Review of Literature
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CHAPTER II
REVIEW OF LITERATURE
Introduction
The chapter gives an overall view of the researches conducted at international and
national level to facilitate identification and understanding the areas covered so far in the
area of insurance marketing, customers‘ perception and satisfaction. It also paves the way
for future research. An extensive review of literature was undertaken to ascertain research
gap and to identify the relevant issues for the study. This chapter provides a bird‘s-eye
view of available relevant studies arranged logically in chronological order that were
carried in the previous years.
Anna Rita Bacinello and Fulvio Ortu (1996)1in their study had proposed a pricing
model for the insurance policies, which the authors believe to benefit in measuring the
performance of an interest rate sensitive assets (reference fund), and a minimum
guarantee in present. The model is cast in the celebrated term structure framework
depended by Cox, Ingersoll and Ross (1985). As for the behaviour of the investment
sequent, the study analysed two polar cases. In the first one the payments due on the
fund when the contract is still alive are not reinvested, while in the second the study
proposes a reinvestment policy. The study explains how to obtain solution for the single
premium in the no-reinvestment case, and how to implement a solution approach to
calculate numerically the single premium in the reinvestment. The authors illustrate their
analysis with numerical results that help in understanding the static properties of the
models proposed.
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Gupta Swati (1996)2 says that insurance sector reforms are a part of the
government‘s priorities. A package of reforms is very much in the offing. There is an
immediate need of a regulatory framework to open up the insurance industry.
Basu Dev Sanyal (1997)3
in his article titled "Marketing Management in
Insurance" had proposed a model of Managerial Life Cycle (MLC). This model is closely
associated with the Product Life Cycle (PLC) theory of modern management. Based on
the marketing scenario in the Indian insurance industry, the MLC model included six
phases-introductions, growth, maturity, stagnation and decay. The study concluded that
the pace of the future growth of industry will be based on the versatility and innovative
capacity of its marketing managers.
Khanna (1997)4
categorically mentioned that life insurance policy requires
servicing and the importance of agent to render service. The author emphasis the fact that
only insurance agents can penetrate rural areas and serve the poor class clients. Further
he stressed that the need of professionalism in the entire approach of insurance marketing
which included: continued focus on the customers‘ quality of performance, technological
up gradation and minimized paper work.
Majundar (1997)5 viewed that insurance companies in general and life insurance
in particular need more professional agents to exploit opportunities of the saving market.
Most of the agents lack professional knowledge and skill. Hence, the development
officers have to train and motivate their agents properly. Further, the author commented
that the development officers must continuously make efforts to understand the pulse of
the market and advice the agents accordingly. He also pointed out that in case of death
claims, cheques may be personally delivered to the clients by agents.
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Satyanarana Rao (1997)6
studied the causes and factors for termination from the
agency by the intermediaries (insurance agents). The study stated that the agent is the
backbone of the insurance. Insurance Corporation therefore needs to build a stable
agency. He pointed out that the dropouts from the agency cost more time in
replenishment of right person. The author point out that main factor for larger dropouts of
agents is due to unavailability of the Minimum Business Guarantee (MBG) during the
initial years. Thus, he suggests conducting agents‘ workshop at branch level, which may
reduce the rate of dropouts by promoting the selling skill.
Wakker Peter et al. (1997)7 discuss the probability of insurance policies being
reimbursed or reinvested by the policyholders on the maturity of the policy. The authors
applied utility theory for the data analysis. The study states that only a small portion of
consumers prefer to reimburse their policy in the study region, whereas, majority of the
insurance investors prefer to reinvest their money. Survey data evidences that 20 per cent
of the insurance investors demand one percent of additional premium on their policy
amounts at the time of maturity. Since the insurer was reluctant to pay the additional
premium claim, these 20 per cent clients opt to reimburse their policy(s). The study
findings state that the insurance corporate for highly reasonable claims find it difficult to
settle with expected utility theory.
Ayyar (1999)8
mentions that since the liberalization of Indian economy insurance
sector has generated new ideas of product development. The concept role of the insurance
agencies is also witnessing necessary changes. Life insurance agents are encouraged to
advice to the family on householder‘s insurance policy and on the other hand general
insurance agents‘ advisees on motor insurance. This creates differences in insurance
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policy selling between life and general insurance agents. The author claims distinction
between life insurance agents and general insurance agents will eventually affect their
business. Therefore, the insurance sectors must promote agents and financial consultants
advising on investment problems, rather than marketers of their company products.
Gregory A. Kuhlemeyer and Garth H. Allen (1999)9 in their
research work
explored consumer satisfaction relevant to the purchase of life insurance products.
