A Comparative Study of Life Insurance Corporation of India and Bajaj Allianz Life Insurance Co.Ltd. on Customer Satisfaction

Abstract

The insurance sector has witnessed a paradigm shift in the way of conducting the business after the reforms in the sector, in the year 2000. Liberalization, privatization, and globalization completely changed the concept of marketing. With the entry of private players the competition has become intense. The customer is the king of the market.  Dealing in intangible product like life insurance, requires a great faith to be developed in the customers. A greater emphasis is needed to be given on developing innovative products and providing after sale services to the customers. Grievance redressal is another neglected area to be focused upon.This paper is an attempt to analyze and compare the satisfaction level of the customers of the two eminent life insurance companies i.e. Life Insurance Corporation of India and Bajaj Allianz Life Insurance Co. Ltd. on the basis of responses of the policy holders of both the companies regarding their products and services. The outcome will help in formulating their future strategies and overcoming the weaknesses of the companies.

Keywords: Insurance, Customers Satisfaction, Intangible Products, Grievance Redressal.