An empirical study on service related factors and its significance in life insurance (with reference to customers at Bangalore city)

Reputation and credibility mean that the service provider's business can be trusted and gives adequate value for money. Service quality is an abstract and elusive construct because of its typical characteristics. Service quality resembles an attitude in many ways, and service quality is distinct from customer satisfaction. The quality service of a service provider can be measured from consumer's point of view and their perceptions on quality. Service provider is easy to reach and prepared to adjust to the demands of the customer. Customers should realize the service provider, its employees, operational systems, and physical resources have the knowledge to solve their problems. Service quality is a comparison of expectations with performance. A business with high service quality will meet customer needs whilst remaining economically competitive, improved service quality may increase economic competitiveness. India ranked 10th among 156 countries in the life insurance business followed by LIC with 72.70 percent market share and private players with 27.30 market share as on financial year 2012–13. Customer trust and commitment on Life Insurance companies is purely on the basis of its professionalism, accessibility, flexibility, attitude, reliability and trustworthiness. This paper is an empirical in nature, fully answered questionnaire were collected from one hundred and two respondents. Each parameter is tested and analysed by applying scaling techniques and Chi Square method with the help of Statistical Package for Social Science (SPSS). The purpose of this study is to identify various factor influences to build customer trust and commitment towards Life Insurance Company before and after purchasing the policy.