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Customer Satisfaction

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INTRODUCTION
CUSTOMER SATISFACTION:
Customer satisfaction depends on products / services perceived performance in delivering value relative to a buyer's expectations. If the product / service performance falls short of the expectations, the buyer is dissatisfied. If performance matches expectations, the buyer is satisfied. If performance exceeds expectations, the buyer is delighted. Lot of companies goes out of their way to keep their customers satisfied. Satisfied customers make repeated purchases, and they tell others about their good experiences with the product, which is known as word of mouth. The key is to match customer expectations with company performance. What they can deliver, then delivering more than they promise. Customer satisfaction is closely linked to quality. In recent years many companies have adopted Total Quality Management (TQM) programs designed to constantly improve the quality of their products, services and marketing processes, quality has a direct impact on product performance and hence on customer satisfaction. In the narrowest sense Quality can be defined as "freedom from defects", but most Customer-centered companies go beyond this narrow definition of quality. Instead they defined "quality in terms of customer satisfaction. For example the vice president of quality at Motorola, a company that pioneered total quality efforts in the United States, says that, quality has to do something for the Customer.

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Our definition of a defect is if the customer does not like it, it is a defect". Similarly the, American society for quality control defines quality as the totality of features and characteristics of a product or service that bear on its ability to satisfy customer needs. These customer-focused definitions suggest that a company has achieved total quality only when its products or services meet or exceed customer expectations. Thus, the fundamental aim of total quality movement has become total customer satisfaction. Quality begins with customer needs and ends with customer satisfaction. Consumers make buying choices based on their perceptions of the value that various products and services deliver. Customer value is the difference between the values the customer gains from owing and using a product and the costs of obtaining the product.

Such measurement could me made by using any of the following methods:


Surveys Formal and informal feed back from customers Use of customer account data Complaints

Monitoring of Customer Satisfaction is now very important for a distribution company, as it will lead to better customer experience and thereby goodwill. A quality survey is required to be undertaken periodically. The proper methodology for the survey as briefly described here will go a long way.

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This study attempts to present the level of satisfaction of customers about the policies of insurance companies. This scope of the study is restricted to chittoor only This study also considers the different strategies adopted by the companies. Through using questionnaire data collected from people

STATEMENT OF THE PROBLEM:This project is mainly focused on study the level of satisfaction of customers about the policies of insurance companies and Satisfaction with regard to customer services of the company. If the customer is very much satisfied of the company then the loyalty of the customer towards that particular company will the more,. Customers can be made satisfied towards services by various factors like effective advertising and publicity. Companies need to understand customer retention and comprehension to design better services and to market services more effectively.Marketers have to determine whether potential customers are satisfied towards services and it features. This is the basis step, which can be responsible for the development of customer loyalty and adoptions.

NEED FOR THE STUDY:Now a days it is very clear that market is having drastic changes and all the companies are acting according to it because to survive in the market and this should be
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achieved by studying about the customer opinions and analyzing their future requirements. This study is definitely going to help to analyze the customers and can take necessary steps for the improvement of the service from both the company side and as well as from the customers side.

OBJECTIVES:o To find out the level of satisfaction of customers about the policies of insurance companies. o To find out the level of service satisfaction among customers. o To know about the attitude of the customers towards insurance

RESEARCH METHODOLOGY:
Research means a scientific and systematic search for pertinent information on specific topic. Research is a care full investigation or inquiry especially through search for new facts in any branch of knowledge. Research comprises defining and redefining problems, formulating hypothesis or suggested solution: collecting, organizing and evaluating data; making deductions and reaching conclusions; and at last carefully testing the conclusions to determine whether they fit the formulating hypotheses. Methodology is defined a the study of methods by which we gain knowledge, it deals with cognitive processes imposed on research the problems rising from the nature of its subject matter.

TYPE OF RESEARCH

Exploratory Research, Descriptive Research


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Exploratory Research:
Exploratory research studies are also termed as formulate research studies. The main purpose of such studies in that of formulating a problem for more precise investigation or of developing the working hypothesis forms an operational point of view.

Descriptive Research:
Diagnostic Research studies determine the frequency with something occurs or its association with something else. In this project, information pertaining to customer needs satisfaction and their demographic profile was collected; hence it is a descriptive research.

RESEARCH INSTURMENT:
The research instrument used in this study structured questionnaire. Structured questionnaire are those questionnaire in which there are predetermined question relating to the aspect for which the researcher collects data. The questions are presented with exactly the same wording and in the same order to all the respondents.

QUESTIONNAIRE DESIGN:
The structured questionnaire for Appraisal System with the following types of questionnaires open ended, closed ended, multiple choice, types of questions.
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DATA COLLECTION:
Data refers to information or facts. It includes numerical figures, non-numerical figures, descriptive facts, and qualitative information. The task of data collection begins after research problem has been defined and research plan has been decided. The nature of the data is both Primary and Secondary data.

PRIMARY DATA:
Primary data were collected through Questionnaire and direct personal interview. The Questionnaire was framed as such a manner to obtain correct information, graded suitably for the study. All Questionnaires were distributed to the respondents and collected immediately from the respondents.

SECONDARY DATA:
The secondary data has been collected through oral communication. Secondary data about the company profile and other details were collected from the company website.

SAMPLING PROCEDURE:
Random sampling is adopted for survey. Respondents were selected at the random of the researches and the structured questioner was used for collecting the information.

SAMPLING SIZE:
Due to time and resource constraint the sample size has been taken as 100.In Random sampling is used for selection of homogeneous sample for the study. It refers to selection a sample of study. It is a non-probability sampling. Thus research study may
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include study objects, which are conveniently located. Research findings based on convenient sampling however, cannot be generalized.

