Consumer satisfaction in LIC a case study of Punjab

Over the last decade, organisations of all types and sizes have increasingly came to understand the importance of customer satisfaction. It has been widely accepted that there is a link between customer satisfaction, customer retention and profitability. Like any other service providers insurers have also realised that they need to be vigilant about customer's perceptions of their services vis-a-vis that of the competitors. They also continuously seek ways to innovate their product offerings and differentiate themselves from competitors. The purpose of this study is to evaluate the status of consumer satisfaction in LIC in Punjab. Various factors affecting consumer satisfaction in life insurance have been taken up like prompt and hassle free claims settlement, attitude of concerned staff, value of money, use of technological advancements etc. The outcome of this study would be of a great interest to LIC and other private players of life insurance business to reduce the gap between consumer's perceptions and satisfaction.