A COMPARATIVE STUDY OF THE CUSTOMER SATISFACTION OF LIC AND BAJAJ ALLIANZ IN INDORE CITY

For Major Research Project Submitted to Devi Ahilya Vishwavidyalaya

As a partial fulfillment for degree of Master in Business Administration

Supervised By:
Prof. Kiran Agrawal Faculty CHIM

Submitted By:
Azish Khan Roll no. CHIM/2009-2011(MBA)/133 MBA 4th SEM.

CH. INSTITUTE OF MANAGEMENT Indore

TABLE OF CONTENT S.NO PARTICULAR 1 INTRODUCTION 1.1 Preliminaries 1.2 Review of Literature 1.3 Rationale 1.4 Objectives&Scope 1.5 Profile 2 METHODOLOGY 2.1 Hypothesis 2.2 Tools Applied for Testing Hypothesis 3 DATA COLLECTED 3.1 Data Collection Techniques used 3.2 Population&Sample 3.3 Sampiling Techmiques PAGE.NO.

EMPIRICAL ANALYSIS 4.1 Data Analysis Techniques 4.2 Result&Findings

5 6 7

RECOMMENDATIONS CONCLUSION APPENDIX 7.1 Questionnair 7.2 SPSS Sheet for Data Analysis 7.3 Data Spread Sheets containing all variables

BIBLIOGRAPHY/REFRENCECES

CERTIFICATE OF THE GUIDE

This is to certify that the Project Work titled A COMPARATIVE STUDY OF THE CUSTOMER SATISFACTION OF LIC AND BAJAJ ALLIANZ IN INDORE CITY is a bonafide work of AZISH KHAN partial fulfillment for the [Roll No: CHIM/2009-2011(MBA)/133] carried out in of degree of [MASTER OF BUSSINESS award

ADMINISTRATION] of [DEVI AHILYA VISHWAVIDYALAYA] under my guidance. This project work is original and not submitted earlier for the award of any degree / diploma or associate ship of any other University / Institution.

Place : INDORE Date :

Signature of the Guide

ACKNOWLEDGEMENT

It gives me a great pleasure to acknowledge all, who contributed in some way or the other towards the success of my project. I express my deepest sense of gratitude, profound respect and sincere thanks to Prof. Kiran Agrawal Faculty of C.H. Institute of Management, for providing me this wonderful opportunity. I express my sincere thanks to all others who directly or indirectly helped me in the execution of the project.

DECLERATION

I, Azish khan here by declared that the project report entitled A COMPARATIVE STUDY OF THE CUSTOMER SATISFACTION OF LIC AND BAJAJ ALLIANZ IN INDORE CITY done by me under the guidance of Pro. Kiran Agrawal [Faculty] is submitted in partial fulfillment of the requirement for the award of the degree in MBA.

DATE:

SIGNATURE OF THE CANDIDATE

PLACE: INDORE

1. INTRODUCTION 1.1 PRELIMINARIES The Service Sector has assumed greater economic importance over past decade.India is 15 in services output.It provides employment to 23% of work force and it growing fast,growth rate 7.5% in 1991-2000 up from 4.5% in 1951-1980.It has the largest share in GDP,according for 60.7 % in 2006 up from 15% in 1950.According to data for the financial year 2006-2007, the share of services, industry, and agriculture in India's GDP is 55.1 per cent, 26.4 per cent, and 18.5 per cent respectively. The fact that the service sector now accounts for more than half the GDP marks a watershed in the evolution of the Indian economy and take it closer to the fundamental of a developed economy. Services or the "tertiary sector" of the economy covers a wide gamut of activities like trading, banking & finance, insurance, real estate, transportation, security, management & technical consultancy among several others.LIC contribute 4 percent of the total GDP of the india. The Life Insurance Corporation of India (LIC) is the largest state-owned life insurance company in India, and also the country's largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of 9.31 trillion (US$206.68 billion). It was founded in 1956 with the merger of more than 200 insurance companies and provident societies. Headquartered in Mumbai, financial and commercial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 101 divisional offices located in different parts of India, at least 2048 branches located in different cities and towns of India along with satellite Offices attached to about some 50 Branches, and has a network of around 1.2 million agents for soliciting life insurance business from the public.

BAJAJ Allianz Life Insurance Company is a joint venture between two leading conglomerates,Bajaj Auto Limited, one of largest manufactures of motorcycles and scooters in the world, and Allianz AG of Germany one of the largest insurance companies. Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001. The company received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No 116 on 3rd August 2001 to conduct Life Insurance business in India. Customer satisfaction is a term frequently used in marketing,It is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals.Customer satisfaction provides a leading indicator of consumer purchase intentions and loyalty.

1.2 REVIEW OF RELATED LETERATURE

MS. BABITA YADAV (2011):The study is attempts to measure customer satisfaction level on various Insurance services offered by LIC and also examine the reasons for customer dissatisfaction. The study is empirical based and the primary research conducted through a market survey consisting of 100 respondents of Jabalpur city of Madhya Pradesh. A well structured questionnaire and Interview method were used for primary data collection. Simple statistical tools like percentage and scaling techniques were employed for data analysis. Customer satisfaction, Customer perception and various quality dimensions of LIC are the main focus of the study. The study is significant also because it will help LIC to create a positive impact on its customers by working on its lacking qualities. Customers are the main pillars of any business and customer service is the critical success factor in a company and providing outstanding customer service differentiates great customer service from indifferent customer service Dr. Masood H Siddiqui(2010): Liberalization of the financial services sector has led to insurance companies functioning increasingly under competitive pressures; so companies are consequently directing their strategies towards increasing customer satisfaction and loyalty through improved service quality. The present study strives to develop a valid andreliable instrument to measure customer perceived service quality in life-insurance sector. The resulting validated instrument comprised of six dimensions: assurance, personalized financial planning, competence,corporate image, tangibles and technology. The gap scores show that there is ample room for improvement in all the aspects related to service quality. These results would help the service managers to

