Consumers Behavior Towards Life Insurance Services in Rajasthan A Descriptive Study of Service by Life Insurance Public and Private Sector in Urban and Rural Market with Special Reference to Rajasthan

Abstract

The life insurance industry in India has undergone major structural changes since its liberalization in the year 2000. The entry of the foreign and private Indian players, subsequent to the recommendations of the Malhotra committee, has manifold increased the expectations of the consumers in all areas relating to the customer service. Consequent to the implementation of the government policies on globalization and liberalization, the customers have become more critical of the service quality. The consumers are now more aware of the alternatives available in relation to the service providers and the services in the life insurance sector. In the prevailing marketing environment, the three forces dominate the life insurance industry viz., increasing competition from the private players, changing and improving the technologies, and continuous shifts in the regulatory environment, which has led to the consumer satisfaction. The consumers have become more aware of their requirements and demand higher standards of the services. Their perceptions and expectations are continually evolving, making it difficult for the service providers to measure and manage the services effectively. The key lies in improving the services selectively, paying attention to more critical services attributes/dimensions as a part of the customer service management. It is imperative to understand how sensitive the consumers are to the various service attributes or dimensions. In this backdrop, the present study makes an attempt to investigate the consumers perception towards the service quality of the life insurers. The researcher makes an attempt to find out the various factors that predict the service quality in the life insurance industry. The present study also investigates the dimensions of the service quality that influences the customer satisfaction. newlineOver the years, the agents have acted as the primary channel for acquiring the new life insurance business. But the entry of the private sector into the life insurance business has broug