The study identified benchmarks for consumer satisfaction with the life insurance
product, the agent, and the institution. The findings of the research shows that trust,
competence, and product appropriateness play an integral part in consumer satisfaction.
Ramakrishana (2001)10
in his report describes that there is high expectation
among the public that the opening of the insurance sector to the private companies and
the entry of multinationals will not only lead to the introduction of innovative plans of
insurance but also result in significant reduction of premium rates and ensure safe
insurance experiences.
In the report submitted to the World Bank Thorsten Beck and Ian Webb (2003)11
had mentioned that life insurance has become an increasingly important part of the
financial sector over the past 40 years, providing a range of financial services for
consumers and becoming a major source of investment in the capital market. But, the
factor that drives the large variation in life insurance consumption across countries
remains unclear. Using a panel with data aggregated at different frequencies for
68 economies in 1961-2000, these authors had concluded that the economic indicators-such
as inflation, income per capita, and banking sector development and religious and
institutional indicators are the most robust predictors of the use of life insurance.
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Education, life expectancy, the young dependency ratio, and the size of the social security
system appear to have no robust association with life insurance consumption. The results of
the research work highlight the importance of price stability and banking sector development
in fully realizing the savings and investment functions of life insurance in an economy.
Kumar (2005)12
in his study, revealed that the Life Insurance penetration, in India
is just about 2% of GDP. The life insurance premium per capita is just Rs. 550. The LIC
is the largest player with over 2000 officers. After liberalization, it has improved its
efficiency and customer services. Among the private life insurance companies ICICI
Prudential Life Insurance and Birla Sunlife are the first and second largest players. Other
prominent companies in competition are-Bajaj-Allianz, HDFC Standard Life, Kotak
Mahindra, ING Vysya Aviva Life, Metlife, etc
Nor Azila Mohammed Noor and Azil Mudamad‘s (2005)13
research study examined
customer orientation behaviour of life insurance agents in Malaysia. The study examined the
factors that influence of organizational commitment, self-monitoring and intrinsic motivation
of sales people (insurance agents). With the hypotheses test results of the study the authors
suggested that organizational commitment and basic motivation positively influence sales
people to perform customer-orientation behaviour while doing sales. Self-monitoring
however, was found to be unrelated to the adoption of customer-orientation behaviour.
Reddy (2005)14
explored the customer‘s perception towards private life insurance
companies‘ policies with reference to Bangalore city. The objectives were to know the
customer‘s opinion on (1) whether private insurance policies are alternatives of public
insurance company‘s policies or not (2) to identify that whether private insurance companies
policies are up to the customers‘ expectations or not. A sample of 400 respondents was taken
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on the basis of convenience sampling method. The respondents were divided into two
groups (Private and government employees). Respondents felt that the policies offered by
private insurance companies are up to the consumer‘s expectations. Almost all the
respondents felt that there is no risk and no need to worry about their money since all the
private insurance companies are under the regulation of IRDA.
Namasivayam et al. (2006)15
study examined the socioeconomic factors that are
responsible for purchase of life insurance policies and the preference of the policyholders
towards various types of policies of LIC. From the analysis, the study concluded that
factors such as age, educational level and sex of the policyholders are insignificant, but
income level, occupation and family size are significant factors.
Rajesham and Rajender (2006)16
have made an attempt to highlight the
developments in insurance sector in India in a phased manner and to examine the reasons
for entry of private and foreign insurance players in the insurance market and ‗to present
the changing scenario of insurance business in India. It The paper also examined the
growth of the Indian insurance sector during the period of pre and post liberalization and
finally suggests the strategies that need to be adopted by Indian insurance sector in the
light of global scenario so as to enhance its market share. Findings suggests that
insurance companies in India are required to come up with multi-benefit policies
including tax benefits with quality based timely customer services.
Suresh (2006)17
found that branding is the new challenge in the financial service. Brand
equity‘s most trusted brand survey of 2005 shows that out of 150 top brands of 2005 only
seven brands are there for the financial services. The brand building exercises done by LIC are,
value added services, CRM, corporate advertising, targeted both rural and urban segments.
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Dhalait (2007)18
has described the importance service in the insurance business.
The paper highlight that now there are a large number of insurers and buyers, hence the
need of serving the customers is of customer service in the insurance business. The paper
buyers, hence the need of serving the customers is of utmost importance in the ever
increasing, ever increasing, ever changing and highly competitive business scenarios.
There are some customers who don‘t even give a chance to rectify the problems and walk
over to the competitors, spreading bad words to their friends and relatives. This is really
dangerous for insurance companies, as they will loose a large number of customers
unintentionally. Also over promising is risky in insurance and hence employees should be
given good training to desist from doing so. As the management is obliged to take care of
the employees, so are the employees obliged to take care of the organization. Its two way
process and business runs in this way only.
