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A Study on Customer Satisfaction of Life Insurance Company of Indian

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Research · March 2018

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Registration No. V-36244/2008-09 ISSN :- 2350-0611

UGC Journal No. – 48441

JIFE Impact Factor – 3.21

Research Highlights
A Multidisciplinary Quarterly International Referred Research Journal

Editor
Dr. Kamlesh Kumar Singh
Assistant Professor
Gaya Prasad Smarak Govt. P.G. College
Azamgarh

Volume - V No. - 1 (Jan. – Mar. 2018)

Published by
Future Fact Society
Varanasi (U.P.) India
 CONTENTS

"Research Highlights"

 Impact and Assessment of Socio Economic Development on Dudhwa 01-05

National Park in Lakhimpur Kheri District, Uttar Pradesh
Monika Singh
 Future Prospects of Cashless Economy in India 06-11
Yogendra Narayan Singh
 A brief Introduction of fashion trend in Gupta period 12-15
Yogesh Tiwari
 Preparation and Characterization of Doped Titania for Photocatalytic 16-27
Reaction
Namita Sahu
 Dynamics of Land Use/ Land Cover Change in Shankargarh Block of 28-33
Allahabad District
Chandrashekhar Yadav & Dr. A. R. Siddiqui
 From Continuity to Change: Thinking through Social Media Led 34-37
Mobilizations
Piyush Kant
 Study of Flexibility and Speed of Under -19 Cricket Player of Rewa 38-41
District
Vipin Kumar Singh
 Sustainable Utilization of Soil Resources in Eastern Uttar Pradesh 42-50
Manas Kumar Gupta
 Research on Teacher Effectiveness 51-57
Amit Kumar
 Association by Contiguity – A critical study of The Shadow Lines by 58-60
Amitav Ghosh
Dr. Manisha Khanna
 Panchayati Raj Institutions as an instrument for Women 61-65
Empowerment: A Review
Sandhya Verma
 Goa, Parmi les Traces Portugaises, Quelques Coins Francophones 66-71
Irene Silveira
 Study of Supraglacial Lakes in upper Alaknanda Basin through GIS 72-78
and Remote Sensing Techniques
Shubham Patel
Kajal Singh
 Alienation in the Poetry of Matthew Arnold 79-80
Anshu Singh
 Ecotourism in Uttarakhand: A Way to Sustainable Tourism 81-86
Desh Deepak Singh
 Male dominance in The Lost Girl 87-92
Avdhesh Yadav
 A Study on Customer Satisfaction of Life Insurance Company of 93-104
Indian Comparison to ICICI Pru within Lucknow Region
Dr. Abhishek Kumar
Mr. Mohd Ariz Siddiqui
Mr. Saurabh Bajpai


 A Study on Customer Satisfaction of Life Insurance Company of Indian
Comparison to ICICI Pru within Lucknow Region
Dr. Abhishek Kumar*
Mr. Mohd Ariz Siddiqui**
Mr. Saurabh Bajpai***

Abstract
The role of insurance in the economy is vital as it able to mobilize premium
payments into long-term investible funds. As such, it is a key sector for development. So,
marketing strategies are important and inevitable phenomenon to tap huge untapped
market. Effective selling of insurance policies depends to a large extent on the marketing
strategies selected. As the market for insurance is dynamic and accompanied by rapid
changes in the environment due to advancements in technology and uncertain economic
conditions, coupled with inflation, increased attention must be given in the future to the
selection of marketing strategies. India has a very large untapped market and all the major
drivers like women entry into organized and unorganized sector, enhanced income, rising
middle class income, awareness of risk in the life, increased standard of living, development
of micro families, disposableness of personal income etc., all are supporting the cause of
making life insured. Besides the LIC some important private players are also picking up
slowly and are giving tough fight to LIC. Looking at the trends in insurance industry one
can predict that public and private sectors shall continue to exist and serve the masses more
competitively than previous.
This paper discusses the consumer satisfaction and marketing strategies adopted by
insurance companies. Our study is only limited to life insurance sector. The suggestion and
recommendation will help both academician and industry personnel to re- engineer their
thought in insurance sector.
Keywords: Life Insurance Policies, Investment, Marketing strategies, customer satisfaction.

