International Journal of Business and Social Science

ISSN 2219-1933 (Print), 2219-6021 (Online) DOI: 10.30845/ijbss

 

Customers’ Perception towards Service Quality of Life Insurance Corporation of India: A Factor Analytic Approach
Dr. H. S. Sandhu, Ms. Neetu Bala

Abstract
The service quality has become a highly instrumental co-efficient in the aggressive competitive marketing. For success and survival in today’s competitive environment, delivering quality service is of paramount importance for any economic enterprise. Life Insurance Corporation of India, the leading insurance company has set up ‘benchmarks’ in enervating the whole concept of service quality. The present study aims to measure customers’ perception towards life insurance service quality by applying a framework developed by Sureshchandar et al. (2001). An advocated procedure has been used to develop, refine and validate a scale. Data has been collected from 337 customers from the three cities of Punjab (a progressive State of India). The findings of the study demonstrate that five-factor structure as proposed by Sureshchandar et al. (2001) has been refined to seven-factor construct (consisting of 34 items) representing Proficiency; Media and presentations; Physical and ethical excellence; Service delivery process and purpose; Security and dynamic operations; Credibility; and Functionality. Besides, the study also investigates the relationship between each of the generated service quality dimensions and customers overall evaluation of life insurance service quality. It reveals that among these seven factors, three viz., Proficiency; Physical and ethical excellence; and Functionality have significant impact on the overall service quality of Life Insurance Corporation of India. Managerial implications and directions for further research have also been discussed.

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