A study of the customer awareness and service management of the selected life insurance companies in India

Insurance, being an integral part of the financial sector, plays a significant role in India's economy. Apart from protecting against mortality, property and casualty risks and providing a safety net for individuals and enterprises in urban and rural areas, the insurance sector encourages savings and provides long-term funds for infrastructure development and other long-term gestation projects of the Nation. The development of insurance in India is necessary to support continued economic transformation. With the opening of the insurance sector, life insurers are facing the major challenge of how to satisfy the demanding customers of today. With too many companies in the market place many of the companies are not able to break even. The trend shows that life insurance industry is one of the shining stars of Indian economic engine. However it has been observed that the customer awareness about the life insurance products are still low among the average countrymen. To achieve high performance in this environment life insurers need to have a deep understanding of their customers need. Customer service management has become a major challenge for the life insurers to strive in this competitive environment. This research paper aims to study the customer awareness and service management of private and public life insurance companies in India.