Ogenyi E. Omar (2007)19
research study was focused on Nigerian Life Insurance
Industry. In this study 240 respondents were surveyed through a structured questionnaire
that consisted the Theory of Reasoned Action (TRA). The study found that there is
considerably unexploited potential for life insurance in Nigerian. However, it has been
found that the policyholder lacks confidence in the insurance companies. The sample
subjects ignoring contingency risks and reliance more on family for help in emergencies,
this negatively affects on life insurance purchase. Further the author suggests that the
Nigerian insurance companies should target marketing the products through effective
communication strategies.
In view of Ram Pratap Sinha (2007)20
the changing scenario of competition in the
life insurance sector has permitted the privatization of Life Insurance industry and created
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tremendous changes in services. The paper compares 13 life insurance companies for the
financial years of 2002-03, 2003-04 and 2004-05 in respect of technical efficiency and
changes in total factor productivity. For the purpose of computation of technical
efficiency and total factor productivity, the net premium income of the observed life
insurance companies has been taken as the output, and equity capital and the number of
agents of insurance industries have been taken as the inputs. The results show that all the
life insurance exhibits positive total factor productivity growth during the period.
Tamzid Ahmed Chowdhury et.al (2007)21
based on the SURQUAL model
analyzed the Bangladesh consumers perception on insurance companies and highlighted
issues relating to non-popularity of insurance companies in Bangladesh. The study also
found the marketing issues through the Gap-model of service marketing.
Tufan, Ekrem et al. (2007)22
in their study aimed to analyse the customers'
behaviour on the different insurance in Romania and Turkey. The study also analysed the
risk-taking behaviour in insurance markets under the risk condition. The study noted that
the common public in these countries dislike thinking about uncertainty, probability and
risk that may be caused to their individual life or to their belongings. The study based on
the sample subjects‘ reaction on different situations had concluded that people prefer to
insure against higher probability, low loss hazards and suggested that insurance
companies should make a greater effort to understand how consumers think and react to
risk and uncertainty and accordingly plan their marketing activities.
Goutam Dutta et al. (2008)23
in their working paper series mentioned that the
insurance is a long-time financial mechanism. The drastic changes in Indian financial
policies have increased competition within the insurance sector and have concurrently
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resulted in more policy choices being available in the market. Thus, the insurance seller
needs to know accurately the buyer's preference for insurance services. Based on such
multi-criterion, utility model was applied in this empirical study. The model is then used
to develop a ready reckoner for policies that have been used in comparing investors‘
behaviour across various attributes.
Guillen et al. (2008)24
noted that the number of empirical studies on customer
loyalty in the insurance sector is low. They contended that it is important to monitor
customer loyalty and business risk for the life insurance companies due to reasons such as
access to information related to the quality of portfolio, effective handling of customer
recruitment and retention strategies, evaluation of market‘s competitiveness in the
insurance sector and company‘s position in that market.
Mahesh Chand Garg and Deepti (2008)25
in their empirical study compared
technical and scale efficacy of 12 general insurance companies in India for the financial
year 2002-03 to 2005-06 using Data Envelopment Analysis (DEA). The study observed
that among the public insurers, New India is the only company which turned out to be
technically efficient on both Constant Returns to Scale (CRS) and Variable Return to
Scale (VRS) for all the years under reference. The study also state that HDFC managed to
retain 100 per cent efficiency for the last three financial years included in the study on
both VRS and CRS.
Min Li‘s (2008)26
empirical study aimed to examine both the type and nature of
life insurance purchased by households. The author developed comprehensive models of
households‘ demand for life insurance, which included demographic variables (age,
education, employment status, health status, number of children, marital status, and race),
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economic and assets variables (income, homeownership, debts, as well as portfolio elements
such as liquid assets, certificates of deposit, mutual funds, bonds, stocks, individual
retirement accounts, annuities, other miscellaneous financial assets, and nonfinancial
assets), and psychographic variables (attitude toward risk, attitude toward leaving a
bequest, and one‘s expected life expectancy). The effects of these factors on either term
or cash value life insurance purchased by households were examined separately.
