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BRAC University Journal, Vol. IV, No. 2, 2007, pp. 55-66
PERCEPTIONS OF THE CUSTOMERS TOWARDS INSURANCE COMPANIES
IN BANGLADESH-A STUDY BASED ON THE SURVQUAL MODEL
Tamzid Ahmed Chowdhury
Faculty of Business and Economics
Daffodil International University
Dhaka, Bangladesh and Masud Ibn Rahman
Faculty of Business and Economics
Daffodil International University
Dhaka, Bangladesh and Syeda Rownak Afza
BRAC Business School
BRAC University
Dhaka, Bangladesh
ABSTRACT
This is the law of nature that people have to live and play with hazards and to some extent insurance policy can free people from those frustrations. Even if this is true, people of Bangladesh still don’t prefer to insure themselves. One may think that the people of Bangladesh are risk lover; on the other hand other may contradict by saying that their low purchasing power doesn’t permit them to avail insurance policy. This paper will highlight those issues relating to non popularity of insurance companies in Bangladesh. To find marketing side problems, Gap-model of service marketing will be fitted to the insurance industry of Bangladesh.
I. INTRODUCTION
The insurance services can be described as a product in the form of a written legal contract (the insurance document) plus a bundle of services associated with it. Services are activities and/or benefits that one party offers to the other and that services are necessarily intangible and do not result in the ownership of anything. Insurance service is different from other services, as it is complex and future contingent service involves substantial legal characteristics (Khondkar and Rahman, 1993). The insurance companies have to find ways to make their services more tangible. To increase the productivity of providers who are inseparable from their products, to standardize the quality in the face of variability, and to improve the demand situation and supply capacities in the face of service
perishability.
PERCEPTIONS OF THE CUSTOMERS TOWARDS INSURANCE COMPANIES
IN BANGLADESH-A STUDY BASED ON THE SURVQUAL MODEL
Tamzid Ahmed Chowdhury
Faculty of Business and Economics
Daffodil International University
Dhaka, Bangladesh and Masud Ibn Rahman
Faculty of Business and Economics
Daffodil International University
Dhaka, Bangladesh and Syeda Rownak Afza
BRAC Business School
BRAC University
Dhaka, Bangladesh
ABSTRACT
This is the law of nature that people have to live and play with hazards and to some extent insurance policy can free people from those frustrations. Even if this is true, people of Bangladesh still don’t prefer to insure themselves. One may think that the people of Bangladesh are risk lover; on the other hand other may contradict by saying that their low purchasing power doesn’t permit them to avail insurance policy. This paper will highlight those issues relating to non popularity of insurance companies in Bangladesh. To find marketing side problems, Gap-model of service marketing will be fitted to the insurance industry of Bangladesh.
I. INTRODUCTION
The insurance services can be described as a product in the form of a written legal contract (the insurance document) plus a bundle of services associated with it. Services are activities and/or benefits that one party offers to the other and that services are necessarily intangible and do not result in the ownership of anything. Insurance service is different from other services, as it is complex and future contingent service involves substantial legal characteristics (Khondkar and Rahman, 1993). The insurance companies have to find ways to make their services more tangible. To increase the productivity of providers who are inseparable from their products, to standardize the quality in the face of variability, and to improve the demand situation and supply capacities in the face of service
perishability.
References: Berri, Leonard L. (1980), “Service Marketing is Different,” Business, 30 (May-June), 24-29 Booms, Bernard H. and Marry J. Bitner and Jody Nyquist (1981), “Analyzing the Davidson, David S. (1978), “How to succeed in a Service Industry- Turn the Organization Donnelly, James H., Jr. (1980), “Service Delivery Strategies in the 1980s-Academic Rathmell, John M. (1966), “What is Meant by Service?” Journal of Marketing, 30 (October), Shostack, G. Lynn (1977b), “Banks Sell Services-Not Things,” The Bankers Magazine, diversified services (Rahman, 2000). In the words of Islam (1993): “While the industry is stuck to the Bangladesh Bureau of Statistics. 2004. “Report of Financial Service Providers in Bangladesh”. 1. (April-Sep, 2004), Journal of Service Research.