Introduction
Every human being has the tendency to save, as protection against risks, losses or
future events. Insurance is one form of saving. People can save their earnings in the form of
gold, fixed assets, or in banking and insurance. All these savings represent a country’s gross
domestic savings. In India, although the savings rate is high, people prefer to invest either in
gold or fixed assets in the hope of appreciating value. Hence the insurance sector is still
virtually un-tapped in India.
At present, insurance is not only confined to the selling of products, advertisements
and sales promotions but importantly includes consumer satisfaction. Marketing is a

*
Assistant Professor K.Y.D.C( Rahimapur, Jhunsi , Allahabad), Email-:
Kumarabhishek553@gmail.com
**
Assistant Professor, Department of Commerce and Management Integral University, Lucknow
Email-: Arizmohd@iul.ac.in
***
Research Scholar, , Department of Commerce and Management Integral University, Lucknow
Email-: saurabh2somu@gmail.com
94 A Study on Customer Satisfaction of Life Insurance Company…

phenomenon which emphasizes making new customers and keeping existing customers.
Customer satisfaction is a business term, is a measure of how products and services supplied
by a company meet or surpass customer expectation. It is seen as a key performance
indicator within business and part of the four prospective of balanced score card. In a
competitive market place were businesses compete for customers, customer satisfaction is
seen as a key differentiator and increasingly has become a key element of business strategy
customer satisfaction drives successful private sector business. High performing businesses
have developed principles and strategies for achieving customer satisfaction. A framework
or set of ideas for using customer satisfaction principles and strategies to improve the
quality responsiveness, and possibility of public sector privately provided services in
vulnerable communities. The framework suggested that resident who live in tough
neighborhoods can be supported through customer satisfaction strategies to become
empowered individuals. Customer satisfaction is a measure of how products and services
supplied by a company meet or surpass customer expectation. In a competitive marketplace
where businesses compete for customers, customer satisfaction is seen as a key
differentiator and increasingly has become a key element of business strategy. The concept
of consumer satisfaction occupies a central position in marketing thought and practice.
Satisfaction is a major outcome of marketing activity and serves to link processes
culminating in purchase and consumption with post purchase phenomena such as attitude
change, repeat purchase, and brand loyalty. At present, insurance is not only confined to the
selling of products, advertisements and sales promotions but importantly includes consumer
satisfaction. Marketing is a phenomenon which emphasizes making new customers and
keeping existing customers. Customer satisfaction is a process that allows an organization to
concentrate its limited resources on the greatest opportunities to increase sales and achieve a
sustainable competitive advantage, so marketing strategy should be centered on the key
concept that customer satisfaction is the main goal.
Market segmentation is the process in marketing of grouping a market (i.e. customers) into
smaller subgroups. This is not something that is arbitrarily imposed on society: it is derived
from the recognition that the total market is often made up of submarkets (called
'segments'). These segments are homogeneous within (i.e. people in the segment are similar
to each other in their attitudes about certain variables). Because of this intra-group
similarity, they are likely to respond somewhat similarly to a given marketing strategy. That
is, they are likely to have similar feeling and ideas about a marketing mix comprised of a
given product or service, sold at a given price, distributed in a certain way, and promoted in
a certain way.
Positioning:
The pricing decisions may be high or low keeping in view the level or standard of
customers or the policyholders. Mainly, pricing of insurance is in the form of premium
rates. The three main factors used for determining the premium rates under a life insurance
plan are mortality, expense & interest. The pricing of insurance is in form of premium rates.
The three main factors for determining the premium rates under life insurance plan are:
Mortality: Average death rates in a particular area.
Purpose of the Study
Life insurance sector plays a vital role in the growth and also to the economic
development of the country. Since economic reforms the life insurance sector is changing
Research Highlights - Vol. V, No. 1 (Jan.-Mar. - 2018) ISSN : 2350-0611 95