Rajesh Sharma (2008)27
says that motivating sales force is one of the most
difficult challenges faced by an organization. Motivating sales people for the long run
takes time, effort and a personalized approach that involves finding out what makes each
sales force personnel perform above average. By gaining a deeper knowledge of human
motivation, sales managers can put in place a more holistic approach – one that integrates
people, process, and technology and compensation strategies – to encourage and reward
the behaviors that help produce high performance. A better understanding of basic human
needs and of the methods that can sustain high levels of motivation among a company‘s
sales staff is very important. The organizations need to motivate and engage their best
personnel to increase the chances that those personnel will stick around and work more
efficiently. An attempt was made to identity the factors which motivate the sales force in
Indian Life insurance sector. Survey method was used. Convenience sampling was
chosen to identify and approach the companies. The factors were explored using the
Principle Component analysis and Varimax rotation method. The key motivators were
identified as Recognition, Communication, Personal Growth and development,
Challenging responsibilities, whereas the hygiene factors were Quality of Supervision,
Fringe benefits & Working Conditions.
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Sunayna Khurana (2008)28
in her research paper analysed consumer behaviour
towards the insurance product in Hisar city of Haryana. The study examined customer
preferences regarding insurance plans and company, their purpose of buying insurance
policies, their satisfaction level and their future plans for the new insurance policy.
Ajay Suneja and Kirti Sharma (2009)29
made a study entitled ‗Pre-purchase
behaviour regarding life insurance products‘. The Indian Insurance sector is a growing
Industry. With private players in the sector the Indian customers are being treated to
efficient service, unheard of add-ons, Technology savvy agents and speedy claim
settlements. Today‘s customers demand innovative insurance salutations to their
problems and superior quality service. They are now equipped with information, and are
more educated, less loyal and highly independent. Their evolving needs are driving
companies to respond more efficiently. So, the current study has been carried to identify
the important sources of information used by insurance policy buyers and the objectives
of buying an insurance policy. An effort has been made through this study to understand
the pre-purchase behaviour of an insurance consumer. The study has come up with factors
such as marketing communication, company representative and referrals which also include
various variables as sub-factors. Hence insurance companies should focus on these factors for
making the information search a more effective and easy exercise for customers.
Bala Senthil R.S et al. (2009)30
points out that the intermediaries (Agents) are the
real sellers of the life insurance products and services. Because of globalization many
private players have come into the market and provide competitive service equal to the
public player. The agents of these players are playing a pivotal role for the success of
their companies. Though there are many studies related to the insurance industry and the
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insurance products and services, there is no specific study related to the agents in the life
insurance services. Hence the present study focuses on this aspect with the specified
objectives, namely identification of critical success factors of the agents, the impact of
the factors on their performance and the discriminant success factors among the agents of
public and private players. The study concludes that the important critical success factors
of agents are service diversity, service quality, trust, communication and customization.
All the above said factors have a significant and positive impact on their performance.
The important discriminant factors among the agents of public and private players are the
customization and service quality. The agents of public are far better in the above factors
compared to their counterparts.
Debabrata Mitra and Amlan Ghosh (2009)31
in their research paper highlighted
emerging trends and patterns in Indian insurance business during post globalised era.
It also focuses on the role of private partners in life insurance in India. The authors have
mentioned that life insurance is of paramount importance for protecting human lives
against accidents, causalities and other types of risks. Life insurance has been dominated
by public sector in India. However, with the liberalization of Indian economy, private
sector entry in life insurance has got momentum. The public sector insurance companies,
particularly, LIC of India has emphasized on exploiting the potential of rural India as it
provides immense scope even in the post-globalized era.
Jonathan Ingram (2009)32
in his study emphasized the need for adopting
multi-channel selling strategy for insurers in the era where customers demand more
choice and control over their financial affairs. The author states that to attract more
customers insurers need to have an appropriate channel mix that should be linked with all
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aspects of customer interface backed by administrative support. The author also cautions
the insurers that delivering brand value across different channels consistently would
require replacement of traditional functional departments with more focused Customer
Relationship Management teams consisting of risk, IT, sales, and marketing and service
delivery personnel.
Kathirvel. N. (2009)33
had stated in his article that the insurance industry is one of
the fastest growing industries in India. This study aimed to analyse the awareness created
by life insurance through various media advertisements, and to analyse the extent of
penetration of life insurance and understand the reasons behind choosing life insurance
by the sample subjects in Coimbatore city. The study found that the respondents of
Coimbatore city who preferred life insurance policy the most are agriculturists.
They want the life insurance policies to specially benefit to improve their cost of living
and standard. The author suggests that the government should take necessary steps to
make life insurance policy compulsory for every individual. Moreover, commercial
channels are the best sources for telecasting the life insurance advertisements.
Keerthi PA (2009)34
made a study to find out the dimension-wise expectations
and perceptions of the services and their relationship with the demographic factors of the
policyholders of both LIC and ICICI prudential.