efficiently allocate attentionand resources among these dimensions on the differential basis, consistent with the customer priorities. These findings can be transformed into effective strategies and actions for achieving competitive advantage through customer satisfaction and retention.. Rand, Graham K(2004) There is widespread customer dissatisfaction in the insurance industry,stemming from insurers failure to satisfy customers needs Therefore, further research to improve the industrys understanding of service quality is required. Using data from the Greek and Kenyan insurance industries, service qualityis measured using the SERVQUAL methodology to identify quality determinants and existing quality gaps in the industries. Quality improvement strategies are recommended in each case. Some observations are made on the efficacy of the SERVQUAL diagnostic in assessing service quality in the insurance industry. Quality gaps that obtained in the insurance industries of Greece and Kenya were largely similar. The dimensions reliability and empathy were the most deficient, and any genuine quality intervention strategy should prioritize their improvement. Guilln, M., Perch-Nielsen, J.; Prez-Marn, A.M. (2009): Customer loyalty is one of the main business challenges, also for the insurance sector. Nevertheless, there are just a few papers dealing with this problem in the insurance field and specifically considering the uniqueness of this business sector. In this paper he define the conceptual framework for studying this problem in insurance and he propose a methodology to address it. With his methodological approach, it is possible to estimate the probability that a household with more than one insurance contract (policy) in the same insurance company (cross-buying) would cancel all policies simultaneously. For those who cancel part of their policies, but not all of them, he estimate the time they are going to stay in the company after that first policy cancellation, that is to say, the time the company has to try to retain a customer who has just given them a clear signal of leaving the company. He consider the subset of customers with more than one policy before the first cancellation, 77,337 households. He firstly apply a logistic regression model to this subset in order to estimate the probability of a total cancellation. Among those 77,337 households, 66,695 of them make a partial cancellation. For that second subset of customers he estimate the customer lifetime duration applying a Cox model This analysis includes two stages where he identify the factors with a negative influence on the insurance customer loyalty: the estimation of the probability that the customer would decide not to renew the contract (total cancellation) and the study of the customer lifetime duration after the first time the client decides not to renew the contract. . Govind Johri (2009) Customer satisfaction is a multi facted area on any public service business.Customer satisfaction is most important criterion,which ecompasses quality product and value addition through value evidence of what was implied to provide ultimate customer satisfaction.Customer(dis) satisfaction is cascading in nature and requires building relationship

of confidence and trust with utmost commitment ,internal accountability and a sense of care of customer.The insurer must try to get closure to customer through 6c concept and by implementing customer experience management. One of the biggest complaints in the area of service is inconsistency.Perticularly in public sector like banking and insurance.The views of the customers vary significantly because one customers experience differs generally from the next.Inconsistency may be a result of different service experiences from the same staff complement.It could also be inconsistency among staff where service by the field officers does not match with the service received when one gets to the insurers office.

1.3 RATIONALE

The Contribution of service Industry in India Economy is 57.2% .And contribution of Insurance sector is 3%.In service Industry customer satisfaction plays very importance role to retain the customers.Customer satisfaction is a term frequently used in marketing ,It is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction provides a leading indicator of consumer purchase intentions and loyalty. This study will have significant contribution to improve customer satisfaction level of Life Insurance policy holder of LIC and Bajaj Allianz and also identify the critical area of customer satisfaction in Insurance sector and provide suggestion for improvement.

1.4 OBJECTIVE

1. Comparative study of customer satisfaction level of policy holders of Lic and Bajaj Allianz.

1.5.PROFILE Brief History Of Insurance

The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era past few centuries yet its beginnings date back almost 6000 years. Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912 India had no legislation to regulate

insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage. The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost. The (non-life) insurance business, however, continued to thrive with the private sector till 1972. Their operations were restricted to organized trade and industry in large cities. The general insurance industry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and grouped into four companies- National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. These were subsidiaries of the General Insurance Corporation of India (GIC).

TYPES OF INSURANCE GENERAL INSURANCE: The basis for general insurance is "transfer of risk". This means that the insurer agrees to compensate you if you suffer a loss. Without the insurance you would have to pay for that loss yourself. Obviously this contract is made on the basis that the insurance company calculates the risk that you, or the total number of people buying insurance, will cost more in payouts than what is received in premiums. This is determined by the use of statistics and the information you disclose on your application for insurance. This includes:

HOME CONTENTS: It can either be "defined event" i.e. the policy covers loss or damage from a list of "defined" events, e.g. storm or fire; or "accidental loss or damage" i.e. all accidental loss with some exclusions. MOTOR VEHICLE: It can either be "comprehensive" i.e. it covers any damage to your car as well as damage to the other car or another person's property; "third party property" i.e. it covers damage caused by your car to another person's property. This type of insurance will not cover you for the cost of repairs to your own car; "third party fire and theft i.e. it covers damage partly for damage caused by your car to another person's property, and restricted cover for damage to your car cause by theft or fire. INCOME PROTECTION: With this type of insurance the insurer agrees to pay you a specified amount of money, usually in monthly payments, in the event that you become disabled and unable to work. Along the same lines you can purchase "trauma insurance" to cover a medical trauma such as a heart attack. Also in the modern day world a number of utility specific insurance policies are being launched by the various players in the insurance market in an effort to stay one step ahead of their competitors. Hence to make the Definition of General Insurance inclusive we can say that all the policies which do not fall under Life Insurance category fall under the General Insurance category. LIFE INSURANCE: Life insurance is insurance that will protect your family and/or specified dependents in the event of the policy holders death. In general, it is an essential component in planning for the future. There are many options with coverage, depending on your situation. And there are three main categories of life insurance: term life, universal life, and whole life insurance. Term life is the simplest and least expensive type of policy. It's pure insurance with no cash value account. A term life policy has only one function: to pay a specific lump sum to whomever you've designated, upon a specific event, your death. Whole life insurance provides permanent protection for your dependents while building a cash value account. With this type of insurance, the insurance company manages the policies various accounts. Universal life insurance provides permanent protection for your dependents and is more flexible than whole or variable life.

KINDS OF LIFE INSURANCE PRODUCTS TERM LIFE INSURANCE: Term life insurance is the easiest form of life insurance. It simply provides insurance protection for a period of time and only pays a benefit during that period. Since term life insurance has no cash value, the amount of protection in this policy is equal to its death benefit. There are three basic forms of term life insurance: level term, decreasing term, and increasing term.

LEVEL TERM LIFE INSURANCE: Level term life insurance provides an equal amount of protection for a period of time. For example, an Rs 150,000 ten-year level term life insurance policy pays out Rs 150,000 of coverage until the ten years are over. At the end of the ten years this level term life insurance policy would expire, and would pay out no benefits. DECREASING TERM LIFE INSURANCE: Decreasing term life insurance is a policy where the benefit amount decreases gradually over the term of the protection. A 30 year Rs 200,000 decreasing term policy, for example, wound pays an Rs 200,000 benefit at the beginning of the policy. This amount would gradually decline over the 30-year term and would pay out Rs 0 at the end of the term.