rapidly due to the continuous change in the customer needs and preferences. These changes
have helped in a great number to both the urban and rural consumers. Life Insurance
Corporation of India has worked continuously hard to grow.
Literature Review
While earlier studies on Life Insurance sector has altogether been a general study on
overall view of LIC of India. It is relevant to refer briefly to the previous research studies in
the related areas of the present study in order to avoid repetition and also to search out the
different dimensions of the study. Among earlier studies, Arora (2002) highlighted that LIC
was likely to face tough competition from private life insurers in spite of having large
conventional network and their skilled intermediaries throughout India. Kumar and Taneja
(2004) highlighted the opportunities and challenges before life insurance industry in India
due to liberalization, globalization and privatization. Bhattacharya (2005) advocated that
bankassurance provided the best opportunities to tap the large potential in rural and semi
urban areas. He suggested that the insurers should focus on Single Premium policies, Unit
Linked Insurance, Pension Market and Health Insurance. Kumar (2005) highlighted that
private insurance players introduced a large range of life insurance products and set brand
promotion as a part of their new strategy. These new implemented strategies had flexibility
and added benefits to suit the changing needs of the unsatisfied customers. Kulshrestha and
Kulshrestha (2006) highlighted that demand for life insurance in rural India was expanding
at the annual rate of 18 per cent as compared to 3.9 per cent in urban areas which provided
good opportunity for life insurers to perform. Reenu (2011) have highlighted the different
strategies in relation to 3Ps under life insurance market. Vikas (2012) have made an effort to
analyze a comparative study based on private and public life insurance companies.
Beenish Shameem ; Dr Sameer Gupta Life insurance industry requires new
strategies in order to survive and survive successfully. To tap the insurance potential to
maximum industry needs to frame such plans and strategies that will help to capture the
market. Companies instead of focusing only on improving the variety of products needs to
focus on targeting new segments and implement innovative strategies in order to achieve
sustained growth and ensure profitability of business as well as growth of insurance
coverage.
Harris Interactive Inc. (2003) conducted a study to know the perception of
respondents towards the life insurance policies and their satisfaction level. For this purpose
a telephone survey was conducted among a nationally representative sample of 1009 adults
comprising 505 men and 504 women living in private households in the continental United
States. The margin of error for the total sample was plus or minus 3.1 %. It was observed
that only 67 per cent of females and 57 per cent of males had positive attitude towards
business practices of Insurance Corporation. Four per cent of male and female didn’t have
any idea about the business practices of the Insurance Corporations. Gupta (2003) evaluated
the branding strategies of the Indian life insurance players in terms of awareness,
expectations of customers and the major industry challenges in India. In the wake of
competition, LIC required a considerable brand building exercise, at least in urban areas. A
sample of 1000 people across various cities was taken to find out the brand awareness of
public and private insurance companies. The results showed that LIC was at the top of the
mind in the life segment followed by other private life insurance companies. The study
further revealed that the settlement of claims was the most important factor in the
96 A Study on Customer Satisfaction of Life Insurance Company…

customer’s mind, followed by quality services and security of investments. Patil (2003)
conducted a study to evaluate the LIC products and their performance in Gulbarg District.
The objectives were to (i) study the history of LIC; (ii) make an attempt to measure and
evaluate the performance of the LIC branches; (iii) critically evaluate the performance of
existing products and evaluate the duties of agents; and (iv) know the transaction and
precautionary motives of the people. The study covered a period of five years from 1994-95
to 1998-99. The study revealed that the performance of children related policies was very
poor except the children money back policy, which too had not been contributing
significantly. The insurance products with lower premium and covering more risk were the
most preferred policies by the people. The share of urban business was very high as
compared to the rural segment. The study further revealed that the demonstration of product
features by the Journal of Doctoral Studies. Accounting, Vol 1, No 1-2, 2011, 65-82 68
agents was not satisfactory. It was concluded that the rapport between the agents and
development officers was not regular, which had an adverse effect on the business of agents
in particular and on the Corporation in general. Pathak and Singh (2003) empirically
examined the impact of opening up of the insurance sector to the private players. An
analysis was also done with respect to the marketing strategies adopted by LIC along with
its strengths and weaknesses.
Scope of the study:
The study is directed towards Customer satisfaction in life insurance industry, its
operational strategies area covered, and the new market strategies adopted by the industries
for increasing the volume of their business. Customer satisfaction integrates an
organization’s marketing goals, policies, and tactics into a cohesive whole. The various
strands of the strategy, which might include advertising, channel marketing, internet
marketing, promotion and public relations, can be orchestrated. Life insurance sector plays
an important role in economic development of the country.
Objective of the Study
The purpose of research is to discover answers to the questions which framed prior
to conduct the research. The main aim of research is to find out the truth which is hidden
and which has not been discovered as yet. The following objective were determined of this
study-
1. The first objective of this study was to know what type of marketing strategies is
using in life insurance business by public and private companies.
2. The second objective of this study was to comparative analysis and effectiveness of
marketing strategies used by both sectors companies (public and private).
3. The third objective of this research is about satisfaction of customers using
insurance services offered by public and private companies.
Research Methodology
Research in common parlance refers to a careful investigation or inquiry specially
through search for new facts in any branch of Knowledge .Research comprises defining a or
suggested solution, collecting organizing and evaluating data, making deductions and
reaching conclusion; and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis. Research management is, broadly, systematic activity
directed towards investigating managerial business problems and result in an invention or a
discovery of management tools for problem solving and decision-making" it is being
Research Highlights - Vol. V, No. 1 (Jan.-Mar. - 2018) ISSN : 2350-0611 97

