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Customer Satisfaction
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Customer Satisfaction
INTRODUCTION
CUSTOMER SATISFACTION:
Customer satisfaction depends on products / services perceived performance in delivering
value relative to a buyer's expectations. If the product / service performance falls short of
the expectations, the buyer is dissatisfied. If performance matches expectations, the buyer
is satisfied. If performance exceeds expectations, the buyer is delighted.
Lot of companies goes out of their way to keep their customers satisfied. Satisfied
customers make repeated purchases, and they tell others about their good experiences with
the product, which is known as word of mouth. The key is to match customer expectations
with company performance. What they can deliver, then delivering more than they
promise. Customer satisfaction is closely linked to quality. In recent years many companies
have adopted Total Quality Management(TQM) programs designed to constantly improve
the quality of their products, services and marketing processes, quality has a direct impact
on product performance and hence on customer satisfaction.
In the narrowest sense Quality can be defined as "freedom from defects", but most
Customer-centered companies go beyond this narrow definition of quality. Instead they
defined "quality in terms of customer satisfaction. For example the vice president of quality
at Motorola, a company that pioneered total quality efforts in the United States, says that,
quality has to do something for the Customer.
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Our definition of a defect is if the customer does not like it, it is a defect".
Similarly the, American society for quality control defines quality as the totality of features
and characteristics of a product or service that bear on its ability to satisfy customer needs.
These customer-focused definitions suggest that a company has achieved total quality onlywhen its products or services meet or exceed customer expectations. Thus, the fundamental
aim of total quality movement has become total customer satisfaction. Quality begins with
customer needs and ends with customer satisfaction.
Consumers make buying choices based on their perceptions of the value that various
products and services deliver. Customer value is the difference between the values the
customer gains from owing and using a product and the costs of obtaining the product.
Such measurement could me made by using any of the following methods:
Surveys
Formal and informal feed back from customers
Use of customer account data
Complaints
Monitoring of Customer Satisfaction is now very important for a distribution
company, as it will lead to better customer experience and thereby goodwill. A quality
survey is required to be undertaken periodically. The proper methodology for the survey as
briefly described here will go a long way.
SCOPE OF THE STUDY:-
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Customer Satisfaction
This study attempts to present the level of satisfaction of customers about the
policies of insurance companies.
This scope of the study is restricted to chittoor only
This study also considers the different strategies adopted by the companies.
Through using questionnaire data collected from people
STATEMENT OF THE PROBLEM:-
This project is mainly focused on study the level of satisfaction of customers about the
policies of insurance companies and Satisfaction with regard to customer services of the
company. If the customer is very much satisfied of the company then the loyalty of the
customer towards that particular company will the more,. Customers can be made satisfied
towards services by various factors like effective advertising and publicity.
Companies need to understand customer retention and comprehension to design better
services and to market services more effectively.Marketers have to determine whether
potential customers are satisfied towards services and it features. This is the basis step,
which can be responsible for the development of customer loyalty and adoptions.
NEED FOR THE STUDY:-
Now a days it is very clear that market is having drastic changes and all the
companies are acting according to it because to survive in the market and this should be
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Customer Satisfaction
achieved by studying about the customer opinions and analyzing their future requirements.
This study is definitely going to help to analyze the customers and can take necessary steps
for the improvement of the service from both the company side and as well as from the
customers side.
OBJECTIVES:-
o To find out the level of satisfaction of customers about the policies of
insurance companies.
o To find out the level of service satisfaction among customers.
o To know about the attitude of the customers towards insurance
RESEARCH METHODOLOGY:
Research means a scientific and systematic search for pertinent information on
specific topic. Research is a care full investigation or inquiry especially through search for
new facts in any branch of knowledge. Research comprises defining and redefining
problems, formulating hypothesis or suggested solution: collecting, organizing and
evaluating data; making deductions and reaching conclusions; and at last carefully testing
the conclusions to determine whether they fit the formulating hypotheses.
Methodology is defined a the study of methods by which we gain knowledge, it
deals with cognitive processes imposed on research the problems rising from the nature of
its subject matter.
TYPE OF RESEARCH
Exploratory Research,
Descriptive Research
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Exploratory Research:
Exploratory research studies are also termed as formulate research studies. The main
purpose of such studies in that of formulating a problem for more precise investigation orof developing the working hypothesis forms an operational point of view.
Descriptive Research:
Diagnostic Research studies determine the frequency with something occurs or its
association with something else.
In this project, information pertaining to customer needs satisfaction and their demographic
profile was collected; hence it is a descriptive research.
RESEARCH INSTURMENT:
The research instrument used in this study structured questionnaire.
Structured questionnaire are those questionnaire in which there are predetermined
question relating to the aspect for which the researcher collects data. The questions are
presented with exactly the same wording and in the same order to all the respondents.
QUESTIONNAIRE DESIGN:
The structured questionnaire for Appraisal System with the following types of
questionnaires open ended, closed ended, multiple choice, types of questions.
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DATA COLLECTION:
Data refers to information or facts. It includes numerical figures, non-numerical figures,descriptive facts, and qualitative information. The task of data collection begins after
research problem has been defined and research plan has been decided. The nature of the
data is both Primary and Secondary data.
PRIMARY DATA:
Primary data were collected through Questionnaire and direct personal interview.
The Questionnaire was framed as such a manner to obtain correct information, gradedsuitably for the study. All Questionnaires were distributed to the respondents and collected
immediately from the respondents.
SECONDARY DATA:
The secondary data has been collected through oral communication. Secondary
data about the company profile and other details were collected from the company website.
SAMPLING PROCEDURE:
Random sampling is adopted for survey. Respondents were selected at the
random of the researches and the structured questioner was used for collecting the
information.
SAMPLING SIZE:
Due to time and resource constraint the sample size has been taken as 100.In
Random sampling is used for selection of homogeneous sample for the study. It refers to
selection a sample of study. It is a non-probability sampling. Thus research study may
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Customer Satisfaction
include study objects, which are conveniently located. Research findings based on
convenient sampling however, cannot be generalized.
LIMITATION OF THE STUDY:
Some responds opinion is based
Ignore the facts of responds
Customers did not spare much time to answer the questions
Particular area is covered
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INDUSTRY PROFILE
HISTORY :
Insurance in India has its history dating back until 1818, when Oriental Life
Insurance Company was started by Anita Bhavsar in Kolkata to cater to the needs of
European community. The pre-independent era in India saw discrimination among the life
of foreigners and Indians with higher premiums being charged for the latter. In 1870,
Bombay Mutual Life Assurance Society became the first Indian insurance company
covering Indian lives at normal rates.
