A Study on Customer Attitude towards Service Quality with Special Reference to LIC and ICICI Prudential in Ramanathapuram District, Tamil Nadu

Abstract

India’s rapid rate of economic growth over the past decade has been one of the most significant developments in the global economy. The Indian economy registered an impressive growth rate of 8.5 per cent in 2010-11 despite many challenges. The problem of this study is principally informed by the fact that there is very limited empirical documentation in the area of customer attitude and service quality in the insurance industry in India for both research and industrial management. The scope of the present study is limited to the life insurance companies in Ramanathapuram District. Therefore, it makes on attempt to investigate service quality satisfaction in Life Insurance industry by selecting respondents from LIC and ICICI Prudential. Present study objectives are : To explore the relationship between service quality with its dimensions and customer satisfaction. To find the gap between customer expectation and customer perception of LIC and ICICI Prudential policy holder. To ascertain the aspects/dimensions of service quality having significant impact on customer satisfaction in life insurance industry. To study the role of demographic on service quality. It has been analysed that seven factors are from customer perception and six factors are for customer expectation. The research resulted in the development of a reliable and valid instrument for assessing customer perceived service quality for life insurance services. In the competitive insurance sector, these findings can be transformed into effective strategies and actions for achieving competitive advantage through customer satisfaction and retention.