INCREASING TERM LIFE INSURANCE: Increasing term life insurance policies provide a payout benefit that gradually increases at periodic intervals. These increase amounts are usually a percentage of the original amount.. When changing the policy, your premium term life insurance rates are based on either your current age, or the age when you originally took out the policy. Depending on how your policy is set up, you could be paying much lower interest rates that you would have normally qualified for. WHOLE LIFE INSURANCE: Whole life insurance is a popular life insurance plan because it provides permanent protection, provided premiums are paid. The advantages of whole life insurance plans are cash values, maturity at age 100, and living benefits. Also the policy's premiums and benefits remain constant throughout the policy's life. Unlike term life insurance, which provides only death protection, whole life insurance combines insurance protection with savings benefit. The cash value of this type of insurance builds over the life of the policy. This is because whole life insurance plans are given a certain guaranteed interest rate. Another benefit of whole life insurance policies is that they are designed to mature at the age of 100. The premium rate for a whole life insurance is based on the assumption that the insured would be paying premiums until the age of 100. This means that at age 100, the cash value of the policy has come to the point when it equals the face amount of the policy. At this point the policy has completely matured, no more premiums are owned, and the policy is completely paid out to the policy owner.

UNIVERSAL LIFE INSURANCE: Universal life insurance is a variation of whole and term life insurance, with added flexibility and transparency. This added flexibility allows the policy owner to determine the amount and frequency of premium payments and to adjust the benefit payout amount up or down to reflect

changes in needs... Universal life insurance policies remain in force as long as there enough cash value to pay the monthly mortality expenses, regardless of whether or not the policy owner pays the premium.

OVERVIEW OF THE LIFE INSURANCE SECTOR IN INDIA With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. Its a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per cent to the countrys GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP.Yet, nearly 80 per cent of Indian population is without life insurance cover, health insurance and non-life insurance continue to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This is an indicator that growth potential for the insurance sector is immense. A well-developed and evolved insurance sector is needed for economic development as it provides long term funds for infrastructure development and at the same time strengthens the risk taking ability. It is estimated that over the next ten years India would require investments of the order of one trillion US dollars. The Insurance sector, to some extent, can enable investments in infrastructure development to sustain economic growth of the country. With a large capital outlay and long gestation periods, infrastructure projects are fraught with a multitude of risks throughout the development, construction and operation stages. These include risks associated with project implementation, including geological risks, maintenance, commercial and political risks. Without covering these risks the financial institutions are not willing to commit funds to the sector, especially because the financing of most private projects is on a limited or non- recourse basis. Insurance companies not only provide risk cover to infrastructure projects, they also contribute long-term funds. In fact, insurance companies are an ideal source of long term debt and equity for infrastructure projects. With long term liability, they get a good asset- liability match by investing their funds in such projects. IRDA regulations require insurance companies to invest not less than 15 percent of their funds in infrastructure and social sectors. International Insurance companies also invest their funds in such projects. Insurance is a federal subject in India. There are two legislations that govern the sector- The Insurance Act- 1938 and the IRDA Act- 1999. The Government of India liberalized the insurance sector in March 2000with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. Under the current guidelines, there is a 26 percent equity cap for foreign partners in an insurance company. There is a proposal to increase this limit to 49 percent. Premium rates of most general Committee. The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also include restructuring and revitalizing of the public sector companies. A host of private insurance companies operating in both life and non-life segments have started selling their insurance policies since 2001.

INDIAN INSURANCE INDUSTRY Insurance industry, as on 1.4.2000, comprised mainly two players: Life Insurers:

Life Insurance Corporation of India (LIC)

General Insurers:

General Insurance Corporation of India (GIC) (with effect from Dec'2000, a National Reinsurer)

GIC had four subsidiary companies, namely (with effect from Dec'2000, these subsidiaries have been de-linked from the parent company and made as independent insurance companies. 1. 2. 3. 4. The Oriental Insurance Company Limited The New India Assurance Company Limited, National Insurance Company Limited United India Insurance Company Limited.

Yr: 2000-2001: (From 2nd April '2000 to 31st December'2001) Insurance Industry in the year 2000-2001 had 16 new entrants, namely: Life Insurers:

S.No.

Reg. Number

Date of Reg.

Name of the Company

1 2 3

101 104 105

23.10.2000 15.11.2000 24.11.2000

HDFC Standard Life Insurance Company Ltd. Max New York Life Insurance Co. Ltd. ICICI Prudential Life Insurance Company Ltd.

107

10.01.2001

Kotak Mahindra Old Mutual Life Insurance Limited Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited. ING Vysya Life Insurance Company Private Limited Bajaj Allianz Life Insurance Company Limited Metlife India Insurance Company Pvt. Ltd.

5 6 7 8

109 110 111 114

31.01.2001 12.02.2001 30.03.2001 02.08.2001

9 10

116 117

03.08.2001 06.08.2001

General Insurers :

S.No.

Registration Number 102

Date of Registration 23.10.2000

Name of the Company

Royal Sundaram Alliance Insurance Company Limited Reliance General Insurance Company Limited.

103

23.10.2000

106

04.12.2000

IFFCO Tokio General Insurance Co. Ltd TATA AIG General Insurance Company Ltd. Bajaj Allianz General Insurance

108

22.01.2001

113

02.05.2001

Company Limited 6 115 03.08.2001 ICICI Lombard General Insurance Company Limited.

Yr: 2001-2002: (From 1st Jan 2001 to Dec. 2002) Insurance Industry in this year, so far has 5new entrants; namely Life Insurers: S.No. Reg. Number 121 Date of Reg. Name of the Company

03.01.2002

AMP Sanmar Life Insurance Company Limited.

122

14.05.2002

Aviva Life Insurance Co. India Pvt. Ltd.

General Insurers : S.No. Registration Number 1 123 Date of Registration 15.07.2002 Name of the Company

Cholamandalam General Insurance Company Ltd. Export Credit Guarantee Corporation Ltd.

2.

124

27.08.2002

3.

125

27.08.2002

HDFC-Chubb General Insurance Co. Ltd.

Yr: 2003-2004: (From 1st Jan 2003 till Date) Insurance Industry in this year, so far has 1new entrants; namely Life Insurers: S.No. Registration Number 127 Name of the Company

Sahara India Insurance Company Ltd.

Yr: 2004-2005: Insurance Industry in this year, so far has 1new entrants; namely Life Insurers: S.No. Registration Number 128 Date of Reg. Name of the Company

17.11.2005

Shriram Life Insurance Company Ltd.

INSURANCE BUSINEES: Insurance business is divided into four classes:

1) Life Insurance 2) Fire Insurance 3) Marine Insurance and 4) Miscellaneous Insurance. Life Insurers transact life insurance business; General Insurers transact the rest. No composites are permitted as per law.

THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)

A faster development and wider impact of the insurance industry were to be achieved through a process of insurance reforms resulting in the liberalization of the market and in the passage of the Insurance Regulatory and Development Authority (IRDA) Act, 1999. The reforms procedures recognized simultaneously the need for development of the sector in addition to the traditional concept of regulation and thus conferred on the Authority the obligation to develop the sector as well.

OBJECTIVES

To protect the interest of and secure fair treatment to policyholders: To bring about speedy and orderly growth of the insurance industry, for the benefit of the common man, and to provide long terms funds for accelerating growth of the economy; To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates: To ensure that insurance customers receive precise, clear and correct information about products and services and make them aware of their responsibilities and duties in this regard; To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievances redressed machinery; To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players.

IRDA POWERES AND FUNCTIONS Subject to the provisions of IRDA Act (1990), IRDA will: regulate, promote and ensure orderly growth of the insurance business and re-insurance business, which will include the following main functions (excerpts): Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration; Protection of the interest of the policy holders in matters concerning assigning off policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and others terms and conditions of contracts of insurance; Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents. Promoting and regulation professional organizations connected with the insurance and reinsurance business; Levying fees and other charges for carrying out the purposes of the Act; Calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business;

Specifying the percentage of life insurance and general insurance business to be undertaken by the insurer in the rural or social sector.

IRDA has so far granted registration to 12 private life insurance companies and 9 general insurance companies. If the existing public sector insurance companies are included, there are currently 13 insurance companies in the life side and 13 companies operating in general insurance business. General Insurance Corporation has been approved as the "Indian rein surer" for underwriting only reinsurance business.

PROTECTION OF THE INTEREST OF POLICY HOLDERS IRDA has the responsibility of protecting the interest of insurance policyholders. Towards achieving this objective, the Authority has taken the following steps: IRDA has notified Protection of Policyholders Interest Regulations 2001 to provide for: policy proposal documents in easily understandable language; claims procedure in both life and non-life; setting up of grievance redress machinery; speedy settlement of claims; and policyholders' servicing. The Regulation also provides for payment of interest by insurers for the delay in settlement of claim.

The insurers are required to maintain solvency margins so that they are in a position to meet their obligations towards policyholders with regard to payment of claims.

It is obligatory on the part of the insurance companies to disclose clearly the benefits, terms and conditions under the policy. The advertisements issued by the insurers should not mislead the insuring public.

All insurers are required to set up proper grievance redress machinery in their head office and at their other offices.

History of Life Insurance Corporation LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter. Re-organization of LIC took place and large numbers of new branch offices were opened. As a result of re-organisation servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organisation happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies. Today LIC functions with 2048 fully computerized branch offices, 109 divisional offices, 8 zonal offices, 992 satallite offices and the Corporate office. LICs Wide Area Network covers 109 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. LICs ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year.

From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families.

Some of the important milestones in the life insurance business in India are: 1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. 1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973.

VISION &MISSION Mission "Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development." Vision "A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."

BAJAJ ALLIANZ HISTORY Bajaj Allianz General Insurance Company Limited or Bajaj Allianz Insurance is a joint venture between two of the most reputed names in the world of insurance - Bajaj Finserv Limited and Allianz SE. Both of the names are known for their strength, expertise and stability in the insurance sector. While Bajaj Finserv Limited holds the 74% of the paid up capital of ` 110 crore, Allianz SE holds the remaining 26%. It can be added here that Bajaj Finserv Limited has very recently demerged from Bajaj Auto Limited. Bajaj Allianz Insurance started its journey on May 2, 2001 when it received the certificate of Registration from Insurance Regulatory and Development Authority (IRDA) for conducting General Insurance business in India including Health Insurance. As on the end of March 2009, the income of Bajaj Allianz Insurance went up to `2,866 crore with a growth of 11% over the previous year. It also registered a net profit of ` 95 crore, highest by any private insurer, in the last financial year. Bajaj Allianz General Insurance Company Ltd. offers a range of insurance products to its clients. The following insurances are offered by the company:

Motor Insurance Asset Insurance Health Insurance Travel Insurance Corporate Insurance
o o o o

Your Employees Office Manufacturing Unit Credit Insurance

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates- , Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world and Allianz AG, one of the world's largest insurance companies. Bajaj Allianz Life Insurance

Is the fastest growing private life insurance company in India. Currently has over 3,00,000 satisfied customers We have customer care centers in 155 cities with 28000 Insurancce Consultant providingthe finest customer service One of India's leading private life insurance companies .

BajajAllianzGeneralInsuranceCompanyLimited Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz, AG, Germany. In its first year of operations, the company has acquired the No. 1 status among the private nonlife insurers. As on 31st March 2003, Bajaj Allianz General Insurance maintained its leadership position by garnering a premium income of Rs.300 Crores. Bajaj Allianz also became one of the few companies to make a profit in its first full year of operations. Bajaj Allianz made a profit after tax of Rs.9.6 crores. Bajaj Allianz today has a network of 42 offices spread across the length and breadth of the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are interconnected with the Head Office at Pune. In the first half of the current financial year, 2004-05, Bajaj Allianz garnered a premium income of Rs. 405 crores, achieving a growth of 84% and registered a 52% growth in Net profits of Rs.20 Crores over the last year for the same period. In the financial year 2003-04, the premium earned was Rs.480 Crores, which is a jump of 60% and the profit zoomed by 125% to Rs. 21.6 Crores.

Vision

 To be the first choice insurer To be the preferred employer for staff in the To be the number one insurer for creating shareholder value.

for customers insurance industry.

Mission As a responsible, customer focused market leader, we will strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money.

LIC PROFILE The Life Insurance Corporation (LIC) was established about 44 years ago with a view to provide an insurance cover against various risks in life. A monolith then, the corporation, enjoyed a monopoly status and became synonymous with life insurance. Its main asset is its staff strength of 1.24 lakh employees and 2,048 branches and over six lakh agency force. LIC has hundred divisional offices and has established extensive training facilities at all levels. At the apex, is the Management Development Institute, seven Zonal Training Centres and 35 Sales Training Centres. At the industry level, along with the Government and the GIC, it has helped establish the National Insurance Academy. It presently transacts individual life insurance businesses, group insurance businesses, social security schemes and pensions, grants housing loans through its subsidiary; and markets savings and investment products through its mutual fund. It pays off about Rs 6,000 crore annually to 5.6 million policyholders.

