Service Quality and Customer Satisfaction: Variation in Customer Perception Across Demographic Profiles in Life Insurance Industry
Sukhvinder Singh Paposa1, V.G. Ukinkar2, Kamalpreet Kaur Paposa3
1Sukhvinder Singh Paposa, Centre for Professional Enhancement, Lovely Professional University, Phagwara, India.
2Dr. V.G. Ukinkar, Commerce department, Dhanwate National College, Nagpur, India.
3Dr. Kamalpreet Kaur Paposa, Mittal School of Business, Lovely Professional University, Phagwara, India.
Manuscript received on 06 August 2019 | Revised Manuscript received on 11 August 2019 | Manuscript published on 30 August 2019 | PP: 3767-3775 | Volume-8 Issue-10, August 2019 | Retrieval Number: J99700881019/2019©BEIESP | DOI: 10.35940/ijitee.J9970.0881019
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: 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 in-depth 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.
Keywords: Customer Satisfaction, Demographic Characteristics, Life Insurance, Service Quality, SERVPERF, Technology.
Scope of the Article: Perception and Semantic Interpretation