At the dawn of the twentieth century, many insurance companies were founded. In
the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed
to regulate the insurance business. The Life Insurance Companies Act, 1912 made it
necessary that the premium-rate tables and periodical valuations of companies should be
certified by an actuary it is in business. Before that, the industry consisted of only two state
insurers: Life Insurers (Life Insurance Corporation of India, LIC) and General Insurers
(General Insurance Corporation of India, GIC). GIC had four subsidiary companies.
With effect from December 2000, these subsidiaries have been de-linked from the
parent company and were set up as independent insurance companies: Oriental Insurance
Company Limited, New India Assurance Company Limited, National Insurance Company
Limited and United India Insurance Company Limited.
Currently, in India only two million people (0.2 % of the total population of 1
billion) are covered under mediclaim, whereas in developed nations like USA about 75 %
of the total population is covered under some insurance scheme. With more and more
private companies in the sector, the situation may change soon..
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ACTS :
The insurance sector went through a full circle of phases from being unregulated to
completely regulated and then currently being partly deregulated. It is governed by anumber of acts.
The Insurance Act of 1938 was the first legislation governing all forms of insurance
to provide strict state control over insurance business.
Life insurance in India was completely nationalized on January 19, 1956, through
the Life Insurance Corporation Act. All 245 insuance companies operating in the country
were merged into one entity, the Life Insurance Corporation of India.
The General Insurance Business Act of 1972 was enacted to nationalise the about
100 general insurance companies and subsequently merging them into four companies. All
the companies were amalgamated into National Insurance, New India Assurance, Oriental
Insurance and United India Insurance, which were headquartered in each of the four
metropolitan cities.
MISSION :
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To protect the interests of the policyholders, to regulate, promote and ensure
orderly growth of the insurance industry and for matters connected therewith or incidental
thereto
INDIAN INSURANCE INDUSTRY:
GIC had four subsidiary companies, namely (with effect from Dec'2000) these
subsidiaries have been de-linked from the parent company and made as independent
insurance companies. Insurance industry, as on 1.4.2000, comprised mainly two players:
the state insurers:
Life Insurance Corporation of India (LIC)
General Insurance Corporation of India (GIC) (with effect from Dec'2000, a National
Reinsurer)
GIC had four subsidiary companies, namely
1. The Oriental Insurance Company Limited
2. The New India Assurance Company Limited
3. National Insurance Company Limited
4. United India Insurance Company Limited.
Table showing Life insurance players in India from 2000-2009
S.No. Registration
Number
Date of Reg. Name of the Company
1 101 23.10.2000 HDFC Standard Life Insurance
Company Ltd.
SVCET, Chittoor-517127 Page No:-12
http://www.licindia.com/http://gicofindia.in/http://www.orientalinsurance.nic.in/http://www.newindia.co.in/http://www.nationalinsuranceindia.com/http://www.uiic.co.in/http://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.licindia.com/http://gicofindia.in/http://www.orientalinsurance.nic.in/http://www.newindia.co.in/http://www.nationalinsuranceindia.com/http://www.uiic.co.in/http://www.hdfcinsurance.com/http://www.hdfcinsurance.com/ -
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2 104 15.11.2000 Max New York Life Insurance Co. Ltd.
3 105 24.11.2000 ICICI Prudential Life Insurance
Company Ltd.
4 107 10.01.2001 Kotak Mahindra Old Mutual Life
Insurance Limited
5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.
6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.
7 111 30.03.2001 SBI Life Insurance Company Limited .
8 114 02.08.2001 ING Vysya Life Insurance Company
Private Limited9 116 03.08.2001 Bajaj Allianz Life Insurance Company
Limited
10 117 06.08.2001 Metlife India Insurance Company Ltd.
12 122 14.05.2002 Aviva Life Insurance Co. India Ltd.
13 127 06.02.2004 Sahara India Insurance Company Ltd.
14 128 17.11.2005 Shriram Life Insurance Company Ltd.
15 130 14.07.2006 Bharti AXA Life Insurance Company
Ltd.
16 133 04.09.2007 Future Generali India Life Insurance
Company Limited
17 135 19.12.2007 IDBI Federal Life Insurance Company
Ltd.
18 136 08.05.2008 Canara HSBC Oriental Bank of
Commerce Life Insurance
Company Ltd.
19 138 27.06.2008 Aegon Religare Life Insurance
Company Ltd.
SVCET, Chittoor-517127 Page No:-13
http://www.maxnewyorklife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.kotaklifeinsurance.com/http://www.kotaklifeinsurance.com/http://www.birlasunlife.com/http://www.tata-aig-life.com/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.allianzbajaj.co.in/http://www.metlife.co.in/http://www.avivaindia.com/http://www.saharalife.com/http://www.shriramlife.com/http://www.bharti-axalife.com/http://www.bharti-axalife.com/http://www.irdaindia.org/www.fg-life.inhttp://www.irdaindia.org/www.fg-life.inhttp://www.idbifortis.com/http://www.idbifortis.com/http://www.canarahsbclife.com/http://www.canarahsbclife.com/http://www.canarahsbclife.com/http://www.aegonreligare.com/http://www.aegonreligare.com/http://www.maxnewyorklife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.kotaklifeinsurance.com/http://www.kotaklifeinsurance.com/http://www.birlasunlife.com/http://www.tata-aig-life.com/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.allianzbajaj.co.in/http://www.metlife.co.in/http://www.avivaindia.com/http://www.saharalife.com/http://www.shriramlife.com/http://www.bharti-axalife.com/http://www.bharti-axalife.com/http://www.irdaindia.org/www.fg-life.inhttp://www.irdaindia.org/www.fg-life.inhttp://www.idbifortis.com/http://www.idbifortis.com/http://www.canarahsbclife.com/http://www.canarahsbclife.com/http://www.canarahsbclife.com/http://www.aegonreligare.com/http://www.aegonreligare.com/ -
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20 140 27.06.2008 DLF Pramerica Life Insurance
Company Ltd.
21 142 Star Union Dai-ichi Life Insurance Co.
Ltd.,
22 143 05.11.2009 IndiaFirst Life Insurance Company Ltd.
Table showing General insurance players in India from 2000-2009
S.No. Registration
Number
Date of Reg Name of the Company
1 102 23.10.2000 Royal Sundaram Alliance Insurance Company
Limited
2 103 23.10.2000 Reliance General Insurance Company Limited.
