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Volume 14 Issue 7 Version 1.0 Year 2014
Type: Double Blind Peer Reviewed International Research Journal
Publisher: Global Journals Inc. (USA)
Online ISSN: 2249-4588 & Print ISSN: 0975-5853
A StudyofCustomerPerceptiontowardsServiceQualityofLifeInsuranceCompaniesinDelhiNCRRegion
© 2014. Dr. Shamsher Singh, Dr. Naveen J Sirohi & Ms. Kumkum Chaudhary . This is a research/review paper, distributed under
the terms of the Creative Commons Attribution-Noncommercial 3.0 Unported License http://creativecommons.org/licenses/by-
nc/3.0/), permitting all non-commercial use, distribution, and reproduction in any medium, provided the original work is properly
cited.
A Study of Customer Perception towards
Service Quality of Life Insurance Companies in
Delhi NCR Region
Dr. Shamsher Singhα, Dr. Naveen J Sirohi σ & Ms. Kumkum Chaudhary ρ
Abstract- Economic performance of insurance companies is (IBEF, 2014). According to Insurance Regulatory &
the outcome of customer’s satisfaction and their perception on Development Authority (IRDA), insurance services sector
2014
service quality of the insurance service provider. The present grew by 8.6 percent and the total premium for the life
study has focused on finding customer perception towards insurance sector was Rs. 2.87 lakh crore (IRDA Annual
Year
service quality as provided by the Life Insurance companies.
Report 2012-13).
The primary data has been collected from 139 respondents
from Delhi NCR Region. The factor analysis and correlation With most life insurance companies offering 19
has been used to find the perception of the customers. The similar policies, product differentiation is tough in
study has found that there are four major factors which increasingly competitive market. As a result, Insurance
Global Journal of Management and Business Research ( E ) Volume VII Issue IX Version I
influence customer perception of service quality, namely companies in India are now moving from a product-
responsiveness and assurance, convenience, tangible and centered approach to a customer-centered strategy.
empathy. Only age of the respondents have been found to be The focus is on enhancing customer satisfaction
significantly related with the customer perception and other through improved service quality which leads to
demographic factors have no significant impact. improved customer retention, loyalty and profitability. In
Keywords: life insurance, service quality, customer order to survive and thrive in the competitive insurance
perception, india. industry, life insurers are actively engaged in developing
I. Introduction new strategies for customer satisfaction through proper
improvement of service quality.
S
ervices sector is the fastest growing sector in India With increased awareness level, the consumers
and is projected to have high growth in future. A demand higher standard of services and insurance
major contributor among huge service sector is sector is getting more and more competitive. Customers
the insurance sector which plays an important role in are becoming increasingly aware of the options on offer
enhancing financial intermediation, creating liquidity and in relation to the rising standards of service (Kris hnaveni
mobilizing savings in the country. The Indian life et al, 2004). They demand better quality service.
insurance industry remained a monopoly of Life Delivering quality service is considered an essential
Insurance Corporation of India (LIC) till it was liberalized strategy for success and survival in today's competitive
in 1999. At present, there are 24 life insurance environment (Dawkins and Reich held, 1990;
companies operating in India with LIC being the only Parasuraman et al., 1985; Reich held and Sasser 1990;
public sector life insurer and the balance being private Zeithaml et al., 1990). More specifically, the cost of
players. retaining existing customers by enhancing the products
Presently, there are 36 crore life insurance and services that are perceived as being important is
policies in India making it the biggest player in the world significantly lower than the cost of winning new
for life insurance. India’s insurable population is customers (Krishnan et al, 1999). Hence, to remain
anticipated to touch 75 crore in 2020. India was ranked competitive, Life insurance companies need to focus on
10th among 147 countries in the life insurance business service quality.
in financial year 2013 with a share of 2.03 percent. The Studies have shown that it costs six times more
life insurance industry in India is projected to increase at to attract new customers than to retain the existing ones
a compound annual growth rate (CAGR) of 12-15 per (Rosenberg & Czepiel, 1983). It has also been
cent in the next five years. The industry has the potential suggested that service quality has a direct effect on
to top the US$ 1 trillion mark over the next seven years organizations' profits as it is positively associated with
Author α: Associate Professor at Banarsidas Chandiwala Institute of
customer retention and customer loyalty (Baker &
Professional Studies, New Delhi. Crompton, 2000; Zeithaml & Bitner, 2000).