planned that how this research work will progress step-by-step and how it will conclude its
findings.
Collection of Data
The entire study is designed and planned in such a way that the discriminating data's
will be segregated easily. The purpose of this overview of literature is not to list the number
of published, either all or few, well known works but to cut out important findings that
relate to the substantive concern of the purposed research. The important findings is
necessary for determining the salience of the problem itself on the one hand, and
illuminating the theoretical perspective one brings to bear on the problem of research on the
other, thereby helping in the cumulating of social science knowledge"
However, the entire procedure of finalizing the research topic helped me to fix the boundary
of research and provides a basis for ascertaining the nature of data required for the conduct
of enquiry and research.
Primary Data
In this study, under the primary data the tools which were employed in this study
was questionnaire and interview method.
Secondary Data and Literature Survey To finalize the research and to formulate the
research topic an extensive literature survey was conducted from published and unpublished
bibliographies, Academics journals, conference proceedings, government reports, Internet
surfing (Web sites), newspaper and magazines related to the topic, etc. Specially, annual
reports of selected companies surfed which help me to understand research problem
thoroughly and gave researcher a outline to proceed further. The journalists and
academicians who are already conducting research surveys were also consulted for proper
guidance.
Sample Selection
Based on Random sampling and convenience sampling. The geographical scope of
this study is whole Lucknow City.
Customer Satisfaction Level of Insurance Users
In today’s competitive world, measurement of customer satisfaction has become a
key performance indicator of an organization and valuable management tool for companies
to expand their current customer relationships and remain competitive. It is a major concern
within a company’s customer relationship management strategy; it improves customers’
engagement on product, compels development of new partnership with customer and
business community and, serves a strong driver of customers trust and confidence in an
organization. After liberalization there is a increase in number of private insurance
companies which give good competition to public insurance company.
Total number of life insurance companies operating in India since 2004
Years Public Private Total
Sector Sector

2007 1 15 16

2008 1 13 14

2009 1 14 15
98 A Study on Customer Satisfaction of Life Insurance Company…

2010 1 15 16

2011 1 17 18

2012 1 21 22

2013 1 22 23

2014 1 22 23

2015 1 23 24

2016 1 23 24

Source: Annual reports of IRDA 2016

Majority of insurance related information is given to customers by advisors so we can say
agents play a vital link between company and consumers.
1-How they came to know about insurance companies
Frequency Percent Valid Percent Cumulative Percent

Valid by friends 17 24.0 24.0 24.0

by relatives 08 9.1 9.1 33.1
by advisors 34 48.0 48.0 81.1
by calls 12 14.9 14.9 96.0
Others 04 4.0 4.0 100.0
Total 75 100.0 100.0

Valid by
friends
12% by relatives
5%
Total
50% by advisors
24%

Others by calls
2% 7%
The most popular aspect among customers on which they prefer to buy a insurance
product is trust they have in which LIC will be ranked highest by customers
Research Highlights - Vol. V, No. 1 (Jan.-Mar. - 2018) ISSN : 2350-0611 99

2- People Would Look for Insurance Company

Responses No. Of respondents Percentage

A trusted name 38 48%

Friendly service & responsiveness 12 18%

Good plans 21 30%

Accessibility 04 4%

Total 75 100%

ATTRIBUTES OF INSURANCE
PRODUCT
A trusted
name
Total 24%
50%
Friendly
service &
Accessibility responsivenes
2% Good plans s
15% 9%

Large numbers of purchasers of policies are satisfied with their existing company and
policies.
4-Satisfaction with the policy
Company LIC ICICI Pru. Total
(50) (25) %
Satisfied Respondents) Respondents)

48 25
YES. 96%
(48%) (25%)

