A Study Of Customer Satisfaction In Life Insurance Companies In Madhya Pradesh

Abstract

Customer satisfaction is the backbone of any service industry. It is the customer that can bring prosperity and success to any organization. So, it is important to satisfy the myriads needs of the customers. Life insurance industry is one such industry where customer satisfaction is of utmost importance. In any activity of life there is possibility that a desired event may fail to occur, and that pecuniary (financial) loss may arise. In adventures by sea the ship may fail to make the port (remember Titanic!); or the cargo may be damaged or lost. In the adventure of life itself, the life may fail, and death may occur, causing suffering to dependants. Human life is unpredictable. Death comes to all sooner or later, and it is the only truth in this world. The rest as they say is all maya (illusion).So, if death is the only truth, then why do we ignore the implications of the event? Because of the nature of its permanence, and all pervasive; death requires understanding the financial implications on the dependents. Life insurance is therefore the most important of all forms of insurance. Its significance pales the other forms of not just insurance but also all investment instruments. The theory of insurance, in general terms, may be expressed to mean that the good fortune of the many compensates for the misfortune of the few. The consequences of such misfortunes cannot be in many instances borne by the individual, and so the insurance company is prepared to shoulder the burden of these consequences in exchange for an assessed payment for the risk undertaken. Those who avail themselves of this service know that such misfortunes will occur but do not know to whom, and when, and they are willing to make such contributions to common fund to buy the right to be compensated of misfortunes if they should befall them. Over the years, the insurance industry has provided succor to person and business that experience disaster in varying proportion. It played a positive role in stimulating activities in all areas of human life a