Abstract
Sustainable services are often regarded as sustainable strategies and operations producing goods and services that satisfy customer needs and significantly improve social and environmental performance. To be sustainable, service providers must satisfy consumers’ needs or otherwise they will become redundant and economically irrelevant. This paper presents the results of an empirical study on the determinants of customer satisfaction and loyalty in life-insurance services in Vietnam based on a database collected through a questionnaire survey of 1476 customers during 2017. A path analysis technique is applied to test the proposed framework on the direct and indirect relationship between variables. The results of statistical analysis indicate that customer satisfaction in life-insurance services is significantly explained by such factors as corporate image, service quality and perceived value. Our findings suggest that a life-insurance service provider should focus on enhancing service quality and corporate image in order to obtain customer satisfaction that leads to customer loyalty.
Highlights
Sustainable services are often regarded as sustainable strategies and operations offerings goods and services that satisfy customer needs and significantly improving social and environmental performance
This study was conducted in three phases: (1) a review of literature related to corporate image, service quality, customer satisfaction, and customer loyalty in the context of life insurance in order to identify the relationship between these dimensions and propose an analytical framework; (2) the use of a primary qualitative method to construct the measurement scales based on deep-interviews; and (3) the use of a quantitative method to test the measurement scales for their reliability and validity, and analyze reliable and valid data in order to test the hypotheses using statistical techniques
As found in the cited empirical literature [2,25,26,39,40,43], customer loyalty was found to be strongly correlated to customer satisfaction, and customer satisfaction was found to be a mediator of the linkage between corporate image, service quality, price, and perceived value
Summary
Sustainable services are often regarded as sustainable strategies and operations offerings goods and services that satisfy customer needs and significantly improving social and environmental performance. Picon et al [11] found that perceived switching costs and perceived lack of attractiveness of alternative offerings are significant mediators in the relationship between satisfaction and loyalty This raises the question that further studies on the critical factor for satisfaction and loyalty in life insurance should be emphasized and researchers should include different aspects such as quality, image and price to study the perception value which may lead to satisfaction and loyalty. The analytical results highlight the significant impact of quality and image on perceived value and customer satisfaction and suggest managerial implications for Vietnamese life-insurance companies in order for them to achieve customer loyalty. The part of this paper presents a literature review which is followed by an analytical framework, data collection, data analysis, discussions, implications and limitations, and conclusions
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