LIMITATION OF THE STUDY:


Some responds opinion is based Ignore the facts of responds Customers did not spare much time to answer the questions
Particular area is covered

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INDUSTRY PROFILE
HISTORY :

Insurance in India has its history dating back until 1818, when Oriental Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to the needs of European community. The pre-independent era in India saw discrimination among the life of foreigners and Indians with higher premiums being charged for the latter. In 1870, Bombay Mutual Life Assurance Society became the first Indian insurance company covering Indian lives at normal rates. At the dawn of the twentieth century, many insurance companies were founded. In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business. The Life Insurance Companies Act, 1912 made it necessary that the premium-rate tables and periodical valuations of companies should be certified by an actuary it is in business. Before that, the industry consisted of only two state insurers: Life Insurers (Life Insurance Corporation of India, LIC) and General Insurers (General Insurance Corporation of India, GIC). GIC had four subsidiary companies. With effect from December 2000, these subsidiaries have been de-linked from the parent company and were set up as independent insurance companies: Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited.

Currently, in India only two million people (0.2 % of the total population of 1 billion) are covered under mediclaim, whereas in developed nations like USA about 75 % of the total population is covered under some insurance scheme. With more and more private companies in the sector, the situation may change soon..
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ACTS

:
The insurance sector went through a full circle of phases from being unregulated to

completely regulated and then currently being partly deregulated. It is governed by a number of acts. The Insurance Act of 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business. Life insurance in India was completely nationalized on January 19, 1956, through the Life Insurance Corporation Act. All 245 insuance companies operating in the country were merged into one entity, the Life Insurance Corporation of India. The General Insurance Business Act of 1972 was enacted to nationalise the about 100 general insurance companies and subsequently merging them into four companies. All the companies were amalgamated into National Insurance, New India Assurance, Oriental Insurance and United India Insurance, which were headquartered in each of the four metropolitan cities.

MISSION

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To protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto

INDIAN INSURANCE INDUSTRY:


GIC had four subsidiary companies, namely (with effect from Dec'2000) these subsidiaries have been de-linked from the parent company and made as independent insurance companies. Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:

Life Insurance Corporation of India (LIC) General Insurance Corporation of India (GIC) (with effect from Dec'2000, a National Reinsurer)

GIC had four subsidiary companies, namely


1. The Oriental Insurance Company Limited 2. The New India Assurance Company Limited 3. National Insurance Company Limited 4. United India Insurance Company Limited.

Table showing Life insurance players in India from 2000-2009


S.No. Registration Number 1 101 23.10.2000 HDFC Standard Life Insurance Date of Reg. Name of the Company

Company Ltd.
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2 3

104 105

15.11.2000 24.11.2000

Max New York Life Insurance Co. Ltd. ICICI Prudential Life Insurance

Company Ltd. 4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance Limited 5 6 7 8 109 110 111 114 31.01.2001 12.02.2001 30.03.2001 02.08.2001 Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited . ING Vysya Life Insurance Company Private Limited 9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited 10 12 13 14 15 117 122 127 128 130 06.08.2001 14.05.2002 06.02.2004 17.11.2005 14.07.2006 Metlife India Insurance Company Ltd. Aviva Life Insurance Co. India Ltd. Sahara India Insurance Company Ltd. Shriram Life Insurance Company Ltd. Bharti AXA Life Insurance Company Ltd. 16 133 04.09.2007 Future Generali India Life Insurance Company Limited 17 135 19.12.2007 IDBI Federal Life Insurance Company Ltd. 18 136 08.05.2008 Canara HSBC Oriental Life Bank of

Commerce Company Ltd. 19 138 27.06.2008 Aegon Religare

Insurance

Life

Insurance

Company Ltd.
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20

140

27.06.2008

DLF

Pramerica

Life

Insurance

Company Ltd. 21 142 Star Union Dai-ichi Life Insurance Co. Ltd., 22 143 05.11.2009 IndiaFirst Life Insurance Company Ltd.

Table showing General insurance players in India from 2000-2009


S.No. Registration Number 1 102 23.10.2000 Royal Sundaram Alliance Insurance Company Limited 2 3 4 5 6 103 106 108 113 115 23.10.2000 04.12.2000 22.01.2001 02.05.2001 03.08.2001 Reliance General Insurance Company Limited. IFFCO Tokio General Insurance Co. Ltd TATA AIG General Insurance Company Ltd. Bajaj Allianz General Insurance Company Limited ICICI Lombard General Insurance Company Limited. 7 8 9 10 123 124 125 131 15.07.2002 27.08.2002 27.08.2002 03-08-2007 Cholamandalam General Insurance Company Ltd. Export Credit Guarantee Corporation Ltd. HDFC-Chubb General Insurance Co. Ltd. Apollo Munich Health Insurance Company Date of Reg Name of the Company

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Limited 11 12 13 14 15 132 134 137 139 141 04-09-2007 16-11-2007 8.05.2008 27.06.2008 15.12.2008 Future Generali India Insurance Company Limited Universal Sompo General Insurance Company Ltd. Shriram General Insurance Company Limited, Bharti Axa General Insurance Company Ltd. Raheja QBE General Insurance Co. Ltd

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COMPANY PROFILE :
Future Generali is a joint venture between the India-based Future Group and the Italy-based Generali Group. Future Generali is present in India in both the Life and NonLife businesses as Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.

FUTURE GROUP

Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of Indias leading business houses with multiple businesses spanning across the consumption space. While retail forms the core business activity of Future Group, group subsidiaries are present in consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics. Led by its flagship enterprise, Pantaloon Retail, the group operates over 11 million square feet of retail space in over 63 cities and towns and 65 rural locations across India. Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people and is listed on the Indian stock exchanges. The company follows a multi-format retail strategy that captures almost the entire consumption basket of Indian customers. In the lifestyle segment, the group operates Pantaloons, a fashion retail chain and Central, a chain of seamless malls. In the value segment, its marquee brand, Big Bazaar is a hypermarket format that combines the look, touch and feel of Indian bazaars with the choice and convenience of modern retail. The groups specialty retail formats include- books and music chain - Depot; sportswear retailer - Planet Sports; electronics retailer e Zone ; home improvement chain Home Town ; and rural retail chain Aadhar ; among others. It also operates the popular shopping portal, www.futurebazaar.com.

