Factors Influencing Service Quality Perception in Indian Life Insurance Sector

2019 ◽  
Vol 20 (4) ◽  
pp. 1010-1025 ◽  
Author(s):  
Shyamasree Saha ◽  
Anirban Dutta
Keyword(s):  
Service Quality ◽  
Life Insurance ◽  
Insurance Industry ◽  
Multiple Channels ◽  
Quality Perception ◽  
Insurance Sector ◽  
The Past ◽  
Factors Influencing ◽  
Indian Insurance

The Indian insurance industry has gone through major transformations over the past two decades and life insurance sector has been no exception to it. With the introduction of privatization and the increase in number of insurance providers, the competition has risen unprecedentedly. To survive this immense competition, the companies have come up with numerous products and solutions to lure the customers. Other factors like increased coverage of lives/property, diverse customer-friendly products and rapid growth of multiple channels, like agency, bancassurance, etc., are gradually gaining momentum to intensify the level of competitiveness in the market. But unfortunately, this has somehow compromised the quality of service that is being delivered to the customers, and no attempt has been made to measure and ensure the service quality of this industry. This research aims to identify the determinant factors that contribute a substantial role in sculpting customers’ perception of service quality in Indian life insurance sector. Six factors were identified after the whole data mining process (using factor analysis) which were considered to be as the ‘Factors Influencing of Service Quality Perception in Indian Life Insurance Sector’.

Using Servqual Model For Comparative Service Quality Analysis Of The Indian Non-Life Insurance Sector

Paradigm ◽  
2010 ◽  
Vol 14 (2) ◽  
pp. 56-63 ◽  
Author(s):  
Dr. Rohit Kumar ◽  
Dr. Manjit Singh
Keyword(s):  
Service Quality ◽  
Private Sector ◽  
Life Insurance ◽  
Insurance Industry ◽  
Quality Analysis ◽  
Insurance Companies ◽  
Quality Level ◽  
Insurance Sector ◽  
The Government

Delivering of quality services to the customers has become an indispensable factor for success and survival in today’s competitive insurance environment. The post-liberalized insurance industry in India has been witnessing a discernible shift from the seller to the buyers’ market. The present study is an endeavor to assess the comparative service quality level of the Government owned and Private Sector Non-life Insurance Companies in the post liberalized environment using SERVQUAL approach. For analyzing the customers’ perception and expectation towards service quality of non-life insurance companies, a modified SERVQUAL type questionnaire relevant to the insurance industry was constructed. An attempt has been made to examine the significant gap between the service quality of government owned and private sector non-life insurance companies by using t-test on the gaps (P-E) on all the items of seven dimensions.

scholarly journals A STUDY ON SERVICE QUALITY PERCEPTION OF POLICYHOLDERS ABOUT PRIVATE LIFE INSURANCE COMPANIES IN TIRUNELVELI DISTRICT

2017 ◽  
Vol 5 (6) ◽  
pp. 619-626
Author(s):  
C.Eugine Franco ◽  
I Meenakshi
Keyword(s):  
Service Quality ◽  
Life Insurance ◽  
Insurance Industry ◽  
Private Life ◽  
Insurance Companies ◽  
Business Success ◽  
Infrastructure Development ◽  
Quality Perception ◽  
Insurance Sector ◽  
Important Means

Insurance sector plays a very important role in the development of any economy also, as it provides long term funds for infrastructure development and at the same time strengthens the risk taking ability. The current scenario in the insurance industry is a complex and competitive environment tinged with little stability. With the liberalization and globlisation in insurance, service quality has become an important means of differentiation and path to achieve business success. Such differentiation based on service quality can be a key source of competitiveness for insurance companies and hence have implication for leadership in such organizations. With the increasing demands of customer, insurance sector has become competitive. The purpose of the present study is to measure the service quality perception of customers about Private Life Insurance Companies.

