Global Journal of Research in Management

Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

A Comparative Analysis of Service Quality of Private Life Insurance Companies


Affiliations
1 Maharshi Dayanand University, Rohtak, Haryana, India
     

   Subscribe/Renew Journal


Rapid digitization and globalization are leading to the existence of knowledgeable and more conscious customers. The companies have to win the battle in the minds of the customers for their success. The thought process, perceptions, and attitudes of customers are built on the quality of the experiences they had with service firms. Therefore private life insurance companies must be acknowledged with the customer perceptions of th,eir services. The paper focuses on the service quality of the top five private life insurance companies: ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance, HDFC Standard Life Insurance, Max Life Insurance, and SBI Life Insurance companies. The study revealed that the service performances of the private life insurance companies are not up to the expectations of the customers. The study revealed that Bajaj Allianz Life Insurance has better service quality in comparison to the other four life insurance companies. Thus, the study discovered that customers are dissatisfied with the services of private life insurance companies. The private life insurance companies need to improve their tangibility, reliability, responsiveness, assurance, empathy, service convenience and service availability dimensions to positively enhance the customer perceptions of service quality of private life insurance companies. Private life insurance companies should improve their quality of service to enhance customer satisfaction. Private life insurance companies knowing the customer perceptions of their services can focus and formulate accordingly their service process.

Keywords

Service Quality, Life Insurance, Perception, Expectation, Customer
Subscription Login to verify subscription
User
Notifications
Font Size


  • Agarwal, M. & Tanwar, S. (2018). A Study of Service Quality Determinants in Life Insurance Sector. Research Review International Journal of Multidisciplinary , 3(9), 622-626. doi: 10.5281/zenodo.1434862

  • Ahmad, A. & Sungip, Z. (2008). An Assessment on Service Quality in Malaysia Insurance Industry. Communications of the IBIMA, 1, 13-26.

  • Angur, M. G., Nataraajan, R., & Jahera, J. S. (1999). Service Quality in the Banking Industry: An Assessment in a Developing Economy. International Journal of B ank Marketing, 13(2), 132-150. doi: 10.1108/02652329910269211

  • Berry, Parasuraman, & Zeithaml. (1988). The Service Quality Puzzle. Business Horizons, 31, 35-43. doi: 10.1016/0007-6813(88)90053-5 Brown, S. W., & Swartz, T. A. (1989). A Gap Analysis of Professional Service Quality.

  • Journal of Marketing, 53, 92-98. doi: 10.1177/002224298905300207

  • Chatterjee, J. (2018). Role of Services Marketing Mix and Customer-Company Identification in building Engaged Customers. Amity Journal of Management Research, 3(1), 112-122. Retrieved from https://www.amity.edu/admaa/ajmr/default.aspx

  • Gopi, B., Samat, N., & Alam, S. (2020). The Influence of Food Trucks' Service Quality on Customer Satisfaction and Its Impact TowardCustomer Loyalty. British Food Journal, 122(10), 3213-3226. doi: 10.1108/BFJ-02-2020-0110

  • Gautam, V. (2011). Service Quality Perceptions of Customers about Insurance Companies: An Empirical Study. Indian Journal of Marketing, 41(3), 8-20.

  • Hong, S. J., Choi, D., & Chae, J. (2020). Exploring Different Airport Users’ Service Quality Satisfaction between Service Providers and Air Travelers. Journal of Retailing and Consumer Services, 52, 101917. doi: 10.1016/j.jretconser.2019.101917

  • IBEF. (2020). Retrieved from http://www.ibef.org/industry/insurance-sector-india.aspx

  • Jadayil, W. A., Shakoor, M., Bashir, A., Selmi, H., & Qureshi, M. R. N. (2020). Using SERVIQUAL to Investigate The Quality of Provided Wireless Communication Services In UAE. International Journal of Quality and Service Sciences , 12(1), 109-132. doi: 10.1108/IJQSS-08-2018-0076

  • Joseph, M., Sekhon, Y., Stone, G. & Tinson, J. (2005). An Exploratory Study On The Use of Banking Technology In The UK. A Ranking of Importance of Selected Technology on Consumer Perception of Service Delivery Performance. International Journal of Bank Marketing, 23(5), 397-413.

  • Kumar, R., & Singh, M. (2010). Using SERVQUAL Model for Comparative Service Quality Analysis of The Indian Non-Life Insurance Sector. Paradigm Publisher: Institute of Management Technology Audience, 14(2), 56-63. doi: 10.1177/0971890720100207

  • Li, Y., & Shang, H. (2020). Service Quality, Perceived Value, and Citizens’ Continuous-Use Intention Regarding E-Government: Empirical Evidence from China. Information & Management , 57(3), 103197 doi: 10.1016/j.im.2019.103197

  • Mehta, S.C. & Lobo, A. (2002). MSS, MSA and Zone of Tolerance as Measures of Service Quality: A Study in the Life Insurance Industry. Second International Services Marketing Conference, University of Queensland.