OBJECTIVES OF LIC Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. Maximize mobilization of people savings by making insurance-linked savings adequately attractive.

Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return.

Conduct business with utmost economy and with the full realization that moneys belong to the policyholders. Act as trustees of the insured public in their individual and collective capacities. Meet the various life insurance needs of the community that would arise in the changing social and economic environment. RESTRICTIVE CONDITIONS Minimum age at entry Maximum age at entry Maximum age at maturity Minimum Policy Term Maximum Policy term Minimum Sum Assured Maximum Sum Assured

:18 years (completed) :60 years (nearest birthday) :70 years (nearest birthday) :5 years :35 years :Rs.25,00,000/: No Upper Limit

(Policies will be issued in multiples of Rs.100,000/- for Sums Assured : Yearly, Half-yearly & Single Premium

more than the minimum Sum Assured) Mode of premium payment

Market Share NAME OF THE PLAYER MARKET SHARE (%) MARKET SHARE ANALYSIS Life Insurance Corporation of India ICICI Prudential Life Insurance Co Ltd Bajaj Allianz Life Insurance Co Ltd SBI Life Insurance Co Ltd Reliance Life Insurance Co Ltd HDFC Standard Life Insurance Co Ltd Birla Sun Life Insurance Co Ltd Max New York Life Insurance Co Ltd Kotak Mahindra Old Mutual Life Insurance Ltd Aviva Life Insurance Company India Ltd Others Percentage 67% 9.00% 6.36% 4.50% 2.50% 2.88% 2.00% 1.55% 1.00% 1.20% 2.01%

MARK S ET HARE ANAL IS YS

1.00% 2.00% 2.50% 4.50% 6.36% 9.00% 67% HDFC Standard Life Insurance Co Ltd BirlaSun Life Insurance Co Ltd Max New York Life Insurance Co Ltd Kotak Mahindra Old Mutual Life Insurance Ltd AvivaLife Insurance Company India Ltd 2.88% 1.55% 1.20% 2.01% Life Insurance Corporation of India ICICI Prudential Life Insurance Co Ltd Bajaj Allianz Life Insurance Co Ltd SBI Life Insurance Co Ltd Reliance Life Insurance Co Ltd

BAJAJ ALLIAN PROFILE Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates Allianz AG, one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Bajaj Allianz Life Insurance has a shareholder base of over Rs 700 crores with an asset management value of Rs 5,500 crores and over 850 offices and 4 million satisfied customers Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion Euros (Over R. 55,00,000 crores). Allianz SE has over 115 years of financial experience in over 70 countries. Bajaj Auto is one of the most trusted name is Indian auto for over 55 years. At Bajaj Allianz customer delight is our guiding principle. Ensuring world-class solutions by offering customized products with transparent benefits, supported by best technology is our business philosophy.

Bajaj Allianz General Insurance Co. Ltd. is a joint venture between Bajaj Auto and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company is authorized and has paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz AG, Germany. In its first year of operations, the company has acquired No. 1 status among the private non-life insurers. As on March 31, 2003.Bajaj Allianz General Insurance maintained its leadership position by garnering a premium income of Rs.300 Crores. Bajaj Allianz also became one of the few companies to make a profit in its first full year of operations. Bajaj Allianz made a profit after tax of Rs.9.6 crores.

Bajaj Allianz today has a network in more than 485 cities spread across the length and breadth of the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are interconnected with the Head Office at Pune.

In the first half of the financial year, 2004-05, Bajaj Allianz garnered a premium income of Rs. 405 crores, achieving a growth of 84% and registered a 52% growth in net profits of Rs.20 Crores over the last year for the same period. In the financial year 2003-04, the premium earned was Rs.480 Crores, and the profit zoomed by 125% to Rs. 21.6 Crores ALLIANZ GROUP

Allianz Group is one of the world's leading insurers and financial services providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of:

Property and Casualty Insurance, Life and Health Insurance, Asset Management and Banking.

Easy access and reach across the country Bajaj Allianz Life has offices now in over 485 towns across the country enabling customer to buy our products and get quality efficient service almost anywhere across the country.

ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE

Worldwide 2nd by Gross Written Premiums - Rs.4, 46,654 cr. 3rd largest Assets Under Management (AUM) & largest amongst. Insurance cos.

- AUM of Rs.51, 96,959 cr.

12th largest corporation in the world. 49.8 % of global business from Life Insurance. Established in 1890, 110 yrs of Insurance expertise.

70 countries; 173,750 employees worldwide.

BAJAJ AUTO Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world. A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus.

AN STRONG INDIAN BRAND- HAMARA BAJAJ

One of the largest 2 & 3 wheeler manufacturers in the world. 21 million+ vehicles on the roads across the globe. Managing funds of over Rs 4000 cr. Bajaj Auto finance one of the largest auto finance companies in India. Rs. 4,744 cr. turnover & profits of 538 cr. in 2002-03. It has joined hands with Allianz to provide Indian consumers with a distinct option in terms of life insurance products.

As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the following to offer

Financial strength and stability to support the Insurance Business. A strong brand-equity. A good market reputation as a world class organization. An extensive distribution network. Adequate experience of running a large organization.

Bajaj Allianz Life Insurance Company has developed insurance solutions that cater to every segment and age-income profiles. For companies it provides comprehensive 'Employee Benefit Solutions' (Group Term Life, EDLI, Gratuity, Superannuation, Key man Insurance and more); for the individual Invest Gain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum), Cash Gain (Money Back), Child Gain (Children's plan), Risk Care (Pure Term), Lifetime Care (whole life), Term Care (term with return of premium), Swarna Vishranti (Retirement Plan), Protector (Mortgage term insurance plan), Unit Gain (Unit Linked Plan), Unit Gain Single Premium, Unit Gain Plus, Unit Gain Plus SP, Lifelong Gain Plan, Unit Gain Single Pension & Unit Gain Easy Pension Plans. SUPERIOR TECHNOLOGY In order to ensure speedy and accurate processing of your needs, it has established world class technology, with renowned insurance software, which networks all its offices and intermediaries-

Using the Web, policies can be issued from any office across the country for retail products.

Unique, user friendly software is developed to make the process of issue of policies and claims settlement simpler (e.g. online insurance of marine policy certificate).

UNIQUE FORMS OF RISK COVER

Special PA cover for Amaranth pilgrims. Film insurance. Event management cover. Sports & Entertainment Insurance Package.

RISK AND MANAGEMENT Its methodology is tried, tested and proven the world over and involves:

Risk identification: Inspections. Risk analysis: Portfolio review and gap analysis. Risk retention. Risk Transfer: To an insurer as well as re insurer (as required). Creation of need based products. Ongoing dialogue and proclivity.

