A study on policyholder’s satisfaction with reference to Life Insurance Corporation of India, Thanjavur division

Abstract

Customer service is an integral part of life insurance organization. It is necessary to identify the key success factors in life insurance industry, in terms of customer satisfaction so as to survive in intense competition and increase the market share. Increasing market competition, heightened customer service expectations and the need to build competencies that stand out from the competition are some of the key challenges facing the insurance industry today. In response, insurance companies are expanding and enhancing offerings, and searching for new customer segments. They?re focusing on better servicing of existing customers by improving response times and improving the exchange of information. All of these efforts require that insurance companies do a better job of sharing information across business units that traditionally have been isolate. The study is based on 300 insurance customers from Thanjvur Division of India. This study emphasizes the role of technology to improve quality and hence customer satisfaction. The study intends to promote a better theoretical understanding and recognition of the complexities to service quality and its measurement with respect to life insurance.