Customer Perception

Topics: Insurance, Insurance in India, Actuarial science Pages: 44 (10601 words) Published: February 27, 2013
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Abstract:
Over the last few years, developments in the insurance sector have resulted in a paradigm shift in the way the business is conducted. Customer servicing today has become the focal point of insurance companies. However, there is absolutely no exaggeration in mentioning that the amount of customer grievances in the insurance domain has gone up steeply. Redressal of customers' grievances is just a reactive way of insurers providing the minimum expected customer service. The need of the hour is a more proactive approach aimed at seeking what additional elements would delight the customer more and more. This study explores factors, which are important determinants of customer satisfaction in case of life insurance customers, to see how much effect the factors have on overall customer satisfaction; and identifies the common grievances of customers with regard to their life insurance policies. The study was restricted in the tricity of Chandigarh, Mohali and Panchkula. The factors identified for overall customer satisfaction are customised and timely service, Brand USP Considerate employees Price Immunity and results indicate that satisfaction with product offerings is the primary driver of overall customer satisfaction in case of insurance policies, even if the after sale service is not up to the satisfaction level. Customers were satisfied with their insurance policies but they were not satisfied with the quality of agents.

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Article Type:
Report
Subject:
Insurance industry (Customer relations)
Insurance policies
Customer satisfaction
Authors:
Kaur, Parmjit
Negi, Meenakshi
Pub Date:
07/01/2010
Publication:
Name: Paradigm Publisher: Institute of Management Technology Audience: Academic Format: Magazine/Journal Subject: Business, general Copyright: COPYRIGHT 2010 Institute of Management Technology ISSN: 0971-8907 Issue:

Date: July-Dec, 2010 Source Volume: 14 Source Issue: 2
Topic:
Event Code: 200 Management dynamics; 240 Marketing procedures Computer Subject: Company business management; Insurance industry Product:
SIC Code: 6300 INSURANCE CARRIERS
Geographic:
Geographic Scope: India Geographic Code: 9INDI India
Accession Number:
297309481
Full Text:
A. Introduction

Insurance is one of the major segments of financial market. The insurance business is unique in the sense that it is rewarded for managing the risk of other parties. In India insurance sector is not only playing a role within the financial system but also has a significant socio-economic function of providing risk cover to the poor population. With the opening up of Indian insurance market, competition has become intense. Every company is trying to woo customers to have large chunk of the market share but barring a few companies most of the new insurance companies are struggling to survive in the market. In spite of the importance of insurance it is still in nascent stage in India. Nearly 80 percent of Indian population is without Life insurance cover and the Health insurance, the penetration rates of health and other non-life insurances in India is also well below the international level.

A.1...


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