3 106 04.12.2000 IFFCO Tokio General Insurance Co. Ltd
4 108 22.01.2001 TATA AIG General Insurance Company Ltd.
5 113 02.05.2001 Bajaj Allianz General Insurance Company Limited
6 115 03.08.2001 ICICI Lombard General Insurance Company
Limited.
7 123 15.07.2002 Cholamandalam General Insurance Company Ltd.
8 124 27.08.2002 Export Credit Guarantee Corporation Ltd.
9 125 27.08.2002 HDFC-Chubb General Insurance Co. Ltd.
10 131 03-08-2007 Apollo Munich Health I nsurance Company
SVCET, Chittoor-517127 Page No:-14
http://www.dlfpramericalife.com/http://www.dlfpramericalife.com/http://www.irdaindia.org/www.royalsundaram.comhttp://www.irdaindia.org/www.royalsundaram.comhttp://www.reliancegeneral.co.in/http://www.itgi.co.in/http://www.irdaindia.org/www.tata-aiggeneral.comhttp://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.icicilombard.com/http://www.cholainsurance.com/http://www.irdaindia.org/http;/www.ecgcindia.comhttp://www.hdfcchubbindia.com/http://www.apollodkv.co.in/http://www.apollodkv.co.in/http://www.dlfpramericalife.com/http://www.dlfpramericalife.com/http://www.irdaindia.org/www.royalsundaram.comhttp://www.irdaindia.org/www.royalsundaram.comhttp://www.reliancegeneral.co.in/http://www.reliancegeneral.co.in/http://www.itgi.co.in/http://www.irdaindia.org/www.tata-aiggeneral.comhttp://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.icicilombard.com/http://www.cholainsurance.com/http://www.irdaindia.org/http;/www.ecgcindia.comhttp://www.hdfcchubbindia.com/http://www.apollodkv.co.in/http://www.apollodkv.co.in/http://www.apollodkv.co.in/ -
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Limited
11 132 04-09-2007 Future Generali India Insurance Company Limited
12 134 16-11-2007 Universal Sompo General Insurance Company Ltd.
13 137 8.05.2008 Shriram General Insurance Company Limited,
14 139 27.06.2008 Bharti Axa General Insurance Company Ltd.
15 141 15.12.2008 Raheja QBE General Insurance Co. Ltd
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http://www.apollodkv.co.in/http://www.irdaindia.org/www.fg-general.inhttp://www.universalsompo.com/http://www.shriramgi.com/http://www.irdaindia.org/www.bharti-axagi.co.inhttp://www.apollodkv.co.in/http://www.irdaindia.org/www.fg-general.inhttp://www.universalsompo.com/http://www.shriramgi.com/http://www.irdaindia.org/www.bharti-axagi.co.in -
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COMPANY PROFILE :
Future Generali is a joint venture between the India-based Future Group and the
Italy-based Generali Group. Future Generali is present in India in both the Life and Non-
Life businesses as Future Generali India Life Insurance Co. Ltd. and Future Generali India
Insurance Co. Ltd.
FUTURE GROUP :
Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of
Indias leading business houses with multiple businesses spanning across the consumption
space. While retail forms the core business activity of Future Group, group subsidiaries are
present in consumer finance, capital, insurance, leisure and entertainment, brand
development, retail real estate development, retail media and logistics. Led by its flagship
enterprise, Pantaloon Retail, the group operates over 11 million square feet of retail space
in over 63 cities and towns and 65 rural locations across India. Headquartered in Mumbai
(Bombay), Pantaloon Retail employs around 30,000 people and is listed on the Indian stock
exchanges. The company follows a multi-format retail strategy that captures almost the
entire consumption basket of Indian customers. In the lifestyle segment, the group operates
Pantaloons, a fashion retail chain and Central, a chain of seamless malls.
In the value segment, its marquee brand, Big Bazaar is a hypermarket format that
combines the look, touch and feel of Indian bazaars with the choice and convenience of
modern retail. The groups specialty retail formats include- books and music chain - Depot;
sportswear retailer - Planet Sports; electronics retailer e Zone ; home improvement chain
Home Town ; and rural retail chain Aadhar ; among others. It also operates the popular
shopping portal,www.futurebazaar.com.
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http://www.futuregenerali.in/Corporate/Index.aspxhttp://www.pantaloon.com/http://www.futuregenerali.in/Corporate/AboutUs/www.futurebazaar.comhttp://www.futuregenerali.in/Corporate/AboutUs/www.futurebazaar.comhttp://www.futuregenerali.in/Corporate/Index.aspxhttp://www.pantaloon.com/http://www.futuregenerali.in/Corporate/AboutUs/www.futurebazaar.com -
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Future Capital Holdings, the groups financial arm provides investment advisory to
assets worth over $1 billion that are being invested in consumer brands and companies, real
estate, hotels and logistics. It also operates a consumer finance arm with branches in 150
locations.
Other group companies include, Future Generali, the groups insurance venture in
partnership with Italys Generali Group, Future Brands, a brand development and IPR
company, Future Logistics, providing logistics and distribution solutions to group
companies and business partners and Future Media, a retail media initiative.
The groups presence in Leisure & Entertainment segment is led through, Mumbai-
based listed company Galaxy Entertainment Limited. Galaxy includes leading leisurechains, Sports Bar and Bowling Co. and family entertainment centres, F123.
Future Groups joint venture partners include, US-based stationery products
retailers, Staples, French womens wear retailer, Etam, Middle East-based Axiom
Communications and India-based Blue Foods, Liberty Shoes, Talwalkars and Asian
Electronics.
GENERALI GROUP :
Established in Trieste on December 26, 1831, Generali is an international group
present in more than 40 countries with insurance companies and companies mostly
operating in the financial and real estate sectors. Over the years, the Generali Group has
reconstructed a significant presence in Central Eastern Europe and has started to develop
business in the principal markets of the Far East, including China and India.