The study revealed that all the policyholders expect excellent delivery of services
with respect to all the dimensions of service quality. It gave the insight into the actual
delivery of the services by LIC and ICICI prudential to its policyholders. Further it has
discussed the aspects that both the insurance companies have exhibited difference in their
delivery of services based on the profitable demographic profile of the policyholders.
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Indeed, if all the insurance companies focus on delivering quality service without any
disparity to its policyholders it would enhance the corporate goal of more profit and
market share.
Murthy T.N et al. (2009)35
study aimed to know about the growth and development
of LIC business before and after the LPG (Liberalization, Privatization of Globalization)
concept, to study the ways to improve customer services in LIC for winning confidence,
and to make appropriate suggestions for the improvement of LIC business. The study
highlights that the Life Insurance Corporation of India (LIC) has been facing intense
competition from the new entrants and is also playing a lead role in the life insurance
industry. The LIC has retained the commendable position even after liberalization with
entry of private insurance units. The new private players with their aggressive penetration
strategies are contributing to the cause of LIC by creating insurance consciousness in the
minds of a wide cross-section of customers.
Rama Devi V. and Ramesh M. (2009)36
viewed that the insurable populace in
Andhra Pradesh are looking for avenues which suit their specific requirements, and
plenty of choices are available in the market today. The present study was conducted in
order to know investors‘ concerns and preferences, their satisfaction with life insurance
products and to determine if there is a significant relationship between demographic
details like age, work status, income, gender and marital status of the investors on one
hand and their preference for private sector player or a public sector player and
satisfaction with their life insurance products on the other hand. The study was conducted
among a sample of 200 insurance policyholders selected from 3 mandals in Guntur
District. The data was collected with the help of a well-designed questionnaire. The data
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collected was analysed using simple statistical methods like percentages, means and
Chi-square test. The results indicated that the investors are more concerned with ease of
management of their portfolio followed by concern for tax advantage. Majority of the
respondents expressed satisfaction with their insurance products and indicated their
preference for life insurance product of public sector rather than private sector.
Sankaramuthu Kumar Sadayan Jr. and Saravannan Laxmanan (2009)37
in their
study analysed the performances of 16 life insurance companies. The authors had
comment that the insurance penetration and insurance density in India is growing at a
slow pace. Most of the life insurers in India are yet to break even, though they are in
operation for more than six years. The results of the study show that these 16 insurance
companies can perform better by going for strategic partnership with banks and post
offices, wholesale inclusion of rural masses, developing underwriting skills, and turning
grievance redressal mechanism, hiking the Foreign Direct Investment (FDI) limit to help
capital infusion and last but not the least encouraging academic institutions to go for
insurance education in a big way.
Masood H Siddiqui and Tripti Ghosh Sharma (2010)38
in their study aimed to
develop a valid and reliable instrument to measure customer observed service quality in
life insurance sector. The author developed validation instrument comprised of six
dimensions: assurance, personalized financial planning, competence, corporate image,
tangibles and technology. The analytical hierarchy process of the study highlighted the
priority areas of service instrument with assurance as the best predictor, followed by
competence and personalized financial planning. The gap scores of the study show that
there exists ample room insurance companies for improving their services quality in all
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the aspects. The authors believe that results of the study will help the service managers
to efficiently allocate attention and resources among these dimensions on the differential
basis, consistent with the customer priorities. These findings can be used for framing
effective strategies and actions for achieving competitive advantage through customer
satisfaction and retention.
Andre P. Liebenberg, James M. Carson and Randy E. Dumm (2010)39
comment
that the earlier research conducted in insurance sectors suggests that neither the choice to
own life insurance nor the amount purchased is consistently related to the presence of
children in the household. While these perplexing findings are based on a static
framework, thus, the authors alternatively aimed to examine life insurance demand in a
dynamic framework as a function of changes in household life cycle and financial
condition. The result of the study was based on a unique panel dataset from the survey of
Consumer. The study indicates significant relation between finances and economically
events on the demand for life insurance. The study specifically found that new parents are
40 percent more likely to initiate term insurance coverage than are other households, and
that these new parents purchase two-thirds more coverage than do other households.
Garg M.C and Anju Verma (2010)40
analyzed that the population for their
research comprises all employees of public and private life insurance companies in India.
A sample of 95 employees is drawn on the basis of convenient sampling. The data is
collected using a well-structured (3-point scale) questionnaire. The responses regarding
nine dimensions of MM are measured with the help of descriptive as well as statistical
analyses. The nine dimensions are converted into four factors after applying factor
analysis through principal component analysis. Efforts are made to represent people from
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different age groups, gender, qualification, hierarchy and type of organization. The study
found that there is no significant difference between the opinions of private and public
company respondents regarding variables of MM.