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Future Capital Holdings, the groups financial arm provides investment advisory to assets worth over $1 billion that are being invested in consumer brands and companies, real estate, hotels and logistics. It also operates a consumer finance arm with branches in 150 locations. Other group companies include, Future Generali, the groups insurance venture in partnership with Italys Generali Group, Future Brands, a brand development and IPR company, Future Logistics, providing logistics and distribution solutions to group companies and business partners and Future Media, a retail media initiative. The groups presence in Leisure & Entertainment segment is led through, Mumbaibased listed company Galaxy Entertainment Limited. Galaxy includes leading leisure chains, Sports Bar and Bowling Co. and family entertainment centres, F123. Future Groups joint venture partners include, US-based stationery products retailers, Staples, French womens wear retailer, Etam, Middle East-based Axiom Communications and India-based Blue Foods, Liberty Shoes, Talwalkars and Asian Electronics.

GENERALI GROUP :
Established in Trieste on December 26, 1831, Generali is an international group present in more than 40 countries with insurance companies and companies mostly operating in the financial and real estate sectors. Over the years, the Generali Group has reconstructed a significant presence in Central Eastern Europe and has started to develop business in the principal markets of the Far East, including China and India.

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IDENTITY CARD

Generali Group ranks among the top three insurance groups in Europe and the 30th largest company in the Fortune 500 international ranking, with a 2007 premium income of over 66 billions
High rating assigned by the international rating agencies:

It is present in more than 40 countries It has over 50 millions clients worldwide It has 80,555 employees It has over 398 billions of total assets under management CORE TEAM MEMBERS : Mr. G. N. Bajpai Chairman Dr. Kim Chai Ooi -- Country Manager, Future Generali

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FUTURE GENERALI INDIA LIFE INSURANCE CO. LTD. : Mr. Jayant Khosla Mr. G N Agarwa Mr. Nirakar Pradhan Mr. Nagesh Rajanna Mr. Arnab Maik Ms. Shalaka Gadekar Mr. Anup Chandak Mr. Rajeev Shirodkar - MD & CEO -Chief Actuary & Appointed Actuary -Chief Investment Officer -Chief - Sales & Business Development -Chief Marketing Officer -Chief - Human Capital -CFO -CIO :

FUTURE GENERALI INDIA INSURANCE CO. LTD. Mr. Deepak Sood Mr. S. Venkatesh Mr. K G Krishnamoorthy Rao

- Chief Executive Officer -Chief Financial Officer -Chief Underwriting Officer

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CUSTOMER SATISFACTION

The degree to which customer expectations of a product or service are met or exceeded. Corporate and individual customers may have widely differing reasons for
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purchasing a product or service and therefore any measurement of satisfaction will need to be able to take into account such differences. The quality of after-sales service can also be a crucial factor in influencing any purchasing decision. More and more companies are striving, not just for customer satisfaction, but for customer delight, that extra bit of added value that may lead to increased customer loyalty. Any extra added value, however, will need to be carefully costed. According to Voltaire Customer satisfaction defines as follows When we talk about customer service and/or satisfaction, we talk about creativity. Creativity allows us to handle or diffuse problems at hand or later on in the process of conducting the everyday business. We talk about how, or rather what, does the organization have to do to gain not only the sale but also the loyalty of the customer. We want to know the payoff of the transaction both in the short and long term. We want to know what our customers want. We want to know if our customers are satisfied. Satisfaction, of course, means that what we delivered to a customer met the customers approval. We want to know if customers are delighted and willing to come back, and so on. As important as delightfulness is, some of us minimize it, or even totally disregard it. At this point, we fail. Some of the issues that will guarantee failure in sales, satisfaction, and loyalty are:

Employees must adhere to a rigid chain of command Employees are closely supervised Conflictin whatever formis not allowed
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Rewards are based on carrot-and-stick principles Wrong objectives are measured However, we increase our chance of success if we allow employees to take personal responsibility for their actions in the areas of communication,Performance and customer satisfaction. How can we sensitize our employees to these issues? First, we must identify how we define the customer. Second, we must understand customer expectation levels concerning quality. Third, we must understand the strategy for customer service quality, fourth, we must understand the measurement and feedback cycles of customer satisfaction. The customer is the person or unit receiving the output of a process on the system. In fact, it is worth emphasizing that a customer can be the immediate, intermediate, or ultimate customer. Also, a customer may be a person or persons, or a process or processes.Customer satisfaction, however, is when the customer is satisfied with a product/service that meets the customers needs, wants, and expectations. To further understand customer satisfaction, we must take a deeper look at the levels of specific satisfaction. We must also recognize that there are levels of customer satisfaction that, in a sense, define the basic ingredients of quality. There are at least three levels of customer expectations about quality

Level:
Expectations are very simple and take the form of assumptions, must have, or take it for granted. For example, I expect the airline to be able to take off, fly to my destination,
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and land safely. I expect to get the correct blood for my blood transfusion. And I expect the bank to deposit my money to my account and to keep a correct tally for me.

Level 2:
Expectations are a step higher than that of level 1 and they require some form of satisfaction through meeting the requirements and/or specifications. For example, I expect to be treated courteously by all airline personnel. I went to the hospital expecting to have my hernia repaired, to be in some pain after it was done, to be out on the same day, and to receive a correct bill. And I went to the bank expecting the bank teller to be friendly, informative, and helpful with my transactions.