e-mail: shamsher_1965@rediffmail.com Customer dissatisfaction has been found to
Author σ: Associate Professor at Banarsidas Chandiwala Institute of have a greater psychological impact and a greater
Professional Studies, New Delhi. e-mail: prof.sirohi@gmail.com
longevity compared to good experiences. As per
Author ρ: Faculty and a research scholar. After completing her
Bachelors and Masters in Commerce, Bachelors in Education. estimates, two out of three times an unhappy customer
e-mail: kumkum.26j@gmail.com will speak about a bad experience than relate to a good
© 20 14 Global Journals Inc. (US)
A Study of Customer Perception towards Service Quality if Life Insurance Companies in Delhi NCR Region
experience. Hence, there is a multiplier effect of poor The most widely used service quality
service hurting not just the bottom line of an insurance measurement tools include SERVQUAL (Parasuraman
company but bringing additional costs of losing et al.,1988; Boulding et al., 1993) and SERVPERF
potential customers in addition to existing ones. (Cronin and Taylor, 1992). The SERVQUAL model
The purpose of the present study is to measure suggests that service quality can be measured by
customer’s perception towards service quality of life identifying the gaps between customers' expectation
insurance companies. The framework developed by and perceptions of the performance of the service using
Tsoukatos and Rand, (2006), Durvasula et al. (2004) 22 items and five-dimensions: reliability, assurance,
and Mittal et al. (2013) has been used to find out tangible, empathy, and responsiveness. In the
customer’s perception towards service quality SERVPERF scale, service quality is measured through
dimensions of Life Insurance providers. performance on score based on the same 22 items and
five dimensional structure of SERVQUAL. The
II. Literature Review SERVQUAL have been used to measure service quality
2014
a) Service Quality in the insurance industry (Stafford et al., 1998; Leste and
Vittorio, 1997; Westbrook and Peterson, 1998; Mehta et
Year
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1 Global Journals Inc. (US)
A Study of Customer Perception towards Service Quality if Life Insurance Companies in Delhi NCR Region
image to ascertain and perceive service quality 1993; Crosby and Cowles, 1986). Customers are,
(Gronroos, 1982). Customer satisfaction in insurance is therefore, likely to place a high value on their agent’s
both difficult to measure and ascertain. The future integrity and advice (Zeithaml et al., 1993). Service
benefits of the “product” purchased are difficult to quality depends to a large extent on the information
foresee and take a long time to “prove” its effects gathering and processing activities of agents (Eckardt
(Crosby and Stephens, 1987). An extended period of and Doppner, 2010). The quality of the agent’s service
time may be required in this industry for a fully informed and strength of his relationship with the customer play a
evaluation (Devlin, 2001). major role in customer purchasing the life insurance
As the premium amount typically invested in an product. Putting the customer first, and, exhibiting trust
insurance policy is high, customers seek long-term and integrity have found to be essential in selling
relationships with their insurance companies and insurance (Slattery, 1989). According to Sherden (1987),
respective agents in order to reduce risks and high quality service (defined as exceeding “customers’
uncertainties (Berry, 1995). Research have indicated expectations”) is rare in the life insurance industry but
2014
that the key parameters, e.g. past experience, personal increasingly demanded by customers.
