NAME: A.

ANITHA
REG NO: P13COE001
“ Quality is remembered long after
the price is forgotten”

Service quality is a comparison of

expectations with performance.

This aim may be achieved by

understanding and improving
operational processes; Identifying
problems quickly and
systematically; Establishing valid
and reliable service performance
measures and measuring customer
satisfaction and other performance
outcomes.
The specific objectives were as follows:
To Study the level at which services are being
well delivered i.e. up to level or exceeding the
level of performance of services given by the
Life Insurance company.
To identify the main attributes of service
quality in which customers are satisfied more
in Insurance sector.
 To assess the quality of service provided by
the Insurance sector.
 To analyze the level of customer satisfaction
towards Insurance sector.
To offer suggestions to the insurance
company based on the findings given by the
policyholders.
RESEARCH DESIGN: Descriptive research
SAMPLE SIZE: 120
SAMPLE DESIGN: Convenience sampling
SAMPLE AREA: South Chennai
PERIOD OF STUDY: Two months
COLLECTION OF DATA:
Primary data:
 Questionnaire
 Survey method
The data collected with the help of structured questionnaire.
Secondary data:
 Books & journals
 Websites
 Magazines
ANALYTICAL TOOLS:
 Percentage analysis
 Factor analysis
 The study is confined for a specific period and
hence the sample size is 120.
 The study is carried out only in South Chennai
district.
 The Study was conducted within a available
time frame.
 The result may or may not vary if it is
conducted in large scale.
 The survey carried out is purely based on the
opinion of the insurance policyholder which
may vary from time to time.
 The external factors which influence the
insurance policyholder to go for the product are
not analyzed in this research.
TABLE SHOWING AGE OF chart showing age of respondents
RESPONDENTS
13
S.NO AGE NO.OF % 30
RESPONDENTS less than 25
26-35
1 Less 13 10.83% 39 36-45

than 25 46-Above

2 26-35 39 32.50% 38

3 36-45 38 31.67%
The above chart shows that 13% of
respondents belong to the age group of up
4 46- 30 25%
to25 years, 39% of the respondents
Above belong to 26-35 years, 38% of the
TOTAL 120 100 respondents belong to 36-45 years, 30%
of the respondents belong to 46-Above
years.
 TABLE SHOWING EDUCATIONAL CHART SHOWING EDUCATIONAL
QUALIFICATION OF QUALIFICATION OF
RESPONDENTS RESPONDENTS

S.NO EDUCATION NO.OF % Others 11

RES
Professional 20
1

qualification
HIGHER 22 18.33% High school
Master 44 Bachelor
SECONDARY
Master
Bachelor 23
Professional
2 GRADUATE 23 19.17%
High school 22 Others

0 20 40 60
3 POST 44 36.67% Respondents
GRADUATE
The above chart shows that 23% of the
respondents belong the category of Bachelor;
4 PROFESSIONAL 20 16.67%
20% of the respondents are professional,
44% of the respondents are Master and 11%
5 OTHERS 11 9.17% of the respondents are others, and 22% of the
respondents are higher secondary passed.
TOTAL
120 100
KMO BARTLETT’S TEST
Kaiser-Meyer- Olkin
Measure of sampling 0.757
Adequacy.
Bartlett’s Approx. chi- 1487
Test of square 443
Sphericity Df 435
Sig. .000
Interpretation:
From the above table, it is clear that the value of KMO i.e., 0.757 is higher than
the minimum value prescribed by Kaiser. This proves sample adequacy. Hence, the
KMO supports factor analysis.
By seeing the value of Bartlett’s test, it is less than the value stated (i.e) 0.05.
Hence, from this perspective also the factor analysis is feasible.
S.NO NAMING OF VARIABLES VARIANCE
FACTOR
1 Accessibility Solving grievance, personalized 10.945
attention

2 Assurance Handle claim timely, sales 10.226

promotion reliable

3 Security More transparency & security , 8.464

physical facilities

4 Product range & Purchasing decision, wide range of 7.664

products
information

5 Reliability Communication skills, professional 7.363

approach

6 Quality of service Technology up gradation, social 7.169

relations

7 Availability Branch location, working hours 6.488

8 Competitive pricing Online premium payments, 6.217
payment through banks, increased
service timings

%of Total Variance Explained :64.537%

GENERAL FINDINGS:
 Majority of respondents (39%) are in between the age group of
26 to 35 years.
 Majority of the respondents (83%) belong to the Female category.
 (44%) of the respondents educational qualification is Master
degree.
 (80%) of the respondents belong to two persons earning in the
family.
 (62%) of the respondents are from urban background.
 (58%) of the respondents works under private concern.
 (46%) of the respondents have above 9 years of work experience.
 (52%) of the respondents earns income 1,50,000 to 3,00,000.
 The most dominant factor is Accessibility and it includes 3 variables, solution of
problems/grievance, personalized attention, Premium rate structure (10.945%) of
variance.
 The second factor is Assurance and it includes 7 variables, interest in solving
problems, recommends policy after conducting financial checkup, illustrate all material
facts, Agents quickly handles queries, handle claim more timely, Sale promotion
technique/advertisements reliable, give prompt service (10.226%) of variance.
 The third factor is Security and it includes 4 variables, transparency and security,
physical facilities are available, interaction by company officials, Behavior of
employees is more cordial (8.464%) of variance.
 The fourth factor is Product range &information which comprises of 3 variables,
purchasing decision, wide range of products/services, information about new
products/policies and services( 7.664%) of variance.
 The fifth factor is Reliability and it includes of 3 variables, good
communication skills, more professional approach, and more
information available on products/services (7.363%) of variance.
 The sixth Factor is Quality of service and it includes of 3
variables, technology up gradation, and increased level of social
relations, improves quality of service (7.169%) of variance.
 The seventh most factors is Availability and it includes 2
variables, branches has become more convenient, Timing/working
hours of service (6.488%) of variance.
 The last foremost factor is Competitive pricing and it includes 5
variables, trusted more by young generation, Online premium
payment , Premium payments through banks Right services
offered the first time , Service timing has reduced due to adoption
of technology (6.217%) of variance.
 Usage of modern technology for better customer service. All the operating office
must be installed with touch screen facility for accessing information instantly
while entering the contract number or fill the personal details.

 Improving the physical appearance of the policy document. Instead of giving

loose leafs, must be provide all the documents in a booklet form.

 Improving regular service activities like remainder of premium due, premium

collection, change of address, issue of new policy documents. In addition to that
appoint a person for collecting renewals in the convenient time of the
policyholders.

 Improving the behavior of employees towards the customer centric approach for
providing better service. It may starts from the procurement of the policies to
settlement of those insurance policies.
 Empowering everyone live their dreams” is the corporate vision of life insurance.
Knowledge is complex. It is responsibility of insurance companies to develop
expertise and to provide customer with insurance knowledge.

 Operating office should be in a position to advice the prospect as to what is the best
choice for him in the given circumstances. Mis-selling is very common in insurance
industry. This occurs when, perhaps, to earn a much higher commission rate. Agents
do not assess the needs of the customer properly which recommending products.

 Sometimes agents or advisor misrepresent facts by promising unrealistic returns to

customers, or even provide incorrect information on product features.
DON’T LEAVE ANYTHING TO CHANCE.
PROTECT THE ONES YOU LOVE WITH
LIFE
INSURANCE.