  • Mittal, S., Gera, R., & Singh, S. R. (2013). Developing and Testing a Hierarchical Model of Customer Perceived Service Quality for Life Insurance Services. Asia-Pacific Journal of Management Research and Innovation, 9(I), 63-76. doi: 10.1177/2319510X13483513

  • Mondal, A. S. (2018). Differences in Perceived Service Quality of Students of Government and Private Colleges: An Empirical Investigation on Undergraduate Business Management courses in Kolkata. Amity Journal of Management Research, 3(2), 39-52.

  • Retrieved from https://www.amity.edu/admaa/ajmr/default.aspx Paposa, S. S., Ukinkar, V. G., & Paposa, K. K. (2019). Service Quality and Customer Satisfaction: Variation in Customer Perception across Demographic Profiles in Life Insurance Industry. International Journal of Innovative Technology and Exploring Engineering, 8(10), 3767-3775. doi: 10.35940/ijitee.J9970.0881019

  • Parasuraman, A., Zeithaml, V. A., & Berry, L. (1988). SERVQUAL: A Multiple-Item Scale for Measuring Consumer Perceptions of Service Quality. Journal of Retailing, 64(1), 12-40.

  • Porter, M. E. (1985). Competitive Advantage. New York, United States: The Free Press.

  • Raza, S. A., Umer, A., Qureshi, M. A., & Dahri, A. S. (2020). Internet Banking Service Quality, E-Customer Satisfaction and Loyalty: The Modified E-SERVQUAL Model. The TQM Journal , 32(6), 1443-1466. doi: 10.1108/TQM-02-2020-0019

  • Reichheld, F. F., & Sasser, W. E. (1990). Zero Defections: Quality Comes to Services. Harvard Business Review, 68(5), 105-111.

  • Rejikumar, G., Raja, S. V., & Raiswa. (2019). An Integrated Framework for Service Quality, Choice Overload, Customer Involvement and Satisfaction Evidence from India’s Non Life Insurance Sector. Managemen Decisions , Ahead of print. doi: 10.1108/MD-12-2018-1354

  • Rudie, M., & Wansley, B. (1985). The Merril Lynch Quality Program. In Services Marketing in a Changin Environment. (pp. 7-9). Chicago; United States: American Marketing Association.

  • Siami, S. & Gorji, M. (2011). Service Quality Management in the Insurance Industry on the Basis of Service Gap Model. Australian Journal of Basic and Applied Sciences , 5(11), 797-802.

  • Singh, S., Sirohi, N., & Chaudhary, K. (2014). A Study of Customer Perception towards Service Quality of Life Insurance Companies in Delhi NCR Region. Global Journal of Management and Business Research: E Marketing, 14 (7). Retrieved from https://journalofbusiness.org/index.php/GJMBR

  • Srivastava, M. (2015). Service Quality Gap in Life Insurance Industry. ENVISION –International Journal of Commerce and Management, 9, 98-102. Retrieved from https://acfa.apeejay.edu/publications/envision-journal-of-commerce-department-ofacfa


Abstract Views: 210

PDF Views: 0




  • A Comparative Analysis of Service Quality of Private Life Insurance Companies

Abstract Views: 210  |  PDF Views: 0

Authors

Monika Agarwal
Maharshi Dayanand University, Rohtak, Haryana, India
Samridhi Tanwar
, India

Abstract


Rapid digitization and globalization are leading to the existence of knowledgeable and more conscious customers. The companies have to win the battle in the minds of the customers for their success. The thought process, perceptions, and attitudes of customers are built on the quality of the experiences they had with service firms. Therefore private life insurance companies must be acknowledged with the customer perceptions of th,eir services. The paper focuses on the service quality of the top five private life insurance companies: ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance, HDFC Standard Life Insurance, Max Life Insurance, and SBI Life Insurance companies. The study revealed that the service performances of the private life insurance companies are not up to the expectations of the customers. The study revealed that Bajaj Allianz Life Insurance has better service quality in comparison to the other four life insurance companies. Thus, the study discovered that customers are dissatisfied with the services of private life insurance companies. The private life insurance companies need to improve their tangibility, reliability, responsiveness, assurance, empathy, service convenience and service availability dimensions to positively enhance the customer perceptions of service quality of private life insurance companies. Private life insurance companies should improve their quality of service to enhance customer satisfaction. Private life insurance companies knowing the customer perceptions of their services can focus and formulate accordingly their service process.

Keywords


Service Quality, Life Insurance, Perception, Expectation, Customer

References