needs, external communication, word of mouth, and In Insurance Industry, high retention rates are
Year
active clients significantly influence service quality of the closely related to the economic performance of
insurance sector (Barkur et al., 2007). companies (Diacon and O Brien, 2002). The insurance 21
In Indian context, measuring service quality on industry considers that understanding consumer
six dimensions, namely assurance, competence, behaviour after the initial purchase will help insurers to
Global Journal of Management and Business Research ( E ) Volume VII Issue IX Version I
personalized financial planning, corporate image, maintain longer customer-insurer relationship (Harrison,
tangibles and technology dimensions, it was found that 2003). Toran (1993) points out that quality should be at
the priority areas of service were assurance followed by the core of what the insurance industry does. Customer
competence and personalized financial planning surveys by Prudential have identified that customer want
(Siddique & Sharma, 2010). Perceived service quality of more responsive agents with better contact,
life insurance services is a multi-dimensional second- personalized communications from the insurer, accurate
order construct consisting of the primary dimensions of transactions, and quickly solved problems (Pointek,
Service Delivery, Sales Agent Quality, Tangibles, Value 1992). A different study by the National Association of
and Core Service (Mittal et al. 2013). Cultural factors Life Underwriters highlighted other important factors like
were found to have significant influence on the financial stability of the company, insurer’s reputation,
expectation on service quality in Indian Insurance integrity of agent and the quality of information and
market (Meharajan and Vanniarajan, 2011). Three guidance from the agent (King, 1992). Clearly,
factors namely, proficiency; physical and ethical understanding consumers’ expectations of life insurance
excellence; and functionality were found to have agent’s service is crucial as expectations serve as
significant impact on the overall service quality of Life standards or reference points against which service
Insurance Corporation of India in a study based on performance is assessed (Walker and Baker, 2000). In a
seven-factor construct (Sandhu and Bala, 2011). study conducted in Germany, the duration of counseling
Strong relationship is found between interviews is found to be the single most important factor
satisfaction level and the service quality dimensions that has a positive effect both on the information quality
(Gayathri et al., 2005). Perceived service quality and and on the total service quality provided (Eckardt and
customer satisfaction are dependent on information Doppener, 2010). Consumers tend to rate service
technology (Choudhuri, 2014). SERVQUAL construct quality higher if they are aware of their right to complain
cannot be applied to Indian Life Insurance sector and to the regulator (Wells and Stafford, 1995). Technology
further research is needed to understand and improve has also become an important factor in how the agent
life insurance service quality within Indian context (Bala operates in the field including other functions such as
et al., 2011). Demographic variables are related to eight distribution, claim costs and administration
service service quality factors namely, employee (Anonymous, 2004). Communication, ICT, customer’s
competence, creditability, timeliness and promptness, knowledge and prior experience influence the service
convenience, accessibility, communication, customer quality in insurance industry (Saad et al., 2014).
orientation and responsiveness (Bishnoi and Bishnoi, Research has shown that the quality of service
2013). Product innovation, increased interaction level and the achievement of customer satisfaction and
between agents and customers and technological loyalty are fundamental for the survival of insurers. The
upgradation affect the service quality perceptions of Life quality of after sales services, in particular, can lead to
Insurance policyholders in Northern India (Chawla and very positive results through customer loyalty, positive
Singh, 2008). word-of-mouth, repetitive sales and cross-selling
An insurance policy is almost always sold by an (Taylor, 2001). However, many insurers appear unwilling
agent who, in most cases, is the customer’s only to take the necessary actions to improve their image.
contact (Richard and Allaway, 1993; Clow and Vorhies, This creates problems for them as the market is
extremely competitive and continuously becomes more modified as per the service in consideration. Thus, the
so (Taylor, 2001). dimensions issue of service quality requires
Previous studies, notably those of Wells and reexamination in context of life insurance services.
