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Customer Satisfaction in Insurance Industry

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Customer Satisfaction in Insurance Industry

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  • December 18, 2012
  • 504 Words
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The beginning of insurance in Ethiopia can be traced to the previous few decades. And being a recent history it was not quickly adapted by people like many others services. But recently the users of insurance services are increasing as of the types of the insurance services. The change in attitude towards the insurance industry can be attributed to several developments. In the first place, Ethiopian consumers are now more educated and knowledgeable. Furthermore, they are more aware the occasion arises. With the increase in number of the customers and the insurance service types there comes a question in the quality of insurance service delivery.

Insurance companies in general have the dual challenge of driving more satisfying relationships and Connections with customers, while balancing their need to make the business-critical decisions that impact their survival. Insured, if not satisfied is bound to test competitors. The new millennium in Insurance Industry has thrown the biggest challenge of handling ‘Customer Satisfaction’ & in turn ‘Customer Concerns’ (Johri, 2009). As Peppers and Rogers, (2002) assert, “Capturing and sustaining market advantage in this fiercely competitive industry hinges on the ability to understand and leverage the industry’s most valuable asset – the customers” (as cited in Oduro- Senyah and Sobotie, 2009 p. 9). The customer is the only source of the company’s present profit and future growth (Gray and Byun, 2001 as cited in Oduro-Senyah and Sobotie, 2009).

According to the International Consumer Movement, consumers have eight basic rights which include: right to satisfaction; right to information; right to choose; right to basic goods and Services; right to be heard; right to redress; right to consume education; and right to a safe and clean environment. In insurance industry Customer satisfaction comes with the quality of service delivery. According to Gummesson (1992), regarding in service there is a humanistic...