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IDENTITY CARD :
Generali Group ranks among the top three insurance groups in Europe and the 30th
largest company in the Fortune 500 international ranking, with a 2007 premium income ofover 66 billions
High rating assigned by the international rating agencies:
It is present in more than 40 countries
It has over 50 millions clients worldwide
It has 80,555 employees
It has over 398 billions of total assets under management
CORE TEAM MEMBERS :
Mr. G. N. Bajpai Chairman
Dr. Kim Chai Ooi -- Country Manager, Future Generali
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FUTURE GENERALI INDIA LIFE INSURANCE CO. LTD. :
Mr. Jayant Khosla - MD & CEO
Mr. G N Agarwa -Chief Actuary & Appointed Actuary
Mr. Nirakar Pradhan -Chief Investment Officer
Mr. Nagesh Rajanna -Chief - Sales & Business Development
Mr. Arnab Maik -Chief Marketing Officer
Ms. Shalaka Gadekar -Chief - Human Capital
Mr. Anup Chandak -CFO
Mr. Rajeev Shirodkar -CIO
FUTURE GENERALI INDIA INSURANCE CO. LTD. :
Mr. Deepak Sood - ChiefExecutive Officer
Mr. S. Venkatesh -Chief Financial Officer
Mr. K G Krishnamoorthy Rao -Chief Underwriting Officer
SVCET, Chittoor-517127 Page No:-20
http://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#jayant%23jayanthttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#agarwal%23agarwalhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#pradhan%23pradhanhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#nagesh%23nageshhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#arnab%23arnabhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#shalaka%23shalakahttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#anup%23anuphttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#rajeev%23rajeevhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#deepak%23deepakhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#ven%23venhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#rao%23raohttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#jayant%23jayanthttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#agarwal%23agarwalhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#pradhan%23pradhanhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#nagesh%23nageshhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#arnab%23arnabhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#shalaka%23shalakahttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#anup%23anuphttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#rajeev%23rajeevhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#deepak%23deepakhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#ven%23venhttp://www.futuregenerali.in/Corporate/AboutUs/Management_Team.aspx#rao%23rao -
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CUSTOMER SATISFACTION :
The degree to which customer expectations of a product or service are met or
exceeded. Corporate and individual customers may have widely differing reasons for
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purchasing a product or service and therefore any measurement of satisfaction will need to
be able to take into account such differences. The quality of after-sales service can also be a
crucial factor in influencing any purchasing decision. More and more companies are
striving, not just for customer satisfaction, but for customer delight, that extra bit of addedvalue that may lead to increased customer loyalty. Any extra added value, however, will
need to be carefully costed.
According to Voltaire Customer satisfaction defines as follows
When we talk about customer service and/or satisfaction, we talk about creativity.
Creativity allows us to handle or diffuse problems at hand or later on in the process of
conducting the everyday business. We talk about how, or rather what, does the organizationhave to do to gain not only the sale but also the loyalty of the customer. We want to know
the payoff of the transaction both in the short and long term. We want to know what our
customers want.
We want to know if our customers are satisfied. Satisfaction, of course, means that
what we delivered to a customer met the customers approval. We want to know if
customers are delighted and willing to come back, and so on.
As important as delightfulness is, some of us minimize it, or even totally disregard
it. At this point, we fail. Some of the issues that will guarantee failure in sales, satisfaction,
and loyalty are:
Employees must adhere to a rigid chain of command
Employees are closely supervised
Conflictin whatever formis not allowed
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Rewards are based on carrot-and-stick principles
Wrong objectives are measured
However, we increase our chance of success if we allow employees to take personal
responsibility for their actions in the areas of communication,Performance and customer
satisfaction. How can we sensitize our employees to these issues?
First, we must identify how we define the customer.
Second, we must understand customer expectation levels concerning quality.
Third, we must understand the strategy for customer service quality, fourth, we mustunderstand the measurement and feedback cycles of customer satisfaction.
The customer is the person or unit receiving the output of a process on the system.
In fact, it is worth emphasizing that a customer can be the immediate, intermediate, or
ultimate customer. Also, a customer may be a person or persons, or a process or
processes.Customer satisfaction, however, is when the customer is satisfied with a
product/service that meets the customers needs, wants, and expectations.
To further understand customer satisfaction, we must take a deeper look at the
levels of specific satisfaction. We must also recognize that there are levels of customer
satisfaction that, in a sense, define the basic ingredients of quality. There are at least three
levels of customer expectations about quality
Level:
Expectations are very simple and take the form of assumptions, must have, or take
it for granted. For example, I expect the airline to be able to take off, fly to my destination,
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and land safely. I expect to get the correct blood for my blood transfusion. And I expect the
bank to deposit my money to my account and to keep a correct tally for me.
Level 2:
Expectations are a step higher than that of level 1 and they require some form of
satisfactionthrough meeting the requirementsand/or specifications. For example, I expect
to be treated courteously by all airline personnel. I went to the hospital expecting to have
my hernia repaired, to be in some pain after it was done, to be out on the same day, and to
receive a correct bill. And I went to the bank expecting the bank teller to be friendly,
informative, and helpful with my transactions.
Level 3:
Expectations are much higher than for levels 1 and 2. Level 3 requires some kind of
delightfulnessor a servicethat is so good that it attracts me to it. For example, an airline
gives passengers traveling coach class the same superior food service that other airlines
provide only for first-class passengers. In fact, I once took a flight where the flight
attendants actually baked cookies for us right there on the plane. When I went to the
hospital, I expected staff to treat me with respect and they carefully explained things to me.
But I was surprised when they called me at home the next day to find out how I was doing.
And at my house closing, the bank officer, representing the bank holding my mortgage, not
only treated me with respect and answered all my questions about my new mortgage, but
just before we shook hands to close the deal, he gave me a housewarming gift.
Customer satisfaction, a term frequently used in marketing, is a measure of how
products and services supplied by a company meet or surpass customer expectation.
Customer satisfaction is defined as "the number of customers, or percentage of total
customers, whose reported experience with a firm, its products, or its services (ratings)
exceeds specified satisfaction goals." It is seen as a key performance indicator within
business and is often part of a Balanced Scorecard. In a competitive marketplace where
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businesses compete for customers, customer satisfaction is seen as a key differentiator and
increasingly has become a key element of business strategy.
Within organizations, customer satisfaction ratings can have powerful effects. They
focus employees on the importance of fulfilling customers expectations. Furthermore,
when these ratings dip, they warn of problems that can affect sales and profitability. These
metrics quantify an important dynamic. When a brand has loyal customers, it gains positive
word-of-mouth marketing, which is both free and highly effective.
Therefore, it is essential for businesses to effectively manage customer satisfaction.
To be able do this, firms need reliable and representive measures of satisfaction.