Stafford (1995), the Quality Insurance Congress (QIC)
and the Risk and Insurance Management Society III. Objectives of the Study
(RIMS) (Friedman, 2001a, 2001b), and the Chartered The objective of the study was to find out the
Property Casualty Underwriters (CPCU) longitudinal factors that affect the service quality of Life Insurance
studies (Cooper and Frank, 2001), have confirmed providers. It also studied the effect of demographic
widespread customer dissatisfaction in the insurance factors on customer perception and service delivery. In
industry, stemming from poor service design and order to achieve these objectives, the following
delivery. Ignorance of customers’ insurance needs (the hypotheses have been formulated:
inability to match customers perceptions with Ho1 – There is no relationship between the age of
expectations), and inferior quality of services largely
2014
customer satisfaction had gone down by 2.5% for life respondents and perception of service quality of Life
insurance. However, post 2010 till 2014 there have been Insurance providers
22
continuous improvement in the index as Insurers are Ho3 – There is no relationship between the education
now realizing the importance of service quality and its level of respondents and perception of service quality of
Global Journal of Management and Business Research ( E ) Volume VII Issue IX Version I
© 2014
1 Global Journals Inc. (US)
A Study of Customer Perception towards Service Quality if Life Insurance Companies in Delhi NCR Region
2014
My Life Insurer is sympathetic with
SQ15
customer’s problem
Year
My Life Insurer’s employees are courteous SQ16
My Life Insurer’s employees provide
SQ17 23
individual attention to the customer
My Life Insurer’s employees understand
Global Journal of Management and Business Research ( E ) Volume VII Issue IX Version I
SQ18
customer needs
My Life Insurer has wide range of services to
SQ19
offer
My Life Insurer has adequate information
SQ20
available on products and services
Prior to the final survey, the questionnaire was V. Data Analysis and Interpretation
pre tested using a sample of respondents similar in
nature to the final sample. The goal of pilot survey was The analysis of this data was divided into
to ensure readability and logical arrangements of following section:
questions. The questionnaire was sent to 25 a) Demographic profile of Respondents
respondents having a life insurance policy through The respondent profile as displayed in table 2
email. indicates the current scenario of life insurance sector
The responses of pilot study were thoroughly and its user’s profile. Most of the respondents (75.5%)
analyzed. The questionnaire was reviewed in light of were males and post-graduate (89.2%). Majority of
comments and shortcomings and then it was revised respondents are in the age group of 25-35 years
accordingly. The final questionnaire was uploaded on (42.4%) and between 35-50 years (43.2%). Most of the
Google docs and the link was sent to 200 customers respondents have income above 5 laksh (5-10 lakhs at
and 139 usable responses were received, thereby 25.2% and above 10 lakhs at 30.9%). The profile of
making a response rate of 69.5%. respondents indicates they are young, urban, educated
The perception of the respondents towards the and have high income which is a right demographic
service delivery quality was gauged using a composition from life insurance provider’s context.
questionnaire containing close-ended questions, which
were designed to ascertain perception of the
respondents using a five point Likert scale with following
options: Highly Agree, Agree, Neutral, Disagree and
Highly Disagree.
c) Research and Statistical Tools Employed
The research and statistical tools employed in
this study are factor analysis and correlation. SPSS 16
was used to perform statistical analysis. The reliability of
the data was carried out by using Cronbach’s Alpha
Value. The factor analysis was used to examine the
underlying or latent dimensions within variables of
overall customer perception (Hair et al, 1998). Both
Bartlett’s test of spherecity and measure of sampling
adequacy (MSA) were also carried out to ensure that the
requirements of factor analysis were met.
© 20 14 Global Journals Inc. (US)
A Study of Customer Perception towards Service Quality if Life Insurance Companies in Delhi NCR Region
24 b) Respondent’s Share of Life Insurers leading at 72.7% share followed by ICICI Pru at 4.7%
The study highlighted that majority of market share. The lowest number of respondents had a
Global Journal of Management and Business Research ( E ) Volume VII Issue IX Version I
respondents hold a policy by Life Insurance Company policy from Kotak Mahindra (1.4%) followed by Aegon
(49.6%) followed by ICICI Pru (10.8%). This is in line with Religare (2.2%).
market share position of major insurers in India with LIC
© 2014
1 Global Journals Inc. (US)
A Study of Customer Perception towards Service Quality if Life Insurance Companies in Delhi NCR Region
2014
1 2 3 4
Year
SQ1 .212 -.002 .389 .755
SQ2 .261 .103 .015 .737
25
SQ3 .534 .455 .263 .094
SQ4 .571 .201 -.006 .648
Global Journal of Management and Business Research ( E ) Volume VII Issue IX Version I
SQ5 .643 .165 .569 .025
SQ6 .346 .652 .379 -.181
SQ7 .321 .726 .226 .007
SQ8 .201 .353 .811 -.103
SQ9 .055 .112 .836 .286
SQ10 .125 .391 .723 .341
SQ11 .299 .776 .180 .205
SQ12 .136 .881 .113 .176
SQ13 .219 .806 .283 .123
SQ14 .691 .280 .075 .426
SQ15 .720 .263 .266 .212
SQ16 .711 .083 .279 .327
SQ17 .492 .296 .445 .316
SQ18 .509 .304 .619 -.032
SQ19 .703 .391 .125 .273
SQ20 .771 .337 .021 .201
Extraction Method: Principal Component
Analysis.