02
NO. - 04%
(02%)
100 A Study on Customer Satisfaction of Life Insurance Company…

50 25
TOTAL 100%
(50%) (25%)

LEVEL OF SATISFACTION Satisfied

0%
0%

50% 48%

0% 2% 0%
When they question what they like in their policy most good number of consumers incline
towards attractive returns.
5- What you like about their insurance company
Frequency Percent Valid Percent Cumulative Percent

Valid Services 16 20.0 20.0 20.0

Plans 07 9.1 9.1 29.1
brand name 17 21.7 21.7 50.9
Returns 30 43.4 43.4 94.3
Advertisement 05 5.7 5.7 100.0
Total 75 100.0 100.0

INSURANCE LIKING FACTORS Valid Services

10%
Plans
4%
brand name
Total 11%
50%
Returns
22%

Advertisement
3%

Role of media is very important in advertising the insurance product and most of the
consumers influence by its impact either way.
Research Highlights - Vol. V, No. 1 (Jan.-Mar. - 2018) ISSN : 2350-0611 101

6- Media To Promote The Insurance Plan.

Company LIC ICICI Pru. Total

(50) (25) %

Respondents) Respondents)
Media

02 02
PRESS 04%
(02%) (02%)

ELECTRONIC 03
07- 10%
MEDIA (7%) (03%)

MOUTH 16 02
34%
CONVINCING (16%) (02%)

ANY OTHER - - -

32 18
ALL THE OPTION 52%
(32%) (18%)

50 25
TOTAL 100%
(50%) (25%)

Suggestion of the Study

As it has been observed through survey that market is very competitive it is
therefore it is suggested that the player should adopt customer centric approach. A company
which adopts the customer centric approach will able to plan its competitor to have an edge
over other players.
It is suggested that in order to maintain edge over competitors the product
differentiation should not only be cosmetic in nature but also should be genuine.
It is suggested that the focus should be shifted more towards untapped area like
semi urban and rural close to the urban areas, it is believed that these areas (semi urban and
102 A Study on Customer Satisfaction of Life Insurance Company…

rural) do have influence from urban local and media, therefore the awareness as possessed
by them may be converted in to actual business deal.
The time has come for new product development like banc assurance products for
defense personnel, NRI, Farmers, and small business entrepreneurs.
It has been found that the complaints of clients are not attended promptly. It is
therefore suggested at every state level and the redress mechanism should be made
simplified and time saving.
It is suggested that research activities must be strengthen in the industry so as to
bring out better products customer friendly approach and the real growth in the industry.
Conclusion
As it has been generally perceived LIC of India is the undisputed market leader in
life insurance business in India and enjoys the No-1 brand status among all the players with
almost 65% market share. Such enormous market share needs to further nurtured and
developed by adopting very innovative and aggressive marketing strategies. It is important
point to note that though LIC is the market leader yet their marketing strategies sound
weaker when we look at the performance of private players. Marketing strategies play a
very important role in business growth and also customer satisfaction towards product,
private players are giving tough competition to LIC from last decade and that is why LIC
also change the way of their promotion and other related aspects of marketing. As per the
analysis, companies are trying to offer different products but they are serving same kind of
services like death claim, grievances handling, causation of policy etc. there is need to
develop stringent rules and regulations for these companies so that they cannot cheat the
customer. Claim settlement, premium and hassle free services dimensions are kept on top
priority of the customers and the marketing strategy model has been developed taking into
account these dimensions so that customer can be delighted.
Limitation of Study
Time – the purpose of this researcher to get the degree of doctor of philosophy. This
program is time bounded program another limitation was not to cover a big size
population so large size samples can be drawn which will be more appropriate and
representative one data authenticity.
Skilled and power –under the research process various activities are perform for this point
of view various specialized services are required which provided by the skilled man power .
In this study the researcher also faced the lack of skilled man power services.
Finance –in social science the importance of research study is largely based on primary
data. Such type of study required as sufficient financial resources. The researcher at present
not having sufficient financial resources and no one agency is sponsoring this research
study.
Area of further research
 Increase number of private companies
 Study health insurance
 Study general insurance
 Study in various plans
 Expectation and fulfillment of customer satisfaction in insurance business
 New trends in insurance business
Research Highlights - Vol. V, No. 1 (Jan.-Mar. - 2018) ISSN : 2350-0611 103

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