In researching satisfaction, firms generally ask customers whether their product or
service has met or exceeded expectations. Thus, expectations are a key factor behind
satisfaction. When customers have high expectations and the reality falls short, they will be
disappointed and will likely rate their experience as less than satisfying. For this reason, a
luxury resort, for example, might receive a lower satisfaction rating than a budget motel
even though its facilities and service would be deemed superior in absolute terms.
The importance of customer satisfaction diminishes when a firm has increased
bargaining power. For example, cell phone plan providers, such as AT&T and Verizon,
participate in an industry that is an oligopoly, where only a few suppliers of a certain
product or service exist. As such, many cell phone plan contracts have a lot of fine print
with provisions that they would never get away if there were, say, a hundred cell phone
plan providers, because customer satisfaction would be way too low, and customers would
easily have the option of leaving for a better contract offer.
PURPOSE
A business ideally is continually seeking feedback to improve customer satisfaction.
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Customer satisfaction provides a leading indicator of consumer purchase intentions
and loyalty. Customer satisfaction data are among the most frequently collected indicators
of market perceptions. Their principal use is twofold:
1. Within organizations, the collection, analysis and dissemination of these data send a
message about the importance of tending to customers and ensuring that they have a
positive experience with the companys goods and services
2. Although sales or market share can indicate how well a firm is performing currently,
satisfaction is an indicator of how likely it is that the firms customers will make further
purchases in the future. Much research has focused on the relationship between
customer satisfaction and retention. Studies indicate that the ramifications of
satisfaction are most strongly realized at the extremes. On a five-point scale,
individuals who rate their satisfaction level as 5 are likely to become return
customers and might even evangelize for the firm. (A second important metric related
to satisfaction is willingness to recommend. This metric is defined as "The percentage
of surveyed customers who indicate that they would recommend a brand to friends."
When a customer is satisfied with a product, he or she might recommend it to friends,
relatives and colleagues. This can be a powerful marketing advantage.) Individuals who
rate their satisfaction level as 1, by contrast, are unlikely to return. Further, they canhurt the firm by making negative comments about it to prospective customers.
Willingness to recommend is a key metric relating to customer satisfaction.
MEASURING CUSTOMER SATISFACTION
Organizations need to retain existing customers while targeting non-customers.
Measuring customer satisfaction provides an indication of how successful the organization
is at providing products and/or services to the marketplace.
Customer satisfaction is measured at the individual level, but it is almost always
reported at an aggregate level. It can be, and often is, measured along various dimensions.
A hotel, for example, might ask customers to rate their experience with its front desk and
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check-in service, with the room, with the amenities in the room, with the restaurants, and
so on. Additionally, in a holistic sense, the hotel might ask about overall satisfaction with
your stay.
As research on consumption experiences grows, evidence suggests that consumers
purchase goods and services for a combination of two types of benefits: hedonic and
utilitarian. Hedonic benefits are associated with the sensory and experiential attributes of
the product. Utilitarian benefits of a product are associated with the more instrumental and
functional attributes of the product (Batra and Athola 1990)
Customer satisfaction is an ambiguous and abstract concept and the actual
manifestation of the state of satisfaction will vary from person to person andproduct/service to product/service. The state of satisfaction depends on a number of both
psychological and physical variables which correlate with satisfaction behaviors such as
return and recommend rate. The level of satisfaction can also vary depending on other
options the customer may have and other products against which the customer can compare
the organization's products.
Work done by Parasuraman, Zeithaml and Berry (Leonard L) between 1985
and 1988 provides the basis for the measurement of customer satisfaction with a service by
using the gap between the customer's expectation of performance and their perceived
experience of performance. This provides the measurer with a satisfaction "gap" which is
objective and quantitative in nature. Work done by Cronin and Taylor propose the
"confirmation/disconfirmation" theory of combining the "gap" described by Parasuraman,
Zeithaml and Berry as two different measures (perception and expectation of performance)
into a single measurement of performance according to expectation.
The usual measures of customer satisfaction involve a survey with a set of
statements using a Likert Technique or scale. The customer is asked to evaluate each
statement and in term of their perception and expectation of performance of the
organization being measured. Their satisfaction is generally measured on a five-point scale.
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Customer satisfaction data can also be collected on a 10-point scale.
Regardless of the scale used, the objective is to measure customers perceived
satisfaction with their experience of a firms offerings. It is essential for firms to effectively
manage customer satisfaction. To be able do this, we need accurate measurement of
satisfaction. Good quality measures need to have high satisfaction loadings, goodreliability, and low error variances. In an empirical study comparing commonly used
satisfaction measures it was found that two multi-item semantic differential scales
performed best across both hedonic and utilitarian service consumption contexts.
According to studies by Wirtz & Lee (2003), they identified a six-item 7-point semantic
differential scale (e.g., Oliver and Swan 1983), which is a six-item 7-point bipolar scale,
that consistently performed best across both hedonic and utilitarian services. It loaded most
highly on satisfaction, had the highest item reliability, and had by far the lowest error
variance across both studies. In the study, the six items asked respondents evaluation of
their most recent experience with ATM services and ice cream restaurant, along seven
points within these six items: please me to displeased me, contented with to disgusted
with, very satisfied with to very dissatisfied with, did a good job for me to did a poor
job for me, wise choice to poor choice and happy with to unhappy with.
A semantic differential (4 items) scale (e.g., Eroglu and Machleit 1990), which is a
four-item 7-point bipolar scale, was the second best performing measure, which was againconsistent across both contexts. In the study, respondents were asked to evaluate their
experience with both products, along seven points within these four items: satisfied to
dissatisfied, favorable to unfavorable, pleasantto unpleasant and I like it very much
toI didnt like it at all.
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The third best scale was single-item percentage measure, a one-item 7-point bipolar
scale (e.g., Westbrook 1980). Again, the respondents were asked to evaluate their
experience on both ATM services and ice cream restaurants, along seven points within
delightedto terrible.
It seems that dependent on a trade-off between length of the questionnaire and
quality of satisfaction measure, these scales seem to be good options for measuring
customer satisfaction in academic and applied studies research alike. All other measures
tested consistently performed worse than the top three measures, and/or their performance
varied significantly across the two service contexts in their study. These results suggest that
more careful pretesting would be prudent should these measures be used.
Finally, all measures captured both affective and cognitive aspects of satisfaction,
independent of their scale anchors. Affective measures capture a consumers attitude
(liking/disliking) towards a product, which can result from any product information or
experience. On the other hand, cognitive element is defined as an appraisal or conclusion
on how the products performance compared against expectations (or exceeded or fell short
of expectations), was useful (or not useful), fit the situation (or did not fit), exceeded the
requirements of the situation (or did not exceed).