Level 3:
Expectations are much higher than for levels 1 and 2. Level 3 requires some kind of delightfulness or a service that is so good that it attracts me to it. For example, an airline gives passengers traveling coach class the same superior food service that other airlines provide only for first-class passengers. In fact, I once took a flight where the flight attendants actually baked cookies for us right there on the plane. When I went to the hospital, I expected staff to treat me with respect and they carefully explained things to me. But I was surprised when they called me at home the next day to find out how I was doing. And at my house closing, the bank officer, representing the bank holding my mortgage, not only treated me with respect and answered all my questions about my new mortgage, but just before we shook hands to close the deal, he gave me a housewarming gift. Customer satisfaction, a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals." It is seen as a key performance indicator within business and is often part of a Balanced Scorecard. In a competitive marketplace where
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businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy. Within organizations, customer satisfaction ratings can have powerful effects. They focus employees on the importance of fulfilling customers expectations. Furthermore, when these ratings dip, they warn of problems that can affect sales and profitability. These metrics quantify an important dynamic. When a brand has loyal customers, it gains positive word-of-mouth marketing, which is both free and highly effective. Therefore, it is essential for businesses to effectively manage customer satisfaction. To be able do this, firms need reliable and representive measures of satisfaction. In researching satisfaction, firms generally ask customers whether their product or service has met or exceeded expectations. Thus, expectations are a key factor behind satisfaction. When customers have high expectations and the reality falls short, they will be disappointed and will likely rate their experience as less than satisfying. For this reason, a luxury resort, for example, might receive a lower satisfaction rating than a budget motel even though its facilities and service would be deemed superior in absolute terms.

The importance of customer satisfaction diminishes when a firm has increased bargaining power. For example, cell phone plan providers, such as AT&T and Verizon, participate in an industry that is an oligopoly, where only a few suppliers of a certain product or service exist. As such, many cell phone plan contracts have a lot of fine print with provisions that they would never get away if there were, say, a hundred cell phone plan providers, because customer satisfaction would be way too low, and customers would easily have the option of leaving for a better contract offer.

PURPOSE
A business ideally is continually seeking feedback to improve customer satisfaction.
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Customer satisfaction provides a leading indicator of consumer purchase intentions and loyalty. Customer satisfaction data are among the most frequently collected indicators of market perceptions. Their principal use is twofold: 1. Within organizations, the collection, analysis and dissemination of these data send a message about the importance of tending to customers and ensuring that they have a positive experience with the companys goods and services 2. Although sales or market share can indicate how well a firm is performing currently, satisfaction is an indicator of how likely it is that the firms customers will make further purchases in the future. Much research has focused on the relationship between customer satisfaction and retention. Studies indicate that the ramifications of satisfaction are most strongly realized at the extremes. On a five-point scale, individuals who rate their satisfaction level as 5 are likely to become return customers and might even evangelize for the firm. (A second important metric related to satisfaction is willingness to recommend. This metric is defined as "The percentage of surveyed customers who indicate that they would recommend a brand to friends." When a customer is satisfied with a product, he or she might recommend it to friends, relatives and colleagues. This can be a powerful marketing advantage.) Individuals who rate their satisfaction level as 1, by contrast, are unlikely to return. Further, they can hurt the firm by making negative comments about it to prospective customers. Willingness to recommend is a key metric relating to customer satisfaction.

MEASURING CUSTOMER SATISFACTION


Organizations need to retain existing customers while targeting non-customers. Measuring customer satisfaction provides an indication of how successful the organization is at providing products and/or services to the marketplace. Customer satisfaction is measured at the individual level, but it is almost always reported at an aggregate level. It can be, and often is, measured along various dimensions. A hotel, for example, might ask customers to rate their experience with its front desk and
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check-in service, with the room, with the amenities in the room, with the restaurants, and so on. Additionally, in a holistic sense, the hotel might ask about overall satisfaction with your stay. As research on consumption experiences grows, evidence suggests that consumers purchase goods and services for a combination of two types of benefits: hedonic and utilitarian. Hedonic benefits are associated with the sensory and experiential attributes of the product. Utilitarian benefits of a product are associated with the more instrumental and functional attributes of the product (Batra and Athola 1990) Customer satisfaction is an ambiguous and abstract concept and the actual manifestation of the state of satisfaction will vary from person to person and product/service to product/service. The state of satisfaction depends on a number of both psychological and physical variables which correlate with satisfaction behaviors such as return and recommend rate. The level of satisfaction can also vary depending on other options the customer may have and other products against which the customer can compare the organization's products. Work done by Parasuraman, Zeithaml and Berry (Leonard L) between 1985 and 1988 provides the basis for the measurement of customer satisfaction with a service by using the gap between the customer's expectation of performance and their perceived experience of performance. This provides the measurer with a satisfaction "gap" which is objective and quantitative in nature. Work done by Cronin and Taylor propose the "confirmation/disconfirmation" theory of combining the "gap" described by Parasuraman, Zeithaml and Berry as two different measures (perception and expectation of performance) into a single measurement of performance according to expectation. The usual measures of customer satisfaction involve a survey with a set of statements using a Likert Technique or scale. The customer is asked to evaluate each statement and in term of their perception and expectation of performance of the organization being measured. Their satisfaction is generally measured on a five-point scale.
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Customer satisfaction data can also be collected on a 10-point scale. Regardless of the scale used, the objective is to measure customers perceived satisfaction with their experience of a firms offerings. It is essential for firms to effectively manage customer satisfaction. To be able do this, we need accurate measurement of satisfaction. Good quality measures need to have high satisfaction loadings, good reliability, and low error variances. In an empirical study comparing commonly used satisfaction measures it was found that two multi-item semantic differential scales performed best across both hedonic and utilitarian service consumption contexts. According to studies by Wirtz & Lee (2003), they identified a six-item 7-point semantic differential scale (e.g., Oliver and Swan 1983), which is a six-item 7-point bipolar scale, that consistently performed best across both hedonic and utilitarian services. It loaded most highly on satisfaction, had the highest item reliability, and had by far the lowest error variance across both studies. In the study, the six items asked respondents evaluation of their most recent experience with ATM services and ice cream restaurant, along seven points within these six items: please me to displeased me, contented with to disgusted with, very satisfied with to very dissatisfied with, did a good job for me to did a poor job for me, wise choice to poor choice and happy with to unhappy with. A semantic differential (4 items) scale (e.g., Eroglu and Machleit 1990), which is a four-item 7-point bipolar scale, was the second best performing measure, which was again consistent across both contexts. In the study, respondents were asked to evaluate their experience with both products, along seven points within these four items: satisfied to dissatisfied, favorable to unfavorable, pleasant to unpleasant and I like it very much to I didnt like it at all.
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The third best scale was single-item percentage measure, a one-item 7-point bipolar scale (e.g., Westbrook 1980). Again, the respondents were asked to evaluate their experience on both ATM services and ice cream restaurants, along seven points within delighted to terrible. It seems that dependent on a trade-off between length of the questionnaire and quality of satisfaction measure, these scales seem to be good options for measuring customer satisfaction in academic and applied studies research alike. All other measures tested consistently performed worse than the top three measures, and/or their performance varied significantly across the two service contexts in their study. These results suggest that more careful pretesting would be prudent should these measures be used. Finally, all measures captured both affective and cognitive aspects of satisfaction, independent of their scale anchors. Affective measures capture a consumers attitude (liking/disliking) towards a product, which can result from any product information or experience. On the other hand, cognitive element is defined as an appraisal or conclusion on how the products performance compared against expectations (or exceeded or fell short of expectations), was useful (or not useful), fit the situation (or did not fit), exceeded the requirements of the situation (or did not exceed).