Definitions and theoretical concept framework Customer loyalty has been examined by many researchers in the past and many of them have given various definitions around this concept. According to Heskett (2002), customer loyalty has been regarded as the sina qua non of an effective business strategy. Dick and Basu (1994, p.99) give a stronger conceptualization for customer loyalty. They view it as the strength of the relationship between an individuals relative attitude towards an entity (brand, Products, store, or vendor) and repeat patronage. Customer satisfaction What is customer satisfaction? Customer satisfaction is a term frequently used in marketing,It is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals.Customer satisfaction provides a leading indicator of consumer purchase intentions and loyalty. Social psychologists, marketing researchers, and students of consumer behaviour, have extensively studied the concepts of customer satisfaction and dissatisfaction. The increasing importance of quality in both Products and manufacturing industries has also created a proliferation of research, with more than 15,000 academic and trade articles having been published on the topic of customer satisfaction in the past two decades (Peterson and Wilson, 1992). Several conferences have been devoted to the subject and extensive literature reviews have been published (Day, 1977; Hunt, 1977; LaTour and Peat, 1979; Smart, 1982; Ross, et al., 1987, Barsky, 1992: Oh and Parks, 1997) The result of all this research has been the development of nine distinct theories of customer satisfaction. The majority of these theories are based on cognitive psychology, some have received moderate attention, while other theories have been introduced without any empirical research. The nine theories include: expectancy disconfirmation; assimilation or cognitive dissonance; contrast; assimilation-contrast; equity;

attribution; comparison-level; generalized negativity; and value-precept (Oh and Parks, 1997). Recently, numerous researchers have attempted to apply CS theories developed by consumer behaviourists in the areas of lodging (Barsky, 1992; Barsky and Labagh, 1992; Saleh and Ryan, 1991; Ekinci and Riley, 1998), restaurant (Dube et al., 1994; Bojanic and Rosen, 1994; Lee and Hing, 1995; Oh and Jeong, 1996), foodProducts (Almanza et al., 1994), and tourism (Pizam and Milman, 1993; Danaher and Arweiler, 1996; Ryan and Cliff, 1997; Hudson and Shepard, 1998) in order to investigate CS applicability to the hospitality and tourism industries. For several decades the word or concept customer satisfaction was of crucial importance for marketing, managers and the organizations and it is regarded today central issue to many definitions (Parker and Mathews, 2001). The Oxford Library of Words and Phrases (1993) emphasize satisfaction as a release from uncertainty. Customer satisfaction can be defined in many ways. Kotler (2000, pg.36) defines customer satisfaction as one of which is a person's feelings of pleasure or disappointment from comparing a product's perceived performance (or outcome) in relation to his or her expectations. Another conceptualization given from Homburg et al. (2005) is that customer satisfaction is a cumulative, worldwide assessment based on different experiences with a firm. Similarly, Kotler (1991) and Fornell (1992) characterized satisfaction as an evaluation of quality of products after customers purchase them and he argues that high customer satisfaction ratings are widely believed to be the best indicator of a companys future profits (Kotler 1991, pg.19). Customer perception of value Theoretical concept framework and definitions The creation of consumer value has been taken into consideration from many managers during the 1990s and it was the result of companies need to be more competitive and to fulfill the increasing customer demands (Cravens and Piercy, 2003). Consumer perceived value depends on how the customer perceives the benefits of an offering and the sacrifice that is associated with its purchase (Jobber, 2004, pg.13). Thats why, Monroe (1991) and Sweeney (1994) define customer perceived value as the ratio between perceived benefits and perceived sacrifice. Also, Monroe and Chapman (1987) suggest that perceived value is a weighted sum of acquisition and transaction value. Customer perceived value can be broadly defined as the customers overall assessment of the utility of a product based on perceptions of what is received and what is given (Zeithaml, 1988, p. 14). Importance of customer perception of value

Many discounters, retail stores and supermarkets now focus to the offering of value-added Productss and highlight the importance of them to become more competitive (Kim and Jin, 2002). Examining the effects and impact of consumers perception of value, generally value is very important and crucial to marketers for the success of companies (Dodds, 1991; Fredericks and Salter, 1995). The relationship between customer perception of value and customer satisfaction McDougall and Levesque (2000, p. 394) argued that customers who perceive they received value for money are more satisfied than customers who do not perceive they received value for money.

SERVQUAL HISTORY SERVQUAL model SERVQUAL model theory is the late 20th century, 80 scientists from the American Marketing Parra off Raman (A. Parasuraman), to special Han Maule (Zeithaml) and white Switzerland (Berry) based on total quality management (Total Quality Management, TQM) theory proposed in the service sector, a new service quality evaluation system, the core of his theory of the level of service perceived by users and users expect the difference between the level of service level (so-called to exceed the user's expectations. The model is: Servqual score = actual feelings Score - Expectation Score. SERVQUAL service quality will be divided into five levels: physical infrastructure (Tangibles), reliability (Reliability), responsiveness (Responsiveness) to protect nature (Assurance), affective involvement (Empathy), each level has been broken down into a number of issues, through the questionnaire, which allows the user expectations for each question, the actual value and the minimum acceptable value of the experience to rate . by the establishment of the 22 specific factors related to that it. and then through the questionnaire, scoring and overall customer service quality scores calculated, the past decade, the model has been widely accepted by managers and academics and adoption. model to differences based on the theory that the customer expectations of service quality and customer service organizations from the actual differences between the services received. models were evaluated with five scale acceptable to the different customer service quality of service. Research that, SERVQUAL for measuring information systems service quality, SERVQUAL is an evaluation of service quality and improve the quality of service action to determine an effective tool. SERVQUAL formula: SQ = 622i = 1 (Pi - Ei) where: SQ as perceived service quality; Pi for the i-factor in terms of customer perception scores; Ei for the i-factor in customer expectations scores (i = 1, 2, 3 ,..... n, n = 22).