METHODOLOGIES
American Customer Satisfaction Index (ACSI) is a scientific standard of customer
satisfaction. Academic research has shown that the national ACSI score is a strong
predictor ofGross Domestic Product (GDP) growth, and an even stronger predictor of
Personal Consumption Expenditure (PCE) growth. On the microeconomic level, academic
studies have shown that ACSI data is related to a firm's financial performance in terms of
return on investment (ROI), sales, long-term firm value (Tobin's q), cash flow, cash flow
volatility, human capitalperformance,portfolio returns, debt financing, risk, and consumer
spending. Increasing ACSI scores has been shown to predict loyalty, word-of-mouth
recommendations, and purchase behavior. The ACSI measures customer satisfaction
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annually for more than 200 companies in 43 industries and 10 economic sectors. In
addition to quarterly reports, the ACSI methodology can be applied to private sector
companies and government agencies in order to improve loyalty and purchase intent. Two
companies have been licensed to apply the methodology of the ACSI for both the privateand public sector: CFI Group, Inc. and Foresee Results apply the ACSI to websites and
other online initiatives. ASCI scores have also been calculated by independent researchers,
for example, for the mobile phones sector, higher education, and electronic mail.
The Kano model is a theory of product development and customer satisfaction
developed in the 1980s by ProfessorNoriaki Kano that classifies customer preferences intofive categories: Attractive, One-Dimensional, Must-Be, Indifferent, Reverse. The Kano
model offers some insight into the product attributes which are perceived to be important to
customers.
SERVQUAL or RATER is a service-quality framework that has been incorporated
into customer-satisfaction surveys (e.g., the revised Norwegian Customer Satisfaction
Barometer) to indicate the gap between customer expectations and experience.
J.D. Power and Associates provides another measure of customer satisfaction,
known for its top-box approach and automotive industry rankings. J.D. Power and
Associates' marketing research consists primarily of consumer surveys and is publicly
known for the value of its product awards.
Other research and consulting firms have customer satisfaction solutions as well.
These include A.T. Kearney's Customer Satisfaction Audit process, which incorporates the
Stages of Excellence framework and which helps define a companys status against eight
critically identified dimensions.
For Business to Business (B2B) surveys there is the InfoQuest box. This has been
used internationally since 1989 on more than 110,000 surveys (Nov '09) with an average
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response rate of 72.74%. The box is targeted at "the most important" customers and avoids
the need for a blanket survey.
Customer satisfaction can help your business to achieve a sustainable competitive
advantage. Its about understanding the way a customer feels after purchasing a product or
service and, in particular, whether or not that product or service met the customers
expectations.
Customers primarily form their expectations through past purchasing experiences,
word-of-mouth from family, friends and colleagues and information delivered through
marketing activities, such as advertising or public relations. If the customers expectation
isnt met, they will be dissatisfied and its very likely they will tell others about theirexperience.
WHY CUSTOMER SATISFACTION IS IMPORTANT
Dont underestimate the value of customer satisfaction. Its becoming an important
area of competition.
A high level of satisfaction can deliver many benefits, including:
Loyalty: a highly satisfied customer is a loyal customer.
Repeat purchase: a highly satisfied customer buys more products.
Referrals: a highly satisfied customer tells their family and friends about the
product or service.
Retention: a highly satisfied customer is less likely to switch brands.
Reduced costs: a highly satisfied customer costs less to serve than a new customer.
Premium prices: a highly satisfied customer is willing to pay more for the product
or service.
Not happy Jan
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Monitoring customer satisfaction is important because we are much more likely to
tell our friends and family about a bad experience with a product or service than a good
experience. The introduction of blogs and websites such as www.notgoodenough.com.au
has provided customers with an excellent platform to spread the bad word about a productor service to thousands of people. And theres always the threat of negative publicity
generated from current affairs programs or other media outlets. Dont learn the lesson
about customer satisfaction the hard way!
CUSTOMER SATISFACTION RESEARCH
Satisfaction surveys are an important method for collecting information about how
your customers think and feel about your brand, product or service.
A satisfaction survey can help you to understand the expectations of your
customers, determine whether your customers believe you are meeting those expectations,
identify new customer requirements or trends in the market and determine what areas of
your business need investment.
A good customer satisfaction survey will also help you to understand the causes of
dissatisfaction among your customers. Once youve identified these issues, youll be able
to implement new practices to improve customer satisfaction.
Many businesses systematically measure customer satisfaction through independent
surveys, feedback forms, mystery shopping and focus groups. Some third party surveys
also compare the customer satisfaction of major competitors, which allows companies to
benchmark themselves in their relevant sector.
Measuring customer satisfaction doesnt have to be expensive. It can be as simple
as preparing a short feedback form or conducting a brief telephone interview that asks the
customer to rate the product or service on a number of criteria. Indicators of customer
satisfaction
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An important indicator of customer satisfaction is the customer retention rate. To
calculate your customer retention rate, you will need to capture data about the total number
of customers and the number of customers switching brands. If you track this information
over time, youll be able to see whether you are improving your customer retention andsatisfaction.
Another tool that has been introduced in Australia is the Net Promoter Scores,
which provide a new metric for measuring customer loyalty. The Net Promoter Scores ask
one simple question about whether a customer would recommend a product or service to a
friend or colleague. This question has been identified as the ultimate determinant ofcustomer satisfaction or loyalty. Research in the UK and the US has found a clear
correlation between the Net Promoter Scores and revenue growth, illustrating the
importance of customer satisfaction to future growth potential. Satisfaction affects the
bottom line Where there is high customer satisfaction, the customer retention rate will also
be high and business results will follow. Gain an edge on your competition by focusing on
what really matters.
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DATA ANALYSIS AND INTERPRETATION
TABLE- 1
Table showing number of policy holders and non holders:
GENDER TOTAL
SAMPLES
POLICY
HOLDERS
% OF POLICY
HOLDERS
NON
HOLDERS
% OF NON
HOLD
MALE 70 23 33 47 67
FEMALE 30 14 47 16 53
TOTAL 100 37 37 63 63
DIAGRAMATIC REPRESENTATION:
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INFERENCE:
From the above information, we have 37% of insurance policy holders and 63% of
non policy holders. Male policy holders are 33% and non policy holders are 67%. Female
policy holders are 47% and non policy holders are 53%.
