Abstract
The Indian Life Insurance sector has witnessed a major revamp in 1999 with the establishment of Insurance Regulatory and Development Authority (IRDA) and subsequent entry of Private sector players. These changes are affecting the way service is being delivered. Technology usage, new innovative product introduction and competition are seen as drivers of quality of service being provided to the customers. In this study using SERVQUAL model, we have examined the importance of service based on the 5 dimensions viz, Tangibles, Reliability, Responsiveness, Assurance and Empathy. Using 120 Life Insurance policy holders from 3 Life insurance companies in Agra the study identified that the gaps exist even after 15 years of privatization of this sector. The study indicated that a lot needs to be done for improving customer focus and services activity in the Life Insurance sector. Regular customer surveys with increased sample sizes across the country will enable the Insurance companies to fill the gaps.
 
Highlights
Life insurance is a contract between an insured and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of the insured person
Using Z -test the significance of the difference between expected and perceived service quality was analysed in the table given below for the Life Insurance Corporation (LIC) policy holders investors of insurance company
We have studied the perceptions based on SERVQUAL model for a sample of 40 investors
Summary
Life insurance (or commonly life assurance, especially in the Commonwealth) is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") in exchange for a premium, upon the death of the insured person. SERVQUAL (service quality gap model) is a gap method in service quality measurement, a tool that can be used by Product Manager across all industries The aim of this model is to: Identify the gaps between customer expectation and the actual services provided at different stages of service delivery Close the gap and improve the customer service. GAP 2: Gap between management perception and service quality specification: this is when the management or service provider might correctly perceive what the customer wants, but may not set a performance standard. The results of the questionnaire survey are analysed in relation to the five service quality (SERVQUAL) dimensions (tangibles; reliability; responsiveness; assurance; empathy) as developed by Zenithal et al Sonia Chawla and Fulbag Singh (2008) identified the service quality factors affecting customer satisfaction levels of the policyholders.
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