A study on consumer expectation and perception on service quality of insurance companies in Ramanathapuram district Tamil nadu

Abstract

The insurance sector is one of the important components in the financial system. It comes under the financial service sector. The financial service sector is considered to the nucleus of the growth model designed for the economic development of the country. The rapid progress witnessed in the realm of financial services industry is engineered by the trends in globalization, liberalization and privatization. As a part and parcel of the financial section, the insurance industry caters to the needs of financial institutions, financial markets and financial instruments, geared to serve individual and institutional investors. Thus this service industry occupies an important place in the economic growth of the country. So far, Life Insurance Corporation of India (LIC), the public enterprises has enjoyed the monopoly in the insurance industry. Later, due to liberalization, foreign investors slowly invaded this industry. Presently the Government of India has opened its doors to the foreign investors to carry out their business in India. This made fierce competition not only to the LIC but also among the Private Life Insurance Companies (PLICs), who have business collaboration with foreign insurance companies. In the context of the above, not only LIC but also the PLICs have gathered momentum to vow the customers to improve their business as well as to establish their brand through quality customer service. Understanding the imperative need of giving customer satisfaction to their customers, the insurance companies are taking strenuous efforts to attract the customers. newline newline newline