METHODOLOGIES
American Customer Satisfaction Index (ACSI) is a scientific standard of customer satisfaction. Academic research has shown that the national ACSI score is a strong predictor of Gross Domestic Product (GDP) growth, and an even stronger predictor of Personal Consumption Expenditure (PCE) growth. On the microeconomic level, academic studies have shown that ACSI data is related to a firm's financial performance in terms of return on investment (ROI), sales, long-term firm value (Tobin's q), cash flow, cash flow volatility, human capital performance, portfolio returns, debt financing, risk, and consumer spending. Increasing ACSI scores has been shown to predict loyalty, word-of-mouth recommendations, and purchase behavior. The ACSI measures customer satisfaction
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annually for more than 200 companies in 43 industries and 10 economic sectors. In addition to quarterly reports, the ACSI methodology can be applied to private sector companies and government agencies in order to improve loyalty and purchase intent. Two companies have been licensed to apply the methodology of the ACSI for both the private and public sector: CFI Group, Inc. and Foresee Results apply the ACSI to websites and other online initiatives. ASCI scores have also been calculated by independent researchers, for example, for the mobile phones sector, higher education, and electronic mail.

The Kano model is a theory of product development and customer satisfaction developed in the 1980s by Professor Noriaki Kano that classifies customer preferences into five categories: Attractive, One-Dimensional, Must-Be, Indifferent, Reverse. The Kano model offers some insight into the product attributes which are perceived to be important to customers. SERVQUAL or RATER is a service-quality framework that has been incorporated into customer-satisfaction surveys (e.g., the revised Norwegian Customer Satisfaction Barometer) to indicate the gap between customer expectations and experience. J.D. Power and Associates provides another measure of customer satisfaction, known for its top-box approach and automotive industry rankings. J.D. Power and Associates' marketing research consists primarily of consumer surveys and is publicly known for the value of its product awards. Other research and consulting firms have customer satisfaction solutions as well. These include A.T. Kearney's Customer Satisfaction Audit process, which incorporates the Stages of Excellence framework and which helps define a companys status against eight critically identified dimensions. For Business to Business (B2B) surveys there is the InfoQuest box. This has been used internationally since 1989 on more than 110,000 surveys (Nov '09) with an average
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response rate of 72.74%. The box is targeted at "the most important" customers and avoids the need for a blanket survey. Customer satisfaction can help your business to achieve a sustainable competitive advantage. Its about understanding the way a customer feels after purchasing a product or service and, in particular, whether or not that product or service met the customers expectations. Customers primarily form their expectations through past purchasing experiences, word-of-mouth from family, friends and colleagues and information delivered through marketing activities, such as advertising or public relations. If the customers expectation isnt met, they will be dissatisfied and its very likely they will tell others about their experience.

WHY CUSTOMER SATISFACTION IS IMPORTANT


Dont underestimate the value of customer satisfaction. Its becoming an important area of competition. A high level of satisfaction can deliver many benefits, including:

Loyalty: a highly satisfied customer is a loyal customer. Repeat purchase: a highly satisfied customer buys more products. Referrals: a highly satisfied customer tells their family and friends about the product or service. Retention: a highly satisfied customer is less likely to switch brands. Reduced costs: a highly satisfied customer costs less to serve than a new customer. Premium prices: a highly satisfied customer is willing to pay more for the product or service.

Not happy Jan

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Customer Satisfaction

Monitoring customer satisfaction is important because we are much more likely to tell our friends and family about a bad experience with a product or service than a good experience. The introduction of blogs and websites such as www.notgoodenough.com.au has provided customers with an excellent platform to spread the bad word about a product or service to thousands of people. And theres always the threat of negative publicity generated from current affairs programs or other media outlets. Dont learn the lesson about customer satisfaction the hard way!

CUSTOMER SATISFACTION RESEARCH


Satisfaction surveys are an important method for collecting information about how your customers think and feel about your brand, product or service. A satisfaction survey can help you to understand the expectations of your customers, determine whether your customers believe you are meeting those expectations, identify new customer requirements or trends in the market and determine what areas of your business need investment. A good customer satisfaction survey will also help you to understand the causes of dissatisfaction among your customers. Once youve identified these issues, youll be able to implement new practices to improve customer satisfaction. Many businesses systematically measure customer satisfaction through independent surveys, feedback forms, mystery shopping and focus groups. Some third party surveys also compare the customer satisfaction of major competitors, which allows companies to benchmark themselves in their relevant sector. Measuring customer satisfaction doesnt have to be expensive. It can be as simple as preparing a short feedback form or conducting a brief telephone interview that asks the customer to rate the product or service on a number of criteria. Indicators of customer satisfaction
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Customer Satisfaction

An important indicator of customer satisfaction is the customer retention rate. To calculate your customer retention rate, you will need to capture data about the total number of customers and the number of customers switching brands. If you track this information over time, youll be able to see whether you are improving your customer retention and satisfaction.