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TABLE- 2
Table showing number of policy holders and non holders based on marital
status:
Marital
status
Number of
persons
Holder
s
% OF
Holders
NON
Holders
% OF NON
Holders
Married 51 22 43 39 67
Single 49 15 31 34 69
Total 100 37 37 63 63
DIAGRAMATIC REPRESENTATION:
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INFERENCE:
From the above information, we have married people with policy are 43% and
without policy are 57%.Single people with policy are 31% and without policy are 69%.
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TABLE- 3
Table showing number of policy holders and non holders based on occupation:
Occupation No. of
persons
Policy
holders
% Of Policy
holders
Non Policy
holders
% Of Non
Policy
holde
Student 18 2 11 16 89
Employee 38 17 45 21 55Self
employee
34 14 41 20 59
Business 2 2 100 0 0
Others 8 2 25 6 75
DIAGRAMATIC REPRESENTATION:
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INFERENCE:
From the above information, we have students with policy are 11% and without
policy are 89%. Employees with policy are 45% and without policy are 55%.selfemployee
with policy are 41% and without policy are 59%. Business man with policy is 100%.others
with policy is 25% and without policy is 75%.
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TABLE- 4
Table showing number of policy holders and non holders based on monthly
income:
Monthly income Number of persons Policy holders Non policy holders
20000 8 2 6
DIAGRAMATIC REPRESENTATION:
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INFERENCE:
From the above information, we have 20000 monthly income holders with policy are 75% and
without policy are 25%.
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INFERENCE:
The above information projects, list of companies selected by the people for
insurance. Here Lic has 49%, Icici has 8%,Ing vysya has 8%,SBI has 8%,Bajaj allianze has5% and Others 22%.
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TABLE- 6
Table showing number of policy holders according to nature of policies:
Nature of policy Number of persons Percentage (%)
Life 31 84
Non life 1 3
Both 5 13
DIAGRAMATIC REPRESENTATION:
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INFERENCE:
The above information projects, number of policy holders in different nature of
policies. Here we have Life insurance policies has 84%, Non life insurance policies has 3%
and both 13%.
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INFERENCE:
The above information projects, number of policy holders in different time periods
of insurance policies. Here less than 5 year policies has 13%, 5 to 10 year policies has
38%,10 to 15 year policies has 49% of people respectively..
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TABLE- 8
Table showing policy holders feedback on benefits of insurance company:
Benefit Number of persons
Future investment 21
Cover future certainity 8
Tax deduction 18
DIAGRAMATIC REPRESENTATION:
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INFERENCE:
The above information projects,policy holders feedback on benefits of insurance
company. Here Future investment has 57%, Cover future certainty has 21% and Tax
deduction has 22%.
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TABLE- 9
Table showing features of policy which attracted policy holders
Feature Number of persons
Larger risk coverage 12
Low premium 8
Money back guarantee 14
Reputation of the company 3
DIAGRAMATIC REPRESENTATION:
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INFERENCE:
The above information projects, features of policy which attracted policy holders.
Here larger risk coverage is 32%, Low premium is 22%, Money back guarantee is 38%,
and Reputation of the company is 8%.
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TABLE- 10
Table showing satisfaction status of policy holders with current insurer:
DIAGRAMATIC REPRESENTATION:
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Level of satisfaction Number of persons
Highly satisfied 1
Satisfied 20
Moderate 9
Unsatisfied 7
Highly unsatisfied 0
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INFERENCE:
The above information projects, satisfaction status of policy holders with current
insurer. Here 3% policy holders are Highly satisfied,54% policy holders are Satisfied,24%
policy holders are Moderate,19% policy holders Are Unsatisfied and 0% of policy holders
are Highly unsatisfied.
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TABLE- 11
Table showing satisfaction status of policy holders with service agents:
DIAGRAMATIC REPRESENTATION:
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Level of satisfaction Number of persons
Highly satisfied 1Satisfied 20
Moderate 9
Unsatisfied 7
Highly unsatisfied 0
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TABLE- 12
Table showing satisfaction status of policy holders regarding financial needs:
DIAGRAMATIC REPRESENTATION:
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Level of satisfaction Number of persons
Very high 0
High 16
Moderate 17
Low 4
Very low 0
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INFERENCE:
The above information projects, satisfaction status of policy holders regarding
financial needs. Here 0% of policy holders satisfied Very high, 43% of policy holders
satisfied High,46% of policy holders satisfied.Moderate,11% of policy holders satisfied
low,0% of policy holders satisfied Very low.
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Customer Satisfaction
TABLE- 13
Table showing satisfaction level of policy holders with the information given in
catalogs:
DIAGRAMATIC REPRESENTATION:
SVCET, Chittoor-517127 Page No:-61
Level of satisfaction Number of persons
Very high 0
High 7
Moderate 12
Low 17
Very low 1
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INFERENCE:
The above information projects, satisfaction status of policy holders regarding
nature of catalogs. Here 0% of policy holders satisfied Very high, 19% of policy holders
satisfied High,32% of policy holders satisfied.Moderate,46% of policy holders satisfied
low,3% of policy holders satisfied Very low.
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TABLE- 14
Table showing policy holders opinion on future benefits of insurance policies :
DIAGRAMATIC REPRESENTATION:
SVCET, Chittoor-517127 Page No:-63
Level of satisfaction Number of persons
Very high 2
High 15
Moderate 16
Low 3
Very low 1
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INFERENCE:
The above information projects, policy holders opinion on future benefits of
insurance policies. Here 5% of policy holders satisfied Very high, 41% of policy holders
satisfied high, 43% of policy holders satisfied. Moderate, 8% of policy holders satisfied
low, 3% of policy holders satisfied Very low.
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TABLE- 15
Table showing plans of people in getting insurance:
DIAGRAMATIC REPRESENTATION:SVCET, Chittoor-517127 Page No:
-65
Plan to get insurance Number of persons
Definitely have must to buy now 7
Probably yes, but in near future 27
Probably yes, but not near
future
30
Definite no 36
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INFERENCE:
The above information projects, the plans of people in getting insurance policies.
people opinion on Definitely have must to buy now is 7%,Probably yes, but in near future
is 27%,Probably yes, but not near future is 30%,Definite no is 36%.
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TABLE- 17
Table showing peoples interest to get in touch with company advisors of FGI:
DIAGRAMATIC REPRESENTATION:
SVCET, Chittoor-517127 Page No:-69
Like to get in touch with advisors Number of persons
Yes 11
No 89
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INFERENCE:
The above information projects, peoples interest to get in touch with company
advisors of FGI. 11% of people are interested and 89% of people are not interested.
