Customer Experience Quality: Empirical evidence from Insurance Companies

Service sector in India is growing at phenomenal phase contributing to the GDP of the country. One of the major contributors among the service sector is the insurance sector which is crucial for enhancing financial intermediation, creating liquidity and mobilizing savings in the country. Today, with the ever growing competition insurance companies are looking for newer ways to attract and retain customers. Maintaing relationship with the customers have become essential for these companies as on e small mistake in providing service to the customer can damage the brand equity. However, Providing superior customer experience is a way for company to stay competitive in the market. With this backdrop, the study intends to identify the factors that are considered important in providing customer experience for customers in insurance sector. The study has considered only service aspect of experience and has come up with four factors that provide better experience to customers. Four factors extracted were identified as staff engagemt, ease of doing business, accessibility and execution excellence. Further, regression analysis was conducted to find the impact factors on the factor operational excellence and the influence of Factors identified on the future purchase intention of customer. The results showed that other factors has little impact on operational excellence and among the factors staff engagement is identified as the having maximum influence on purchase intention of customers.