A Study on Service Quality Perceptions and Customer Satisfaction in Private Sector Life Insurance Companies: A Study with Special Reference to Chennai City

Abstract

Service quality is a recent and more dynamic decisive issue in the marketing thought. It also helpscontrol the competitive position and consequently determines the market share and profits (Shabib, 2002).Therefore, the ability of private sector life insurance companies to continue and survive in the market depends on their ability to respond to therequirements of change and interact with the output of it. As the customers' needs and wishes are shaped andformed in the light of their economic, social and civilization conditions, there is a close relationship between the private sector life insurance companies' ability to continue and survive and their ability to produce services that fit in with the increasing andchanging needs of the customers. Hence, service organizations, especially insurance sector, work hard to find effectiveways to counter external changes in order to survive and they enhance their effectiveness by means of activatingtheir services and creating and developing new ones. Thus, The importance of achieving high levels of qualitylies in the number of economic and non-economic benefits resulting from quality commitment and lies ineliminating its problems and the causes of these problems.In this cut-throat competition among the life insurance companies, consumers are very much aware of the alternatives available in the relation to services and the provider organization. Now consumer’s expectations are rising and service provider organization should be aware of these expectations. Therefore, the present study is undertaken to find out the Service Quality Perceptions and CustomerSatisfaction In Private Sector Life Insurance Companies: A Study with Special Reference to Chennai City