A Critical Study of Customer Satisfaction in Selected Private Life Insurance Companies in North India

Abstract

Customer satisfaction is the backbone of any service industry. It is the customer that can bring prosperity and success to any organization. So, it is important to satisfy the myriads needs of the customers. Life insurance industry is one such industry where customer satisfaction is of utmost importance. There are various players in the private life insurance & all of them are offering almost similar products. So, it becomes important to meet the specific requirements of the customers. It is necessary to identify the key success factors in the life insurance industry, in terms of customer satisfaction, so as to survive the intense competition and increase insurance penetration. There are many attributes of customer satisfaction in insurance industry such as timely settlement of claims, services offered by the insurance agents, general ambience of the insurance company etc. This research is based on the critical study of customer satisfaction among four leading private life insurance companies.