Insurance customers who are satisfied with their insurance companies and they maintain
the policies in full term. Over time, satisfied insurers turn into advocates, recommending
their insurance companies to others. Therefore, few things are more important than
ensuring customer loyalty in today’s competitive insurance environment. Considering
various aspects of customer satisfaction survey on each of the attributes like price, tax
reduction, benefit offered on survival and death, service render, bonus/profit sharing
and, special and additional benefit, perceived justice and expectations were measured.
Findings showed that, customer service, benefits on survival and death benefit had
the highest ranked. As competition increases, pension insurers are finding that,
to retain their clients, they need to provide high service quality and maintain
good relationships with insured.