Customer Innovativeness and Customer Value Co-Creation Behaviours’ Impact on Well-Being: The Moderating Role of Insurance Premium

Ensuring customer well-being is vital for the long-term viability and market penetration of private health insurance firms. Grounded in service-dominant logic and cognitive dissonance theory, this study examines how customer innovativeness (CIV) and customer value co-creation behaviors (VCB) comprising participation behavior (PB) and citizenship behavior (CCB) influence customer well-being (happiness) in Ghana’s private health insurance sector. It also investigates the moderating role of insurance premiums (price) on these relationships. Using a quantitative, cross-sectional survey, data was collected via convenience sampling from private health insurance customers in Ghana and analyzed using Structural Equation Modeling (SEM). The findings reveal that CIV positively influences CCB but has no significant effect on PB. Furthermore, PB significantly enhances customer well-being, whereas CCB shows no significant relationship with well-being, highlighting the distinct roles of different co-creation behaviors. Crucially, insurance premiums exert a negative moderating effect, weakening the positive impact of PB on well-being. Overall, the study demonstrates that higher premiums dampen the well-being gains derived from customer participation. These insights underscore the critical importance of strategic pricing considerations for insurers aiming to foster effective co-creation and optimize customer well-being in private healthcare markets.