Another tool that has been introduced in Australia is the Net Promoter Scores, which provide a new metric for measuring customer loyalty. The Net Promoter Scores ask one simple question about whether a customer would recommend a product or service to a friend or colleague. This question has been identified as the ultimate determinant of customer satisfaction or loyalty. Research in the UK and the US has found a clear correlation between the Net Promoter Scores and revenue growth, illustrating the importance of customer satisfaction to future growth potential. Satisfaction affects the bottom line Where there is high customer satisfaction, the customer retention rate will also be high and business results will follow. Gain an edge on your competition by focusing on what really matters.

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DATA ANALYSIS AND INTERPRETATION


TABLE- 1 Table showing number of policy holders and non holders:
GENDER TOTAL SAMPLES POLICY HOLDERS % OF POLICY HOLDERS NON HOLDERS % OF NON HOLDERS

MALE FEMALE TOTAL

70 30 100

23 14 37

33 47 37

47 16 63

67 53 63

DIAGRAMATIC REPRESENTATION:

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INFERENCE:
From the above information, we have 37% of insurance policy holders and 63% of non policy holders. Male policy holders are 33% and non policy holders are 67%. Female policy holders are 47% and non policy holders are 53%.

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Customer Satisfaction

TABLE- 2 Table showing number of policy holders and non holders based on marital status:
Marital status Number of persons Holder s % OF Holders NON Holders % OF NON Holders

Married Single Total

51 49 100

22 15 37

43 31 37

39 34 63

67 69 63

DIAGRAMATIC REPRESENTATION:

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Customer Satisfaction

INFERENCE:
From the above information, we have married people with policy are 43% and without policy are 57%.Single people with policy are 31% and without policy are 69%.

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Customer Satisfaction

TABLE- 3 Table showing number of policy holders and non holders based on occupation:
Occupation No. of persons Policy holders % Of Policy holders Non Policy holders % Of Non Policy holders

Student Employee Self employee Business Others

18 38 34 2 8

2 17 14 2 2

11 45 41 100 25

16 21 20 0 6

89 55 59 0 75

DIAGRAMATIC REPRESENTATION:

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Customer Satisfaction

INFERENCE:
From the above information, we have students with policy are 11% and without policy are 89%. Employees with policy are 45% and without policy are 55%.selfemployee with policy are 41% and without policy are 59%. Business man with policy is 100%.others with policy is 25% and without policy is 75%.

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TABLE- 4 Table showing number of policy holders and non holders based on monthly income:
Monthly income Number of persons Policy holders Non policy holders

<50000 5000-10000 10000-15000 15000-20000 >20000

35 28 25 4 8

10 9 10 2 2

25 19 15 2 6

DIAGRAMATIC REPRESENTATION:

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Customer Satisfaction

INFERENCE:
From the above information, we have <5000 monthly income holders with policy are 29% and without policy are 71%. 5000-10000 monthly income holders with policy are 32% and without policy are 68%. 10000-15000 monthly income holders with policy are 40% and without policy are 60%. 15000-20000 monthly income holders with policy are 50% and without policy are 50%. >20000 monthly income holders with policy are 75% and without policy are 25%.

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TABLE- 5 Table showing list of companies selected by the policy holders:


Insurance company Number of persons Percentage (%)

Lic Icici Ing vysya SBI Bajaj allianze Others

18 3 3 3 2 8

49 8 8 8 5 22

DIAGRAMATIC REPRESENTATION:

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Customer Satisfaction

INFERENCE:
The above information projects, list of companies selected by the people for insurance. Here Lic has 49%, Icici has 8%,Ing vysya has 8%,SBI has 8%,Bajaj allianze has 5% and Others 22%.

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Customer Satisfaction

TABLE- 6 Table showing number of policy holders according to nature of policies:


Nature of policy Number of persons Percentage (%)

Life Non life Both

31 1 5

84 3 13

DIAGRAMATIC REPRESENTATION:

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Customer Satisfaction

INFERENCE:
The above information projects, number of policy holders in different nature of policies. Here we have Life insurance policies has 84%, Non life insurance policies has 3% and both 13%.

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Customer Satisfaction

TABLE- 7 Table showing number of persons in different time periods of policies:


period of policy Number of persons Percentage (%)

<5 years 5-10 years 10-15 years

5 14 18

13 38 49

DIAGRAMATIC REPRESENTATION:

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Customer Satisfaction

INFERENCE:
The above information projects, number of policy holders in different time periods of insurance policies. Here less than 5 year policies has 13%, 5 to 10 year policies has 38%,10 to 15 year policies has 49% of people respectively..

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Customer Satisfaction

TABLE- 8 Table showing policy holders feedback on benefits of insurance company:


Benefit Number of persons

Future investment Cover future certainity Tax deduction

21 8 18

DIAGRAMATIC REPRESENTATION:

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Customer Satisfaction

INFERENCE:
The above information projects, policy holders feedback on benefits of insurance company. Here Future investment has 57%, Cover future certainty has 21% and Tax deduction has 22%.

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Customer Satisfaction

TABLE- 9 Table showing features of policy which attracted policy holders


Feature Number of persons

Larger risk coverage Low premium Money back guarantee Reputation of the company

12 8 14 3

DIAGRAMATIC REPRESENTATION:
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Customer Satisfaction

INFERENCE:
The above information projects, features of policy which attracted policy holders. Here larger risk coverage is 32%, Low premium is 22%, Money back guarantee is 38%, and Reputation of the company is 8%.