Toshiyuki Souma and Yoshiro Tsutsui (2010)41
in their research paper examine a
change in the level of competition in the Japanese life insurance industry over the last
17 years. The study estimated the first order condition for profit-maximizing insurance
oligopolies to obtain the degree of non-competition and collusion. Estimation results of
the study suggest that: not only stock companies, but also mutual companies maximize
their own profits rather than pay out dividends to policyholders; competition has become
stronger since 1995, revision of Insurance Industry Law in Japan and failures of
insurance companies promoted the competition and the competition in the recent years
have increased more than the pre-war period.
Dharmedra Singh (2011)42
in his study aims to identify the factors influencing the
selection of insurance company for purchasing the policy. An attempt has been made to
study the customers‘ preference for Insurance companies. The variables for the selection
of a company consisted of 7Ps of services marketing. The respondents were queried
about the factors which strongly influence their choice of a particular company.
The findings were analyzed using ANOVA tests for each of the 7Ps. The findings reveal
that product features, accessibility, low premium amount, advertising, proper redressal of
complaints and better claim settlement are some of the factors that drastically influence
the choice of a company.
Neetu Bala and Dr. H.S Sandhu (2011)43
in their research paper aimed to
investigate the factors influencing agents‘ perception towards Life Insurance Corporation
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of India. The study was conducted based on a sample of 225 respondents taken from
three cities of Punjab. Factor Analytic Approach has been performed for data analysis.
The results of the study revealed the fact that Staff co-ordination is the most important
factor to influence agents‘ perception, Moreover, the study results also show that there
exists no significant difference among various groups of respondents with respect to their
perception towards Life Insurance Corporation of India.
Festus M. Epetimehin (2011)44
in his empirical study focuses on the factors
enhancing the purchase of life insurance in Nigeria. The objectives of the study were to
evaluate the factors underlying consumer perception towards investment in life insurance
and to compare the differences in consumer perception of male and female consumers.
The author says that Nigeria is a country where the average selling or purchase of Life
insurance policies is still lower than many western countries. This has led to a
considerable unexplored potential of life insurance in Nigeria. With so many life
insurance products available, one continues to wonder why the majority of Nigerian
population does not have any life policy. This resulted into finding out what factors play
very important role in life insurance policies purchase. The findings of this study provide
important insights into the insurance companies in designing their product-mix.
Therefore, consumers who intend to buy the insurance products will have a list of factors
and thus can take an informed decision in selecting an insurance product. The study will
also assist in improving the market share of companies and further help in the
development of the insurance sector. The recommendations are that the insurance
companies should concentrate on consumers‘ loyalty, service quality, ease of procedures,
satisfaction level, and company image and company-client relationship.
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Rajeswari, K and Kartheeswari, S. (2011)45
in their research article based on the
UGC funded research work aimed to analyse the perceptions of the policyholders about
the service rendered by the LIC of India. The study intends to promote a better theoretical
understanding and recognition of the complexities to service quality and its measurement
with respect to life insurance. The study was based on 380 policyholders from
Virudhunagar District situated in South Tamilnadu. This article also examined the
relationship between the demographic factors and SERVQUAL mean score to determine
the reliability of the attributes. The Cronbach's Alpha had been used to measure
reliability of the dimensions reliability, responsiveness, assurance, empathy and
tangibles. The study found that the giant public sector life insurance company in the
study area with their thick infrastructure facilities and network of branches enjoyed a
monopoly status in spite of the competition with private players on the basis of their
service quality. The opinion survey with the policyholders also brings forth that the LIC
has served them well in regard to dissemination of product knowledge, issue of policies,
after-sales service before and after claim even though a slight discontent is reported by
minority. The authors commend that customer satisfaction is the perception of customers
on the service whether that service has met his needs and expectations. The study
findings reveal that service quality, personal factors, perception of equity and fairness,
price, product quality, situational factors and attributions for service success or failure are
the factors that influence the customer satisfaction. However, the perceptions and
expectations of the policyholders who have taken the policies from Life Insurance
Companies vary from person to person.
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Chand Basha et al. (2012)46
in their research work aim to analyse the urban and
semi-urban centers policyholders‘ perception towards LIC (Life Insurance Corporation)
of India. The authors found that majority of the policyholders are influenced by
themselves while taking an insurance policy from LIC. They found that significant
number of policyholders felt that the premium rate is high, majority of the sample
policyholders prefer to buy money back policy and policyholders expected a return of
11-15 percent from their investments. The policyholders in the urban and semi-urban
regions also considered LIC as better option for saving.
