A Study of the Relationship among Customer Perceived Service Quality and Perceived Value on Customer Satisfaction of Life Insurance Services of LIC and HDFC Life in Rajasthan

Abstract

The Insurance industry in India is a US$ 41billion industry as stated by the Confederation of Indian Industry and is the fifth largest life insurance market in the emerging insurance economies globally. It is growing at a rate of 32-34 per cent annually. Competition in the sector is high, and although LIC has a major share and commands the top position in the life insurance segment, but it has lost a significant market share to private companies. With the emergence of 24 Life Insurance Companies and offering almost similar products it becomes difficult for a customer to identify from where he is receiving maximum benefits for the cost incurred. Since most of the companies in the life insurance sector have equivalent offerings, service marketers have realized over past few years that competition can, be well managed through quality and providing value for money and time. newline