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Customer Satisfaction

TABLE- 10 Table showing satisfaction status of policy holders with current insurer:
Level of satisfaction Number of persons

Highly satisfied Satisfied Moderate Unsatisfied Highly unsatisfied

1 20 9 7 0

DIAGRAMATIC REPRESENTATION:

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Customer Satisfaction

INFERENCE:
The above information projects, satisfaction status of policy holders with current insurer. Here 3% policy holders are Highly satisfied,54% policy holders are Satisfied,24% policy holders are Moderate,19% policy holders Are Unsatisfied and 0% of policy holders are Highly unsatisfied.

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Customer Satisfaction

TABLE- 11 Table showing satisfaction status of policy holders with service agents:
Level of satisfaction Number of persons

Highly satisfied Satisfied Moderate Unsatisfied Highly unsatisfied

1 20 9 7 0

DIAGRAMATIC REPRESENTATION:

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Customer Satisfaction

INFERENCE:
The above information projects, satisfaction status of policy holders with service agents. Here 3% policy holders are Highly satisfied,54% policy holders are Satisfied,24% policy holders are Moderate,19% policy holders.Are Unsatisfied and 0% of policy holders are Highly unsatisfied.

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Customer Satisfaction

TABLE- 12 Table showing satisfaction status of policy holders regarding financial needs:
Level of satisfaction Number of persons

Very high High Moderate Low Very low

0 16 17 4 0

DIAGRAMATIC REPRESENTATION:

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Customer Satisfaction

INFERENCE:
The above information projects, satisfaction status of policy holders regarding financial needs. Here 0% of policy holders satisfied Very high, 43% of policy holders satisfied High,46% of policy holders satisfied.Moderate,11% of policy holders satisfied low,0% of policy holders satisfied Very low.

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TABLE- 13 Table showing satisfaction level of policy holders with the information given in catalogs:
Level of satisfaction Number of persons

Very high High Moderate Low Very low

0 7 12 17 1

DIAGRAMATIC REPRESENTATION:
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INFERENCE:
The above information projects, satisfaction status of policy holders regarding nature of catalogs. Here 0% of policy holders satisfied Very high, 19% of policy holders satisfied High,32% of policy holders satisfied.Moderate,46% of policy holders satisfied low,3% of policy holders satisfied Very low.

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TABLE- 14 Table showing policy holders opinion on future benefits of insurance policies :
Level of satisfaction Number of persons

Very high High Moderate Low Very low

2 15 16 3 1

DIAGRAMATIC REPRESENTATION:

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INFERENCE:
The above information projects, policy holders opinion on future benefits of insurance policies. Here 5% of policy holders satisfied Very high, 41% of policy holders satisfied high, 43% of policy holders satisfied. Moderate, 8% of policy holders satisfied low, 3% of policy holders satisfied Very low.

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TABLE- 15 Table showing plans of people in getting insurance:


Plan to get insurance Number of persons

Definitely have must to buy now Probably yes, but in near future Probably yes, but not near future Definite no

7 27 30 36

DIAGRAMATIC REPRESENTATION:
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INFERENCE:
The above information projects, the plans of people in getting insurance policies. people opinion on Definitely have must to buy now is 7%,Probably yes, but in near future is 27%,Probably yes, but not near future is 30%,Definite no is 36%.

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Customer Satisfaction

TABLE- 16 Table showing interests of people investing in FGI:


Interest on FGI products Number of persons

Yes No

36 64

DIAGRAMATIC REPRESENTATION:

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INFERENCE:
The above information projects, interests of people investing in FGI, 36% of people are interested in policies of FGI and 64% of people are not interested in FGI.

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TABLE- 17 Table showing peoples interest to get in touch with company advisors of FGI:
Like to get in touch with advisors Number of persons

Yes No

11 89

DIAGRAMATIC REPRESENTATION:

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INFERENCE:
The above information projects, peoples interest to get in touch with company advisors of FGI. 11% of people are interested and 89% of people are not interested.

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FINDINGS:
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It is found that, we have 37% of insurance policy holders and 63% of non policy

holders. Male policy holders are 33% and non policy holders are 67%. Female policy holders are 47% and non policy holders are 53%.
It is found that, we have married people with policy are 43% and without policy are

57%.Single people with policy are 31% and without policy are 69%.
It is found that, Students with policy are 11% and without policy are89%.

Employees with policy are 45% and without policy are 55%. Self employee with policy is 41% and without policy are 59%. Business man with policy is 100%.others with policy is 25% and without policy is 75%.
It is found that, we have <5000 monthly income holders with policy are 29% and

without policy are 71%. 5000-10000 monthly income holders with policy are 32% and without policy are 68%. 10000-15000 monthly income holders with policy are 40% and without policy are 60%. 15000-20000 monthly income holders with policy are 50% and without policy are 50%. >20000 monthly income holders with policy are 75% and without policy are 25%.
It is found that, the list of companies selected by the people for insurance, LIC has

49%, ICICI has 8%, ING VYSYA has 8%, SBI has 8%, Bajaj Allianz has 5%, and others 22%.
It is found that, the number of policy holders in different nature of policies, we have

Life insurance policies has 84%, Non life insurance policies has 3% and both 13%.
It is found that, the number of policy holders in different time periods of insurance

policies, less than 5 year policies has 13%, 5 to 10 year policies has 38%,10 to 15 year policies has 49% of people respectively.
It is found that, policy holders feedback on benefits of insurance companies,

Future investment has 57%, Cover future certainty has 21% and Tax deduction has 22%.

