Open AccessA Comparative Study of Service Quality of Life Insurance Companies in IndiaA Comparative Study of Service Quality of Life Insurance Companies in India
Author(s) -
Neha Sharma,
Santi SwarupKandikonda
Publication year - 2014
Publication title -
international journal of management and information technology
Language(s) - English
Resource type - Journals
ISSN - 2278-5612
DOI - 10.24297/ijmit.v9i2.2779
Subject(s) - agra , life insurance , servqual , business , service quality , marketing , service (business) , bancassurance , product (mathematics) , private sector , competition (biology) , income protection insurance , finance , insurance policy , actuarial science , general insurance , economic growth , economics , ecology , geometry , mathematics , biology
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