform policy decisions and improve the quality of education insurance products in Indonesia.

Q: What is educational insurance?

A: Educational insurance is a type of insurance that provides financial protection for parents and students in the event of unexpected expenses related to education, such as tuition fees, textbooks, and other educational expenses.

Q: Why is educational insurance important?

A: Educational insurance is important because it provides financial protection for parents and students in the event of unexpected expenses related to education. This can help to reduce the financial burden on families and ensure that students can continue their education without interruption.

Q: What are the benefits of educational insurance?

A: The benefits of educational insurance include:

  • Financial protection for parents and students in the event of unexpected expenses related to education
  • Reduced financial burden on families
  • Increased flexibility for parents and students to make decisions about education
  • Peace of mind for parents and students knowing that they have financial protection in place

Q: What are the factors that influence the demand for educational insurance in Medan City?

A: The factors that influence the demand for educational insurance in Medan City include:

  • Number of children
  • Duration of education
  • Income level
  • Premium
  • Customer age

Q: What is the most significant factor that influences the demand for educational insurance in Medan City?

A: The number of children is the most significant factor that influences the demand for educational insurance in Medan City. This suggests that parents who have more children tend to pay more attention to education and try to provide financial protection through education insurance.

Q: How can insurance companies adjust their products to meet the needs and preferences of the local community?

A: Insurance companies can adjust their products to meet the needs and preferences of the local community by:

  • Offering products that are tailored to the specific needs of parents and students in Medan City
  • Providing more information about the benefits and guarantees provided by education insurance
  • Offering flexible payment plans and premium options
  • Providing customer service and support that is responsive to the needs of parents and students

Q: What role can the government play in supporting education insurance in Medan City?

A: The government can play a role in supporting education insurance in Medan City by:

  • Providing subsidies and tax incentives for education insurance
  • Encouraging insurance companies to offer education insurance products that meet the needs of parents and students
  • Providing education and awareness programs to promote the benefits of education insurance
  • Supporting research and development of education insurance products that are tailored to the specific needs of parents and students in Medan City

Q: What are the limitations of this study?

A: The limitations of this study include:

  • The sample size is relatively small, which may not be representative of the entire population of Medan City
  • The study only focuses on the demand for educational insurance in Medan City, and does not consider other factors that may influence the demand for education insurance in other cities
  • The study only uses primary data, and does not consider secondary data that may be available

Q: What are the implications of this study for stakeholders in the education and insurance sector?

A: The implications of this study for stakeholders in the education and insurance sector include:

  • The need for insurance companies to adjust their products to meet the needs and preferences of the local community
  • The need for the government to provide support for education insurance, including subsidies and tax incentives
  • The need for education and awareness programs to promote the benefits of education insurance
  • The need for research and development of education insurance products that are tailored to the specific needs of parents and students in Medan City.