Deep K.Thakkar (2012)47
in her article had mentioned life insurance as a tool
against protection of life of individuals. Basically it is protection against unforeseen death
of an individual. So his/her family is financially protected against such risk. The purpose
of life insurance for every individual may be different. There are large numbers of
insurance companies having wide range of insurance products. On the other hand,
consumers are so much confused as to which policy and of which company to be
purchased. So marketers are interested to know the buying behaviour of life insurance
consumers in order to form their marketing strategies.
Divya Negi and Praveen Singh (2012)48
in their study aimed to find out the
relationship of demographic characteristics of the respondents with five important factors
influencing the purchase of a life insurance product ,namely product quality, brand
image, service quality, customer friendliness, brand loyalty and commitment. Product
Quality and Brand Image came out as the highest ranking factors while Brand Loyalty
has been rated as the least important factor. The study observed that these factors vary
significantly across various demographic characteristics of the respondents.
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47
Gautam V. and Kumar M (2012)49
in their research work attempted to illustrate
the attitudes of Indian consumers towards the insurance services. The study aimed to
assess the NCR (New Capital Region) householders‘ level of awareness about the
insurance services and their attitude towards insurance services. Findings of the research
show that basic socio-demographic and economic variables have significant impact on
consumers‘ attitudes towards insurance services in Indian scenario.
Inthuza S. and Push Panathan, A. (2012)50
in their study aimed to analyse the
customer preference and satisfaction of Sri Lanka Insurance Company and Ceylinco
Insurance Company. The objectives of this study are to determine the level of customer
satisfaction and preference of the Insurance services of Sri Lanka Insurance and Ceylinco
Insurance, to examine about the customer relationship management, and to compare
customer preference between the Insurance industries. The study was focused on
Vavuniya District by using random sampling method. There are various Insurance
companies that provide services to people in Vavuniya District. The overall finding of the
study shows that most of the Sri Lanka Insurance customers are dissatisfied with the poor
knowledge of policies, inconvenient place, higher charges for vehicle and other general
insurance and their investment are very difficult to return.
Manoj Sharma (2012)51
in his paper evaluated the impact of demographic factors
on the satisfaction of investors towards insurance policies. This paper also analyzes
significant relationship between demographic factors and overall satisfaction of the
customers towards the insurance policies. The study utilized the survey approach.
The sample consisted of 358 respondents. The result of the study demonstrates the
demographic factors such as age, gender, marital status, educational qualification,
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48
employment status influence investors satisfaction level towards insurance policies in the
India. The result of the study highlights the importance of demographic factors which
encourages the public and private insurance companies to cater to the need of these segments.
Pulidindi Venugopal (2012)52
in his research paper aimed to measure the attitude
of uninsured people in Andhra Pradesh. The study was conducted in urban, rural and
tribal areas of East Godavari District. The study found that out of the 597 uninsured
respondents surveyed, 72.86 per cent do not know about insurance and 27.14 per cent are
aware of insurance. Among the uninsured, the potential segment is daily wage workers
and small business people. Nearly 50 per cent of the respondents surveyed are not insured
as they have negative attitude towards life insurance. The author emphasis the point that
the People with low education levels need to be convinced by the agents as they cannot
understand the various schemes offered by the companies. The author suggests that the
insurance companies should target this segment and change their attitude. The authors
also state that Marketing activities of life insurance companies is all about to inform,
bringing awareness, develop belief, to form positive attitude, to reinforce trust etc. in the
minds of the consumers by using tools such as advertising, public relations, displays, word of
mouth, sales promotion, personal selling etc. Insurers may form positive attitude or may
cause negative attitude so knowing the feelings of respondents is found to be essential.
Sridevi (2012)53
in her research paper made an endeavour to study the buyer
behaviour regarding life insurance policies in the rural area of Perambalur district.
Perambalur, being one of the agricultural districts in Tamilnadu was chosen for the study.
The study focuses on the factors which plays a major role in buying behaviour of
consumers towards life insurance policies in Perambalur area. The results of the study are
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49
based on a field survey of 150 respondents by using purposive sampling technique.
The author comments that India is a country where the average selling of life insurance
policies is still lower than many western and Asian countries; still the LIC is the biggest
player in the life insurance market with approximately 65per cent market share.
Vipul Jain and Bhawna Saini (2012)54
in their research paper discuss the effect of
demographical element in consumer purchasing attitude for Life Insurance in India.
The authors comment that with the opening up of insurance sector, so many players
entered in the Indian Insurance Industry. This industry has been progressing at a rapid
growth. Insurance sector provides some security to the consumer for any type of mishaps.
This study reveals that the demographical factor has the major effect in the purchase
decision of the customer. The leadership lies not in getting the maximum policy sold but
in understanding the demography of the customer and targeting them in their way.