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Customer Satisfaction

It is found that, features of policy which attracted policy holders, larger risk

coverage are 32%, Low premium is 22%, Money back guarantee is 38%, and Reputation of the company is 8%.
It is found that, satisfaction status of policy holders with current insurer, 3% policy

holders are Highly satisfied,54% policy holders are Satisfied,24% policy holders are Moderate,19% policy holders are Unsatisfied and 0% of policy holders are Highly unsatisfied.
It is found that, satisfaction status of policy holders with service agents, 3% policy

holders are Highly satisfied,54% policy holders are Satisfied,24% policy holders are Moderate,19% policy holders are Unsatisfied and 0% of policy holders are Highly unsatisfied.
It is found that, satisfaction status of policy holders regarding their financial needs,

0% of policy holders satisfied Very high, 43% of policy holders satisfied High,46% of policy holders satisfied Moderate,11% of policy holders satisfied low,0% of policy holders satisfied Very low.
It is found that, satisfaction status of policy holders regarding information from the

catalogs, 0% of policy holders satisfied Very high, 19% of policy holders satisfied High,32% of policy holders satisfied Moderate,46% of policy holders satisfied low,3% of policy holders satisfied Very low.
It is found that, policy holders opinion on future benefits of insurance policies, 5%

of policy holders satisfied Very high, 41% of policy holders satisfied High,43% of policy holders satisfied, Moderate,8% of policy holders satisfied low,3% of policy holders satisfied Very low.
It is found that, the plans of people in getting insurance policies, people opinion on

Definitely have must to buy now is 7%,Probably yes, but in near future is 27%,Probably yes, but not near future is 30%,Definite no is 36%.
It is found that, interests of people investing in FGI products, 36% of people are

interested in the policies of FGI and 64% of people are not interested in the policies of FGI.
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It is found that, peoples interest to get in touch with company advisors of FGI,

11% of people is interested and 89% of people are not interested.


It is found that, every company is intimating the due date for every customer at all

times.

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SUGGESTIONS & CONCLUSIONS:


Married people constitute the bulk of policy holders and will be the ideal for the companies to target married individuals as they are more likely to buy insurance policies. The penetration of insurance as a mode of investment is to be spread among unmarried individuals as their attitude to this is different from that of the married individuals. Awareness has to be created among students for insurance policies and benefits of arising out of being covered by insurance policies. The penetration of insurance policies among customers with monthly income >20000 is observed to be less, these customer can be specifically targeted with low premium policies. LIC is the market leader in the insurance sector followed by the ICICI, ING VYSYA, and SBI. The bulk of insurance market consists of life insurance where as non life policies score very less. Most of the customer chooses insurance as an investment option rather than a tool to the cover future uncertainty or for tax savings option. The companies should focus on promoting insurance as a tax savings option to high income group customers. Most of customers are attracted by the money back guarantee scheme of the insurance company followed by premium. This factor has to be taken into consideration at the time of designing policy. It has been observed that satisfaction rating with current insurer is directly correlated to satisfaction with service agent. Hence companies shall recruit qualified service agents and train them appropriately so that they can provide best of the services to the customers. It is also found that customers expect more returns from the insurance policies as most of them are just satisfied and none very satisfied.

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The amount of fine print in the insurance policy catalog has to be reduced. Information has to be provided in absolute and transparent terms. More than 50% of customers are skeptical about the future benefits of insurance companies and companies have to build awareness and educate customers with future benefits in buying insurance policies.

All most all customers are satisfied by the way information is communicated and updated by the insurance companies. Very few customers are aware of Future Generali India Life Insurance Co. Ltd or its products and large scale advertisement campaign would be beneficial in creating brand awareness.

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QUESTIONNAIRE
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1) Name of the respondent __________________________________

2) Gender ] 1) Male 2) Female

3) Marital status ] 1) Single 4) You live in ] 1) Own house 5) Sole dread winner ] 1) Yes 2) no 2) rented house 2) married

6) Number of dependents _______________________

7) Occupation ]
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1) student 2) employee 3) self employed 4) business

5) other

8) Monthly income ] 1) <5000 2) 5000-10000 3) 10000-15000 4) 15000-20000 5) >20000

9) Monthly household income ] 1) <5000 2) 5000-10000 3) 10000-15000 4) 15000-20000 5) >20000

10) Do you have any insurance policy? ] 1) Yes 2) no

11) In which company you have any insurance policy? _____________________

12) Which insurance policy you have? ] 1) Life 2) non life 3) both

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13) For how many years do you have the policy for? ] 1) <5 years 2) 5-10 years 3) 10-15 years 4) any other 14) What you think are the benefits of insurance company? ] 1) Cover future certainty 2) tax deduction 3) future investment 4) any other

15) Which feature of your policy attracted you be buy it? ]

1) Low premium 2) larger risk coverage 3) money back guarantee 4) reputation of the company

16) Are you satisfied with the current insurer? ] 1) Highly satisfied 2) satisfied 3) moderate 4) unsatisfied 5) highly unsatisfied

17) Are you satisfied with your insurance service agent? ] 1) Highly satisfied 2) satisfied 3) moderate 4) unsatisfied 5) highly unsatisfied

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18) Does this policy satisfy your financial needs? ] 1) Very high 2) high 3) moderate 4) low 5) very low

19) Are you satisfied with the information given in the catalogs? ] 1) Very high 2) high 3) moderate 4) low 5) very low

20) Is the company intimating the due date of the premium every time? ] 1) Yes 2) no

21) Do you think really that there are future benefits investing in insurance policies? ] 1) Very high 2) high 3) moderate 4) low 5) very low

22) Please tell us if you have any plan to get the insurance. ] 1) Definitely have must to buy now
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2) Probably yes, but in near future 3) Probably yes, but not near future 4) Definite no

23) Will you be interested in the products of Future Generali India Insurance Co. Ltd. ] 1) Yes 2) no

24) Would you like our company advisors to get in touch with you? ] 1) Yes 2) no

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BIBLIOGRAPHY
Name of the Book
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Author

Publication
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Customer Satisfaction

Marketing Management Research Methodology Principles of Management Magazines Websites: www.google.com www.marketingzone.com www.futuregenerali.in

PHILLIP KOTLER KOTHARI. C.R. PHILLIP KOTLER Business World

10th Edition Prentice Hall M/s New Age International (P) Ltd 10th Edition Prentice Hall Business Today

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