SERVQUAL Gaps-An Explorative Study on Public and Private Life Insurance Companies

This study was designed as exploratory as well as descriptive. SERVQUAL analysis is considered to be the paramount process to find out Service Quality gaps in the services being rendered by the insurance companies. In this study, the SERVQUAL gaps in respect to Life Insurance Company of India-LIC (a public enterprise) and Private Life Insurance Companies (PLICs) in Ramanathapuram district are compared. Widely known SERVQUAL model developed by Parasuraman et.al., (1988) was taken as base to construct the questionnaire. Six SERVQUAL dimensions namely, Tangibles, Reliability, Responsiveness, Empathy, Individualized Attention and Performance were identified by grouping twenty four predicator variables (given as statements) by employing confirmatory factor analysis. Wide SERVQUAL gaps were identified between LIC and PLICs.