LIFE INSURANCE INDUSTRY
FOCUS ON CUSTOMERS RELATIONSHIPS MANAGEMENT
Department of Commerce
Nabarangpur - 764 063(Orissa)
Every consumer makes a purchase with more or less well defined expectations of the performance of the product or service. After the purchase, a post purchase evaluation is made by the customer. The out come is either the performance of the product is (i) exactly as expected or (ii) better than expected or (iii) worse than expected. The first two indicates favourable opinion of the customer whereas result three leads to unfavourable feelings or dissatisfaction. It can be said now that consumer satisfaction is confirmation of the specific expectations of a product’s performance.
The standards of expectation are not same always. They change from product to product, service to service, time to time and place to place. With changing technologies and opening of markets what a customer expects routinely today might have beyond his expectations yesterday.
Life insurance : the fast developing industry
The Indian insurance industry was opened in the year 1999 facilitating the entry of private players. The year witnessed a revolution in the insurance industry, i.e., ending of government monopoly and passage of IRDA Bill which paved way for the entry of private players and foreign companies with some limits on direct foreign ownership. Immediately after the opening private players made a bee line to exploit the potentiality of Indian insurance industry as the insurance penetration is just above two percent in the country. While inaugurating the operations of Canara HSBC Oriental Bank of Commerce Life Insurance - the 19th life insurance company registered after the liberalisation, Mr. Chidambaram, Finance Minister said that there was a huge unmet demand for insurance products in India which was reflected in the low level of insurance...
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