An Empirical Study of the Key Factors Affecting Customer's Preferences for Insurance Companies

The objective of this study was to identify factors influencing the seiection of insurance company for purchasing the policy. For that an attempt has been made to study the customer buying behaviour with a focus on determining the factors affecting the consumers' preference for Insurance companies. The variabies on seiection of company made consisted of the 7 Ps of Services Marketing, which services providing companies iike insurance companies are assumed to have given due importance The respondents were queried about which factors strongly influences their choice of a particular company. The findings were analyzed using ANOVA tests for each of the 7 Ps. Findings discovered that Product features, accessibility, low premium amount, advertising, proper redressal of complaints and better claim settiement are some of the factors that drasticaily influences the choice of a company.