Finally, the success of insurance marketing depends on understanding the social and
cultural needs of the target population. It has been found that insurance market is still
open for heavy competition. It is recommended that companies dealing in insurance
should give emphasis on demographic elements to grab the opportunities available in this
sector and flourish in this competitive market.
Yiing JiaLoke and Yi Yuern Goh (2012)55
research paper aimed to determine the
socio-demographic and economic factors that have significant influence on the demand
for life insurance in Malaysia. A hurdle count-data model was used by the authors to measure
the separate decisions on the demand for life insurance which is divided into two parts:
whether to purchase a life insurance policy and if so, how many policies to purchase.
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50
The results of the study reveals that there are some slight differences in the factors that
determine the decision to purchase life insurance and the quantity of life insurance
policies that a consumer will purchase.
Zahoor Ahmad Malik and Tapan Choure (2012)56
in their research study aimed to
review the various policies of LIC and its perception among the rural areas of Kashmir.
The study found that increase in tax payers‘ income does not have big influence on the
business of LIC, mainly in Pulwama and Shopain districts. The study also found that
people invest their funds in some other financial institutes rather than LIC and saves their
income tax in other ways apart from tax saving policies of LIC. Also the hypotheses test
indicates that increase in per capita income does not have any relation with increase in
number of policies so it can be concluded by saying that exposure of insurance in these
two districts is not very good, people have secured their lives in LIC but the quantity of
policies are very limited. The authors suggest that LIC should think on these lines that
premium rate is good rather than some other branches but number of policies should be
increased with some new steerages and new innovations that will lead to excellent future.
Ashfaque Ahmed (2013)57
in his researcher paper claim that in spite of awareness
about insurance in India, rural India still lacks in terms of availability of various financial
products especially the risk products like insurance. Rural insurance statistics still
indicates a significantly low penetration and poor density even after the privatisation of
insurance sector in 1999. This research paper aimed to examine the present state of
affairs of rural life insurance in India and attempts to explore the issues and challenges
which led to poor penetration of rural life insurance markets. A field survey in Aligarh
and Agra Region of the rural customers has been conducted to examine their perception
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51
and attitude towards buying life insurance products. The results of the study reveal that
fact that rural India offers a tremendous scope for insurers where the protection of human
life and income generating assets is a matter of concern. The study notifies the regulators
that have also tried to impose rural insurance obligations for the insurance companies.
The paper also summarizes the rural insurance marketing practices by life insurance
players in India and offers suggestive remarks for capturing the rural potential.
Alok Kumar Rai and Srivastava Medha (2013)58
in their research paper aim to
offer the most identifiable and widely applicable antecedents of customer loyalty model.
The paper holds significant implications for academicians interested in dynamics of
customer loyalty as well as the marketers of life insurance services who are concerned
with customer relationships. The study explores the extant literature on customer loyalty
and brings out seven variables which are responsible for formation of customer loyalty.
Further, the relative importance of these variables has been ascertained through Multiple
Regression Analysis which revealed that service quality and commitment are the
strongest predictors of customer loyalty in the Indian life insurance industry. The paper
also attempts to assess the loyalty status of life insurance customers in India and draws a
comparison between public and private sector life insurance companies in order to
provide significant insights into the life insurance companies that may assist them in
devising better loyalty practices. The study found that Indian customers do care about the
public sector status of a financial service provider as it entails a sense of security and stability.
Thus, the authors suggest that insurance companies must create a difference between
customer loyalty of public sector life insurer and that of private sector life insurer.
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52
Liji Panda and Bimal Chandra Mishra‘s (2013)59
study aimed to analyse the
investment pattern of LIC and different segments for investment. This study also
attempted to identify the LIC‘s investment and risk taking ability while investing in
different segment. The authors comment that LIC tries to forecast the future movement of
capital market using strategy of the economy, industry, and company also by fundamental
analysis through examination of the market, economic environment, industrial
performance, and company. The authors say that an investment refers to the commitment
of funds at present, in anticipation of some positive rate of return in future. The study
suggests that, today the spectrum of investment is indeed wide. An investment is
confronted with array of investment avenues. So the suggest that investment in equity is
in best high proportion.
It may be noticed that while there has been many macro level research studies in
the insurance almost all of them underlie insurance marketing, customers‘ perception and
satisfaction. None of these studies has however made an effort to analyze service quality
dimension of public and private life insurance companies. Hence the researcher has
identified this area as research gap and this present study is therefore focused on
highlighting the above said aspects so as to reveal the quality of services rendered by the
life insurance companies.
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53
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