AI-Enabled FinTech Services: Examining Consumer Trust, Security, and Behavioural Intentions in the Insurance Sector in India (International Journal of Science Strategic Management and Technology)

Summary

• India has over 750 million internet users, while insurance penetration remains approximately 4% of GDP.p.2
• The survey yielded 412 valid responses from 460 distributed, a response rate of 89.5%.p.4
• Perceived usefulness had the highest mean (4.02) and algorithmic transparency the lowest (3.44).p.5
• Behavioural intention correlates most strongly with consumer trust (r = 0.694) and perceived security (r = 0.641).p.5
• The regression model explains 65.9% of the variance in behavioral intention.p.5
• Data privacy apprehension negatively moderates the trust-intention link, with an interaction ΔR² of 0.032.p.6

Key insights

1. Consumer trust is the strongest predictor of behavioral intention (β = 0.412).p.5
2. Perceived security is the second strongest predictor (β = 0.338).p.5
3. Data privacy apprehension has a significant negative correlation with behavioral intention (r = –0.457).p.5
4. Data privacy apprehension scored a high mean of 3.89, signalling persistent security anxieties.p.5
5. As privacy fears intensify, the positive effect of trust on intention weakens.p.6
6. Algorithmic transparency, with the lowest mean of 3.44, reveals a black-box concern among consumers.p.8
7. Insurers that explain their algorithms through explainable AI may gain competitive advantage.p.8