Understanding Insurance Uptake in the Philippines: A Cluster-Based Analysis of Consumer Priorities

Authors

DOI:

https://doi.org/10.32996/jbms.2025.7.3.9

Keywords:

Insurance, Investment Behavior,, Cluster Analysis, Financial Literacy, Financial Protection, Market Segmentation

Abstract

Despite growing financial awareness, insurance uptake in the Philippines remains low compared to peer economies. This study explores the perceptions and behaviors of Filipino policyholders to identify actionable insights for increasing insurance adoption. The research aims to segment policyholders based on demographic, psychographic, and investment behavior variables, providing a nuanced understanding of consumer priorities and guiding more effective industry strategies. Using a quantitative approach, data were collected from insurance policyholders aged 18 and above in Metro Manila through stratified sampling to ensure demographic representation. A minimum sample of 180 respondents was determined for cluster analysis. The analysis revealed three distinct market segments: those who value service quality and accessibility, those focused on coverage, and those seeking basic, low-risk options. Each cluster exhibits unique demographic and behavioral traits. Findings offer valuable guidance for insurers to tailor marketing, product design, and customer engagement strategies, ultimately fostering trust and boosting insurance participation across different Filipino market segments.

Author Biographies

  • Emmanuel Paulino, De La Salle University Dasmarinas
    Emmanuel Paulino, DBA, LPT, (Primary and Corresponding Author) is a faculty member in different Graduate Schools in the Philippines.  He teaches research methods, statistics, and business analytics at Ateneo de Manila University, De La Salle University, University of the City of Manila, Jose Rizal University, and San Beda College Alabang.  His interest is in conducting studies on marketing and management areas using different statistical and analytics conventions.  He is also currently the Research Director of the College of Business Administration and Accountancy at De La Salle University Dasmarinas. Email: eppaulino@dlsud.edu.ph; empauls@gmail.com; ORCID: https://orcid.org/0000-0002-6282-6460
  • Djhoana M. Rington, PhD, LPT, CGSP, CHRA, De La Salle University Dasmarinas
    Djhoana M. Rington, PhD, MBA, LPT, CGSP, CHRA, is an educator and academic leader with expertise in mystery audit, customer service, relationship management, marketing, and sales. She holds a Doctor of Philosophy major in Management from City of Malabon University, an MBA from Cavite State University, and a degree in Hotel and Restaurant Management from the Polytechnic University of the Philippines. A licensed professional teacher, she is passionate about mentoring students and fostering excellence in education.
  • Noemi C. Gocuyo, MGM, LPT , Pamantasan ng Lungsod ng Maynila (University of the City of Manila)
    Noemi C. Gocuyo, MGM, LPT is a full-time faculty member at Pamantasan ng Lungsod ng Maynila, College of Business Administration, and currently designated as Acting Dean of the College of Public Administration. She teaches courses in economics and public administration. She serves as research adviser for the undergraduate business and management, as well as a panel member for oral defense of research outputs for the undergraduate and graduate programs in business and public administration.
  • Lalaine A. Isip, Pamantasan ng Lungsod ng Maynila (University of the City of Manila)
    Lalaine A. Isip is a faculty member at Pamantasan ng Lungsod ng Maynila (University of the City of Manila). She teaches history and social sciences subjects under the College of Humanities, Arts and Social Sciences. She was designated in various administrative positions in the University. She received her Master of Arts in Education major in Social Sciences Teaching and Bachelor’s degree in Secondary Education both from the Philippine Normal University.
  • Ronald P. Romero, Ph.D, Pamantasan ng Lungsod ng Maynila (University of the City of Manila)
    Ronald P. Romero, Ph.D is the vice president for academic affairs at the Pamantasan ng Lungsod ng Maynila (PLM) and is currently a faculty member in the graduate school program. He teaches thesis writing, dissertation writing, financial management, capital markets, risk management, operations management, business, and international economics. He received his Doctor of Philosophy in Business Management at the Philippine Christian University. He's also an affiliate of the Chartered Institute for Securities & Investments (CISI UK) and a Certified Credit Analyst (CCA-UK).
  • Ronaldo A. Tan, Ph.D, Pamantasan ng Lungsod ng Maynila (University of the City of Manila)
    Ronaldo A. Tan, Ph.D. is the Vice President for Administration at the Pamantasan ng Lungsod ng Maynila and currently a faculty member in the graduate school program for engineering and information technology. He teaches software development tools and methodologies, Information Technology Industry Practices and Immersion, Advance IT Project Management, Seminar in Emerging Technology, Leadership in Information Technology, and IT Research. He received his Doctor of Technology at the Technological University of the Philippines, Manila, and his Doctor of Philosophy in Education at Adamson University, Manila.
  • Paulo Noel A. Mazo, DBA, LPT, Pamantasan ng Lungsod ng Maynila (University of the City of Manila)
    Paulo Noel A. Mazo, DBA, LPT is an esteemed academic currently serving as Assistant Professor III at the College of Business Administration in Pamantasan ng Lungsod ng Maynila

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Published

2025-05-19

Issue

Vol. 7 No. 3

Section

Research Article

License

Copyright (c) 2025 Journal of Business and Management Studies

Creative Commons License

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

How to Cite

Paulino, E., Rington, D., Gocuyo, N., Isip, L., Romero, R., Tan, R., & Mazo, P. N. (2025). Understanding Insurance Uptake in the Philippines: A Cluster-Based Analysis of Consumer Priorities. Journal of Business and Management Studies, 7(3), 94-106. https://doi.org/10.32996/jbms.2025.7.3.9