Relationships among Information Technology, Service Quality, and Overall Satisfaction of the Customers in Life Insurance Corporation of India

2016 ◽  
pp. 1465-1476
Author(s):  
Partha Sarathi Choudhuri
Keyword(s):  
Information Technology ◽  
Service Quality ◽  
Life Insurance ◽  
Service Providers ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Significant Relationships ◽  
Technology Service ◽  
Information Technology Service

At present, customers are fully aware of their needs and requirements, expectations, and information technology-enabled services. Based on the several factors, customers are evaluating the quality of perceived services offered by their service providers as well as estimating their overall satisfaction with their service providers. As customer satisfaction has now become the ultimate goal of the different service providers, considering different factors, organizations are trying to move their focus from product to the customers. Like any other sector, in life insurance sector the insurance companies are trying to provide better quality of services to their customers with the help of information technology not only to satisfy them but also to retain them in the competitive insurance market. In this chapter, the author studies the significant relationships among the information technology, service quality, and overall satisfaction of the customers in Life Insurance Corporation of India in Burdwan.

Relationships among Information Technology, Service Quality, and Overall Satisfaction of the Customers in Life Insurance Corporation of India

2015 ◽  
pp. 195-206 ◽  
Author(s):  
Partha Sarathi Choudhuri
Keyword(s):  
Information Technology ◽  
Service Quality ◽  
Life Insurance ◽  
Service Providers ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Significant Relationships ◽  
Technology Service ◽  
Information Technology Service

At present, customers are fully aware of their needs and requirements, expectations, and information technology-enabled services. Based on the several factors, customers are evaluating the quality of perceived services offered by their service providers as well as estimating their overall satisfaction with their service providers. As customer satisfaction has now become the ultimate goal of the different service providers, considering different factors, organizations are trying to move their focus from product to the customers. Like any other sector, in life insurance sector the insurance companies are trying to provide better quality of services to their customers with the help of information technology not only to satisfy them but also to retain them in the competitive insurance market. In this chapter, the author studies the significant relationships among the information technology, service quality, and overall satisfaction of the customers in Life Insurance Corporation of India in Burdwan.

scholarly journals Service Quality and Customer Satisfaction: Variation in Customer Perception Across Demographic Profiles in Life Insurance Industry

2019 ◽  
Vol 8 (10) ◽  
pp. 3767-3775
Keyword(s):  
Customer Satisfaction ◽  
Service Quality ◽  
Life Insurance ◽  
Service Providers ◽  
Insurance Industry ◽  
Quality Of Services ◽  
Demographic Profiles ◽  
Life Insurance Industry ◽  
The Impact

There is a strong growth potential in the India’s Life Insurance Industry. The annual growth of the industry is estimated at 12 to 15 percent for the upcoming years. This study investigates the impact that service quality has on customer satisfaction in India’s Life Insurance Industry. Moreover, the study attempts to identify the variation in perception of service quality among respondents in relation to demographic profiles. The study also postulates the best approach to evaluate the quality of services in the life insurance industry through an indepth review of literature on the various model pertaining to the current times to measure service quality. The sample consist of policy holders who receive services from life insurance companies in Durg region, Chhattisgarh. The study employs the various attributes as stated in the SERVPERF model like tangibility, reliability, assurance/safety, empathy, responsiveness along with an additional component of technology to evaluate the perception of policy holders in relation to service quality. Results of the study confirms that quality of services has a significant impact on satisfaction of the customer in life insurance industry. Age and occupation are the two most important demographic variable, which have significant effect on the overall service quality perception. From a managerial perspective, the research work gives a better understanding of how customers assess the service quality and the parameters which the service providers need to take care of while delivering services.

scholarly journals Growth of Indian Life Insurance Density and Penetration

2017 ◽  
Vol 16 (1) ◽  
pp. 1-20
Author(s):  
R Sivarama Prasad ◽  
R S NSharma
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Private Life ◽  
Insurance Sector ◽  
Life Insurers ◽  
Life Insurance Industry ◽  
Insurance Density ◽  
The Government ◽  
Set Up ◽  
Indian Insurance