Rotation Method: Varimax with Kaiser
Normalization.
a. Rotation converged in 6 iterations.
b. four components extracted
It is clear from the factor loadings as highlighted behavior of employees, individual attention to
in Table 6 that clear four factors have emerged customers, wide range service and availability of
representing 73.71% of total variance. These four factors adequate information. Second factor is directly related
represent different elements of services quality that form to convenience provided to customers, it is therefore
the underlying factors from the original 20 scale labeled as “Convenience Factors”. These elements are
response items. Referring to the Table 6 above, first agent’s communication skills, agent’s trust, premium
factor represents elements of the service quality directly rates, convenient location and convenient working
related to responsiveness and assurance; it is therefore hours. Third factor is directly related to tangibility of
labeled “Responsiveness and Assurance Factors”. services and therefore named as “Tangible Factor”.
These elements are timely service, agent’s These elements are modern office, attractive office,
recommendation, timely claim, sympathy, courteous employee’s dress and understanding of customer
needs. Fourth factor represent empathy, therefore it is quality. Since in case of majority of attributes of service
named as “Empathy Factor”. These elements are best quality the significance level is lower than .05, we reject
interest of customers, availability of employee the null hypothesis (Ho1) that there is no relationship
assistance and trustworthiness of employees. between the age of respondents and perception of
e) Correlation service quality of Life Insurance providers. In other
To measure the impact of demographic factors words, the age has significant relationship which
on customer perception of service quality of life insurers, determines the service quality perception. Similar
correlation technique was used. Table 7 shows the findings were there in the study of Bishnoi and Bishnoi
correlation between age and the 20 items of service (2013).
PC = Pearson Correlation
Sig. = Significance (2-tailed)
Table 8 shows the correlation between gender and perception of service quality of Life Insurance
and service quality. Since in case of majority of providers. In other words, gender does not affect the
attributes of service quality the significant level is greater service quality perception and both male and female
than .05, we accept the null hypothesis (Ho2) that there customers share similar perception towards service
is no relationship between the gender of respondents quality of life insurers.
Table 8 : Correlation between Gender and Customer Perception of Service Quality
SQ1 SQ2 SQ3 SQ4 SQ5
PC = Pearson Correlation
Sig. = Significance (2-tailed)
© 2014
1 Global Journals Inc. (US)
A Study of Customer Perception towards Service Quality if Life Insurance Companies in Delhi NCR Region
Table 9 shows the correlation between words, education does not affect the service quality
educational qualification and service quality. Since in perception. If we look at the demographic profile we find
case of majority of attributes of service quality the that majority of the respondents are post-graduates
significant level is greater than .05, we accept the null (89.2%) and have the knowledge about the different life
hypothesis (Ho3) that there is no relationship between insurance products. Similar response may be there in
the education level of respondents and perception of other metro cities of India.
service quality of Life Insurance providers. In other
Table 9 : Correlation between Educational Qualification and Customer Perception of Service Quality
SQ1 SQ2 SQ3 SQ4 SQ5
2014
Sig.
SQ6 SQ7 SQ8 SQ9 SQ10
Year
PC 0.036 0.172 0.119 0.228 0.306
Sig. 0.671 0.043 0.164 0.007 0.000
27
SQ11 SQ12 SQ13 SQ14 SQ15
Global Journal of Management and Business Research ( E ) Volume VII Issue IX Version I
PC 0.062 0.073 -0.006 0.086 0.109
Sig. 0.466 0.391 0.942 0.311 0.202
SQ16 SQ17 SQ18 SQ19 SQ20
PC = Pearson Correlation
Sig. = Significance (2-tailed)
Table 10 shows the correlation between income respondents and perception of service quality of Life
levels and service quality. Since in case of majority of Insurance providers. In other words, income does not
attributes of service quality the significant level is greater affect the service quality perception. If we look at the
than .05, we accept the null hypothesis (Ho3) that there demographic profile we find that majority of the
is no relationship between the income level of respondents (56.1%) have high income (above 5 lakh).
Table 10 : Correlation between Income Level and Customer Perception of Service Quality
PC = Pearson Correlation
Sig. = Significance (2-tailed)
** = Correlation is significant at the 0.01 level (2-tailed).
* = Correlation is significant at the 0.05 level (2-tailed).
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