Customer Perception

A study of customer satisfaction with life insurance in Chandigarh tricity.
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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.

Keywords: customer satisfaction, life insurance, factor analysis, multiple regression analysis.
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