Determinants of Customer Satisfaction in Life Insurance Corporation of India - An Analysis
Keywords:
Policyholders, Agents, Premium, Development Officer, Revival, Renewal.Abstract
The purpose of Business is to create new customers and retain old customers. Customer's orientation is the ultimate key. L id initiated necessary measures for providing better services to the policy holders. Computerization and networking of operating units is also taken up for better access. New methods like single window, customer service centers have received wide recognition and acceptance among users. LICI is still ahead of the curve in terms of focus, culture and commitment. The concept customer satisfaction is developed as a way to collect and manage customer service and sales information so the business would have more comprehensive view of their customer contact. Unlike other business, a customer of LICI is different in the sense that whenever a policyholder purchases a policy from the Corporation, he becomes the customer of the organization for a long period. Thus, the organization has to keep relationship with that customer not only for the collection of premium but also for change of address, change of nominee, sending premium notice, lapsation of policies, revival of policies, settlement of claims etc. It is rightly said that it costs seven times to acquire a new customer than to retain an old customer.Downloads
Published
Issue
Section
License
It is herein agreed that:
1.I/We will not publish above said contribution anywhere else without the prior written permission of the publisher unless it has been changed substantially.
2.I/ We declare and warrant that the shared contribution is original, excerpts for such excerpts from copyrighted works as may be included with the permission of the copyright holder and author thereof, that it contains no libelous statements, and does not infringe on any copyright, trademark, patent, statutory right, proprietary right of others. The author signs for and accepts responsibility for releasing this material on behalf of any and all co-authors.
3.The author also warrants that he/ she has the right to enter into this agreement, the research paper/ book review/ articlecontains no libelous or unlawful statements, contains no instructions that may cause harm or injury and does not violate the copyright or trademark, or infringes on the right or the privacy or others; and that all statements in the article asserted as facts are either true or are based upon reasonable research.
4.I/ We agree to indemnify the Editors of IMR against all claims and expenses arising from any breach of warranty from me/us in this agreement.
References
Adrian Payne (1995): "The Essence of Services Marketingâ€, Prentice Hall of India Private limited, New Delhi,. pp 174-175
Anderson Alan, R. (1982): NON-profits. Check Your Attention to Customers. Hanward Business Review.
Debroy, Ashish. (1987); We Care For Our Customers. Yogakshema
Gronroos, C., 1996: “Relationship Marketing: Strategic and Tacticai implications". Management Decision, Vol. 34 No, 3,5-14
Joseph, Jeisy, Ms. M. Uma Maheswari and L. Ethiranjan (2007); CRM in Life Insurance Corporation of India Ed. by K. Ravichandran in Recent Trends in Insurance Sector in India. Abhijeet Publications. Delhi.
Leon G. Schiffman and Leslie Lazar Kanuk (2009): “Consumer Behaviour", Pearson Education, New Delhi,
Peter, J.P. and Olsan, J.C., (2005): "Consumer Behaviour and Marketing Strategy", The McGraw-Hill Companies, Inc., New York.
Sahoo, S. C.(1994) : Marketing of Life Insurance in India in Service Marketing Ed. by P.K. Sinha and S.C. Sahoo. Himalaya Publishing House. New Delhi.
Savarimuthu, A. and Dr. M. Revati Bala (2007); CRM -A Boon for Insurance Ed. by K. Ravichandran in Recent Trands in Insurance Sector in India. Abhijeet Publications. Delhi.
Thomas O. Jones and W. Earl Sasser, Jr (1995) "Why Satisfied Customers Defect?†Harvard Business Review, Nov - Dec, pp 88 - 89
Wali,P.N (1987) : “On the Trial of Better Serviceâ€. Yogakshema, Nov, p.28
