A study on factors influencing respondents satisfaction on agency services of life insurance corporation of India

Distribution of insurance is handled in a number of ways and mostly it is distributed through the use of insurance intermediaries. They serve as the link between insurance companies and the consumers seeking to procure insurance coverage. Life Insurance Corporation of India (LIC) is the dominant life insurer in the liberalized scenario of Indian insurance with more intermediaries. The study attempts to measure the Determinants of Respondents Satisfaction on Agency Service. The primary research was conducted through a market survey consisting of 600 respondents from urban and rural areas of Coimbatore district in Tamilnadu. Statistical tools like percentage, multiple regression and stepwise regression analysis were employed for data analysis. The study reveals that the urban sample respondents differ from rural sample respondents in connection with the satisfaction derived from the agency services of LIC. Comprehensively LIC needs to strongly improve the awareness among rural population especially among women respondents and to improve the marketing mix elements in order to bring satisfaction among the policyholders.