Customer Satisfaction with Service Quality with Special Reference to Life Insurance Corporation in Madurai District

Ponreka Maria D. () and Surya Rao U.
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Ponreka Maria D.: Management Science, Sathyabama University, Chennai 600119, INDIA

Advances In Management, 2009, vol. 2, issue 10

Abstract: Insurance is the best form of fortification against risk that has been formulated by man. Since its emergence, insurance has become unavoidable to every aspect of human life from health disorders to building properties, from household articles to multimillion – dollar projects. The insurance industry in India was opened up to private sector participation in the year 2000. Because of the entry of private players in the insurance market, LIC has lost 26% market share to the private players although both, market size and the insurance premium being collected are on the rise. In 2007, LIC accounted for 74.18% of the total insurance market in India. In view of the increasing competition, this paper attempts to understand the dimensions of service quality, which helps ensuring maximum customer satisfaction and hence helps LIC to acquire a larger share in the market. The study was done on a stratified random sampling design.

Date: 2009

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