Comparative Analysis of Consumer Satisfaction Towards Life Insurance Companies in India: An Actionable Insight for Indian BFSI Industry

Abstract

In the highly competitive life insurance sector consumer satisfaction has become a crucial aspect of hostile marketing. In order to survive in the modern era, delivering a high quality services has become need of an hour. As LIC, ICICI Prudential Life, HDFC Life, and SBI Life are dominating the life insurance sector with a combined market share of around 80% among all 24 life insurance companies. These four companies are chosen under the study according to their market shares. Data has been collected from 600 consumers (150 from each company) from dist. Ludhiana and dist. Sangrur of Punjab. In context of satisfaction, the consumers of LIC were found to be more satisfied among all the companies in terms of clarity of terms and conditions followed by ICICI Prudential Life, HDFC Life, and SBI Life. The consumers of all the companies are equally satisfied in terms of availability of easy premium modes. As far as print quality of the policy document is concerned, the consumers of ICIC Prudential Life were found to be most satisfied. It was found that the agents of HDFC Life are doing the best job among all the chosen companies in terms of consumer dealings. ICICI Prudential Life is providing the best office facilities and timely reminders to the consumers.