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Customer Satisfaction
It is found that, we have 37% of insurance policy holders and 63% of non policy
holders. Male policy holders are 33% and non policy holders are 67%. Female
policy holders are 47% and non policy holders are 53%.
It is found that, we have married people with policy are 43% and without policy are57%.Single people with policy are 31% and without policy are 69%.
It is found that, Students with policy are 11% and without policy are89%.
Employees with policy are 45% and without policy are 55%. Self employee with
policy is 41% and without policy are 59%. Business man with policy is
100%.others with policy is 25% and without policy is 75%.
It is found that, we have 20000 monthly income holders with
policy are 75% and without policy are 25%.
It is found that, the list of companies selected by the people for insurance, LIC has
49%, ICICI has 8%, ING VYSYA has 8%, SBI has 8%, Bajaj Allianz has 5%, and
others 22%.
It is found that, the number of policy holders in different nature of policies, we have
Life insurance policies has 84%, Non life insurance policies has 3% and both 13%.
It is found that, the number of policy holders in different time periods of insurance
policies, less than 5 year policies has 13%, 5 to 10 year policies has 38%,10 to 15
year policies has 49% of people respectively.
It is found that, policy holders feedback on benefits of insurance companies,
Future investment has 57%, Cover future certainty has 21% and Tax deduction has
22%.
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Customer Satisfaction
It is found that, features of policy which attracted policy holders, larger risk
coverage are 32%, Low premium is 22%, Money back guarantee is 38%, and
Reputation of the company is 8%.
It is found that, satisfaction status of policy holders with current insurer, 3% policyholders are Highly satisfied,54% policy holders are Satisfied,24% policy holders
are Moderate,19% policy holders are Unsatisfied and 0% of policy holders are
Highly unsatisfied.
It is found that, satisfaction status of policy holders with service agents, 3% policy
holders are Highly satisfied,54% policy holders are Satisfied,24% policy holders
are Moderate,19% policy holders are Unsatisfied and 0% of policy holders are
Highly unsatisfied.
It is found that, satisfaction status of policy holders regarding their financial needs,
0% of policy holders satisfied Very high, 43% of policy holders satisfied High,46%
of policy holders satisfied Moderate,11% of policy holders satisfied low,0% of
policy holders satisfied Very low.
It is found that, satisfaction status of policy holders regarding information from the
catalogs, 0% of policy holders satisfied Very high, 19% of policy holders satisfied
High,32% of policy holders satisfied Moderate,46% of policy holders satisfied
low,3% of policy holders satisfied Very low.
It is found that, policy holders opinion on future benefits of insurance policies, 5%
of policy holders satisfied Very high, 41% of policy holders satisfied High,43% of
policy holders satisfied, Moderate,8% of policy holders satisfied low,3% of policy
holders satisfied Very low.
It is found that, the plans of people in getting insurance policies, people opinion on
Definitely have must to buy now is 7%,Probably yes, but in near future is
27%,Probably yes, but not near future is 30%,Definite no is 36%. It is found that, interests of people investing in FGI products, 36% of people are
interested in the policies of FGI and 64% of people are not interested in the policies
of FGI.
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Customer Satisfaction
It is found that, peoples interest to get in touch with company advisors of FGI,
11% of people is interested and 89% of people are not interested.
It is found that, every company is intimating the due date for every customer at all
times.
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Customer Satisfaction
SUGGESTIONS & CONCLUSIONS:
Married people constitute the bulk of policy holders and will be the ideal for the
companies to target married individuals as they are more likely to buy insurancepolicies.
The penetration of insurance as a mode of investment is to be spread among unmarried
individuals as their attitude to this is different from that of the married individuals.
Awareness has to be created among students for insurance policies and benefits of
arising out of being covered by insurance policies.
The penetration of insurance policies among customers with monthly income >20000
is observed to be less, these customer can be specifically targeted with low premium
policies.
LIC is the market leader in the insurance sector followed by the ICICI, ING VYSYA,
and SBI.
The bulk of insurance market consists of life insurance where as non life policies score
very less.
Most of the customer chooses insurance as an investment option rather than a tool to
the cover future uncertainty or for tax savings option. The companies should focus on
promoting insurance as a tax savings option to high income group customers.
Most of customers are attracted by the money back guarantee scheme of the insurance
company followed by premium. This factor has to be taken into consideration at the
time of designing policy.
It has been observed that satisfaction rating with current insurer is directly correlated to
satisfaction with service agent. Hence companies shall recruit qualified service agents
and train them appropriately so that they can provide best of the services to the
customers.
It is also found that customers expect more returns from the insurance policies as most
of them are just satisfied and none very satisfied.
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Customer Satisfaction
The amount of fine print in the insurance policy catalog has to be reduced. Information
has to be provided in absolute and transparent terms.
More than 50% of customers are skeptical about the future benefits of insurance
companies and companies have to build awareness and educate customers with future
benefits in buying insurance policies.
All most all customers are satisfied by the way information is communicated and
updated by the insurance companies.
Very few customers are aware of Future Generali India Life Insurance Co. Ltd or its
products and large scale advertisement campaign would be beneficial in creating brand
awareness.
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Customer Satisfaction
QUESTIONNAIRE
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Customer Satisfaction
1) Name of the respondent __________________________________
2) Gender [
]
1) Male 2) Female
3) Marital status [
]
1) Single 2) married
4) You live in [
]
1) Own house 2) rented house
5) Sole dread winner [
]
1) Yes 2) no
6) Number of dependents _______________________
7) Occupation [
]
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1) student 2) employee 3) self employed 4) business 5) other
8) Monthly income [
]
1) 20000
9) Monthly household income [
]
1) 20000
10) Do you have any insurance policy? [
]
1) Yes 2) no
11) In which company you have any insurance policy? _____________________
12) Which insurance policy you have? [
]
1) Life 2) non life 3) both
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13) For how many years do you have the policy for? [
]
1)
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BIBLIOGRAPHY
Name of the Book Author PublicationSVCET, Chittoor-517127 Page No:
-84
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Marketing Management PHILLIP KOTLER 10th Edition Prentice Hall
Research Methodology KOTHARI. C.R. M/s New Age International (P) Ltd
Principles of Management PHILLIP KOTLER 10th Edition Prentice Hall
Magazines Business World Business Today
Websites:
www.google.com
www.marketingzone.com
www.futuregenerali.in