SQ obtained from the above equation is equally important in the five attributes of individual customers under the conditions of the total perceived quality, but in real life, the customer decided to quality of service about the importance of each attribute is different. Therefore, through customer surveys, should determine the service quality attributes for each weight, then the weighted average to draw a more reasonable Servqual score. < br> formula: SQ = 65j = 1wj 622i = 1 (Pi - Ei) (i = 1, 2, 3 22, j = 1, 2, 3, 4, 5) wj for the first j attributes weight. < br> At this point the SQ will be divided by the factor scores of the number of n (n = 22), to get a single customer Servqual average score. Finally, the survey scores for all customers Servqual sum, divided by the number of customers m, to obtain the services of an enterprise product Servqual average score, which Servqual = 6mi = 1SQiPm SERVQUAL model to measure the five scale SERVQUAL model of service quality in five scales; tangible assets, reliability, response speed, trust and empathy. tangible physical facilities, equipment, personnel and communication materials, appearance; such as: equipment availability, staff spirit, as well as other tools used to provide services and equipment in good condition. reliability of the reliable, accurate and ability to fulfill service commitments; such as: provide services in a timely manner and the fulfillment of its commitments. responsiveness and rapid delivery of services to help customers desire; assurance staff has the knowledge, etiquette and confidence and credible expression of the ability; of put ourselves in empathy for the sake of customers and pay particular attention to customer. SERVQUAL model the evolution of PZB (1985) for the service quality factors (determinants of service quality) made of ten, the quality of customer service experience for the main components. 1. Reliability (reliability): consistency of performance, performance, and the importance of commitment to consumers. 2. reactivity (responsiveness): Staff will provide services and immediate. 3. Competence (competence): whether staff has the expertise and skills in the implementation of services. 4. proximity (access): proximity, contact or contact means easy. 5. politeness (courtesy): customer service or telephone answering service, we must be attentive and courteous, respectful, considerate and friendly. < br> 6. communicating (communication): the consumer can and honest feelings. 8. security (security): from consumers worried about danger, risk of confusion as the status of style. 9. understanding of (understanding / knowing the customer): the understanding of customer needs. 10. Tangibles (tangibles): services, physical evidence and other service facilities. SERVQUAL model using SERVQUAL model widely used in the service industry, to understand the target customer's service needs and perceptions and to provide a set of management methods and measuring

service quality. within the enterprise, with the SERVQUAL model to understand the perception of quality of service staff to achieve the objective of improving services. medical services based on SERVQUAL Quality Evaluation Model mm HA hospital pp of Chinese Abstract: Master: Wang Li Niu Instructor: Professor Zhang Liang Views: 1783 quality of medical services, the medical service market in the first element not only directly related to patient safety and outcomes, and hospital survival is the primary condition. To continue to improve hospital quality of service, quality of service evaluation and management of medical services have become the core and focus. In the quality level. and satisfaction rating than you can learn more information about the perceptions and expectations, and evaluation results are more objective and real. But SERVQUAL construct our own quality evaluation system for health care research is still rare. Therefore, situation of our country and the special nature of the medical industry, the establishment of the medical service quality SERVQUAL-based evaluation model, evaluation, forecasting demand for medical services in patients, examine the existing medical service quality, and has some innovative and practical significance. purpose is to study this subject of medical service quality based on SERVQUAL evaluation model for the initial establishment of China's medical industry, scientific and reasonable, based on the SERVQUAL evaluation of medical service quality evaluation model, including the system of rating scales for indicator components Interpretation methods and scale so as to understand the medical needs of patients, for their own health care quality evaluation, to provide a tool to improve the quality of service. In addition, by understanding the basic situation of patients with health care quality evaluation of the impact of a deeper understanding of The evaluation model. Method 1. access to a large number of domestic and foreign literature research on the SERVQUAL scale model of medical service quality theory and methods, interpretation of the relevant literature. 2. in-depth interviews in this study medical service quality evaluation model, index selection, the survey content and other aspects of repeated interviews and rigorous argument, in Medical Management and Union Hospital, the participation of relevant experts to complete. 3. using standardized questionnaires standardized questionnaire, including patient medical service quality expectations and actual feelings of the questionnaire survey. 4. statistical analysis questionnaire data entry using Microsoft Office Excel2003 by SPSS11.5 handle all the data. According to information on the nature of the use of T test, ANOVA, factor analysis, processing of bio-statistical methods. Results 1. SERVQUAL based on its evaluation of medical service quality theory Grow by Ruth customer perception of service quality theory, PZB's gap theory and the SERVQUAL service quality evaluation methods, and more that the quality of security than the first three links (the structure m m process results) and the limitations of the scientific theory of analysis, combined with our national conditions, the initial establishment of the SERVQUALbased health care quality evaluation model of the theoretical framework. the main consideration of the framework and the actual perception of the expectations of patients for medical services,

technical quality and functional quality of both proposed tangibles, reliability, trust, responsiveness, human services, effective and economic evaluation in seven dimensions. 2. SERVQUAL-based health care services Quality Evaluation Model (1) In this paper, literature, in-depth interviews and pre-survey evaluation index system of precorrection, ultimately formed, including tangibles, reliability, trust, responsiveness, human services, effectiveness and economy of seven dimensions, a total of 28 secondary indicators of the evaluation index system. (2) letter of evaluation model and validity analysis: Reliability analysis of mainly Crown Bach (Cronbach) a method and split-half reliability coefficient method, four hospitals in total a factor 0.9351,0.9555,0.9473 and 0.9428, respectively, split-half reliability were a total of 0.8626 , 0.9090,0.8632,0.9128, with very high reliability. validity analysis using factor analysis, four hospital information Kaiser-Meyer-Olkin (KMO value that is) results show that suitable for factor analysis and factor analysis results suggest that the extracted seven factors and indicators consistent system of seven dimensions, with good validity. (3) interpretation of evaluation results Methods: In this paper, margin calculations, T test and analysis of quadrant analysis . 3. single factor statistical analysis T test analysis can not believe that gender, place of residence and are residing in health care quality evaluation of patients had significant differences. variance analysis showed that age can not be segment, educational level, occupation, income level and health insurance in the form of patient care quality evaluation of significant differences. Conclusion (1) Quality of medical services should be considered in the expectations of its influencing factors in patients role; (2) established based on the SERVQUAL model of quality evaluation of medical services, including medical services based on SERVQUAL quality evaluation index system and scale of interpretation methods; (3) health care system based on SERVQUAL service quality evaluation index system has high reliability and validity; (4) the medical service quality SERVQUAL-based evaluation model can initially be used for different levels of quality and size of the hospital assessment; (5) use The evaluation model, the basic situation of the differences between patients with the medical service quality evaluation is basically not affected. SERVQUAL service quality evaluation model and its modification of the text / Lin Hang Li Mengjun 1. Introduction In the same quality of products, basically the same core product prices, the service is the only correct way beyond the competition aware of services in modern society the importance of the economy. However, how to evaluate the level of service quality research scholars have been the problem, a widely used model is SERVQUAL evaluation. It is also a controversial evaluation because of its theoretical basis and design of the survey methodology itself has led to its limits.