The Government of India nationalized insurance industry in 1956 on 19th Januaryleading to the amalgamation of154 Indian, 16 non-Indian Insurers and 75 provident societies, in total 245 Indian and foreign insurers, to form the Life Insurance Corporation of India. The Life Insurance Corporation of India, a public sector corporation, enjoyeda monopoly in the business for four decades until the entry of private life insurers with foreign joint ventures having 26% Foreign Direct Investment(FDI).As per one of the major recommendations of Sri R N Malhotra committee, on 19th April 2000, Insurance Regulatory and Development Authority was set up by the Government of India through the passing of an act of the Parliament. The IRDA aimed to promote insurance and protect the insured. Since its formation, the IRDA has been proving itself successful in promoting orderly growth and development in Indian Insurance sector. This study is an attempt to study life insurance density and penetration in Indian life Insurance industry toassess the growth in theexpansion of life insurance business in India. An analysisis made, and some conclusions are drawn with the help of growth percentages and trend calculations

scholarly journals Factors Influencing of SSCM Performance of Indian Insurance Industry

2021 ◽  
Vol 10 (4) ◽  
pp. 0-0
Keyword(s):  
Driving Force ◽  
Insurance Industry ◽  
Influential Factors ◽  
Interpretive Structural Modeling ◽  
Insurance Sector ◽  
Factors Influencing ◽  
Frame Work ◽  
Indian Insurance ◽  
Significant Factors

In to-days economy, Service Supply Chain Management draws surprisingly more attention and insurance sector is one among them. Here the study is an attempt to overcome the challenges that impacts the effectiveness, efficiency and success of SSCM of Indian Insurance Industry. To show the hierarchical interrelationship among the selected significant factors of Insurance Industry an integrated comprehensive frame work has been developed, displayed and explained through an interpretive structural modeling (ISM) technique. Beneath the study various classification of influential factors have been carried out like Autonomous, linkage, Dependencies and Driving force. Finally this study developed a hierarchical structure of selected prominent factors responsible for the success of SSCM of Indian Insurance Industry by using ISM technique. The findings so drawn from the study can be used by the Indian Insurers and Foreign Insurers.

scholarly journals A Comparative Study of Service Quality of Life Insurance Companies in IndiaA Comparative Study of Service Quality of Life Insurance Companies in India

2014 ◽  
Vol 9 (2) ◽  
pp. 1572-1584
Author(s):  
Neha Sharma ◽  
Santi SwarupKandikonda
Keyword(s):  
Quality Of Life ◽  
Service Quality ◽  
Comparative Study ◽  
Life Insurance ◽  
Insurance Companies ◽  
Insurance Policy ◽  
Product Introduction ◽  
Insurance Sector ◽  
Regular Customer

The Indian Life Insurance sector has witnessed a major revamp in 1999 with the establishment of Insurance Regulatory and Development Authority (IRDA) and subsequent entry of Private sector players. These changes are affecting the way service is being delivered. Technology usage, new innovative product introduction and competition are seen as drivers of quality of service being provided to the customers.In this study using SERVQUAL model, we have examined the importance of service based on the 5 dimensions viz, Tangibles, Reliability, Responsiveness, Assurance and Empathy. Using 120 Life Insurance policy holders from 3 Life insurance companies in Agra the study identified that the gaps exist even after 15 years of privatization of this sector. The study indicated that a lot needs to be done for improving customer focus and services activity in the Life Insurance sector. Regular customer surveys with increased sample sizes across the country will enable the Insurance companies to fill the gaps

scholarly journals Factors Influencing of SSCM performance of Indian Insurance Industry An ISM Approach

2021 ◽  
Vol 10 (4) ◽  
pp. 0-0
Keyword(s):  
Driving Force ◽  
Insurance Industry ◽  
Influential Factors ◽  
Interpretive Structural Modeling ◽  
Insurance Sector ◽  
Factors Influencing ◽  
Frame Work ◽  
Indian Insurance ◽  
Significant Factors

In to-days economy, Service Supply Chain Management draws surprisingly more attention and insurance sector is one among them. Here the study is an attempt to overcome the challenges that impacts the effectiveness, efficiency and success of SSCM of Indian Insurance Industry. To show the hierarchical interrelationship among the selected significant factors of Insurance Industry an integrated comprehensive frame work has been developed, displayed and explained through an interpretive structural modeling (ISM) technique. Beneath the study various classification of influential factors have been carried out like Autonomous, linkage, Dependencies and Driving force. Finally this study developed a hierarchical structure of selected prominent factors responsible for the success of SSCM of Indian Insurance Industry by using ISM technique. The findings so drawn from the study can be used by the Indian Insurers and Foreign Insurers.

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