When the time specific to different industries, SERVQUAL evaluation model needs to be some amendments to adapt to the actual situation. 2. service features and classification 2.1 Service characteristics in the field of service management research on the and more is built on top of the traditional marketing concept, service is seen as an appendage of tangible goods. but then, the service tends to separate from the traditional concept of the marketing concept and discussed the content of mm deep ownership services and clients state of change. Grove Ruth (Gronroos, 2000) definition of service: Service is a series of more or less intangible activities constitutes a process, this process is the customer and employee tangible resources, carried out the interaction between these physical resources or physical products, physical care system is the solution to the problem as provided for customer. From the above definition, we can see services usually No quality is intangible, can not be visual and tactile perception, but also that service customers after the products are consumer interests can hardly be perceived, even if the intangibility of services. services is also reflected in the characteristics of an integral, quality differences, not be stored and non-transferable ownership, etc., indivisible nature of service production and consumption processes occur simultaneously, can not be stored at the time of service refers can not be stored, composition and quality of service level changes reflect its quality difference. 2.2 Definition and classification of service industries hypothesis: some time: the beginning of all the services provided to the end; Seller: The means to achieve the required service to maintain the minimum staff; Buyer personnel: Service objects or the interests of access to services in the most direct staff certain period of time, the number of the Seller (S) and the Purchaser Personnel (P) ratio, that is S / P. When S/Pg1, the industry was: Skills Upgrading industry; S / P <1, the industry is: quality decrease industry. the so-called classification, should be avoided as much as possible the participation of subjective factors, objective data and take full account of the physical characteristics to divide things. Therefore, the provision of services process, we can assume that service personnel are best efforts to provide services. by observing certain services, such as passenger transport, hospitals, and at the same level of payment, the service will lead to excessive sales decline in the quality of service, limited because the equipment has played a decisive role. On the contrary, other service industries, such as lawyers advice, car repair, due to the repeated service sales, service personnel as a key factor in the service, their experience and skills to enhance the quality of services will lead to increased. Therefore, a more concise and general classification of the service sector could be: diminishing the quality of industry sectors and skills upgrading. 3. service quality conceptual model American scholars Parasuraman, Zeithamal and Berry in 1985 the gap model was proposed, which describes the root cause of quality of service, as shown in Figure 3-1. Gap 1: do not understand the customer's expectations is not enough as marketing research and

management activities with customers is not enough communication between the , showing the managers perceived inconsistency with the customer expectations. Gap 2: Bad quality of service standards for quality of service does not guarantee a lack of understanding on the feasibility, standardization work is not enough, and the lack of a clear target, leading to the gap between 2 3: service specifications and actual delivery of services is to generate the difference between the reasons for this gap. in general, because employees do not want service in accordance with specifications. Gap 4: Service assurance and service delivery do not match. inadequate internal communication and the exchange of over-commitment of consumers, leading to the gap between actual and commitment to service. Gap 5: Expected service experience of service differentiation mm, the gap between 1 and 4 led to 5 generation gap. This gap leads to customer satisfaction, quality of service evaluation. 4. SERVQUAL evaluation model and its practical application 4.1 SERVQUAL evaluation model SERVQUAL in English quality) of the acronym, the word first appeared in 1988 by Parasuraman, Zeithamal and Berry co-wrote an article three as br> SERVQUAL customer perceived service quality evaluation is based on customer expectations on quality of service, the first measure of customer service expectations, and then measure the perception of customer service, which calculates the difference between the two, and as the basis for judging the quality of service levels. the specific content of two parts: The first part consists of 22 small projects, record the customer service industry in a particular company's expectations of excellence. The second part also includes 22 project, which measures consumers to specific companies in this industry (Jibei evaluation company) feel. and then two parts in comparison to the results obtained by each of the five dimensions of a . The smaller the gap, the higher the evaluation of the quality of service. consumers expect from the greater sensibility, the lower the evaluation of the quality of service. On the contrary, the gap is smaller, the higher the evaluation of the quality of service. So SERVQUAL is a very inclusive 44 item scale, which come from the five service quality dimensions of customer expectations and the degree to be able to experience a 7-point questionnaire and 7 said he fully agreed that 1 is completely disagree, * that score the opposite. Here are three scholars of the five dimensions. 4.1.1 Tangibles (Tangibles) include the actual physical nature of facilities, equipment, and a list of other service personnel. Its components are: 1. with modern services and facilities; 2 . services attractive; 3. employees have clean clothing and coats; 4. the company's facilities and the services they provide to match 4.1.2 Reliability (Reliability) reliability is reliable and accurately carry out their service commitments. The components are: 5. commitment to customers what the company can be completed in time; 6. customers in trouble, to show interest and help; 7. the company is reliable; 8 . to provide the promised time of service; 9. an accurate record of related records.

4.1.3 responsiveness (Responsiveness) responsive means to help customers improve service levels and quickly will. its components are : 10. can not expect them to deliver services to customers on time time *; 11. expect them to provide services in a timely manner is unrealistic *; 12. Staff are not always willing to help customers *; 13. Staff are too busy to have been working with could not immediately provide services to meet the needs of customers *. 4.1.4 Assurance (Assurance) assurance refers to employees with knowledge, courtesy and credible expression of the confidence and ability. its components are : 14. employees are trustworthy; 15. engaged in the transaction, the customer will feel at ease; 16. Staff is polite; 17. Employees can receive appropriate support from the company to provide better service. 4.1 .5 empathy of (Empathy) Empathy is the way that care for and provide customers with personalized service. The components are: 18. the company will not provide individual services for customers *; 19. employees will not give customers individual care *; 20. can not expect employees to understand customer needs *; 21. companies do not give priority to the interests of customers; * 22. Company provided service can not meet the needs of all our customers *. 5. Evaluation of the SERVQUAL model proposed amendment 5.1 SERVQUAL evaluation model is based on the limitations of SERVQUAL conceptual model of service quality, and given the gap in the five dimensions and five different scoring system to establish a complete , under the sub-object worthy of the level of service quality evaluation to quantify the evaluation. in the form of payment collection through questionnaire evaluation of customer perception of the quality of the object and its service quality, the final weighted score by some. First, SERVQUAL Evaluation of the developer division aspects of the service sector is This classification method is SERVQUAL evaluation model must have its limitations, it can not be classified in the above description better than the industry or somewhere in between the characteristics of the industry. Second, SERVQUAL evaluation model in five dimensions to carry out investigation and analysis, followed by the five dimensions of tangibles, reliability, responsiveness, assurance, and empathy of. in the face of different industries, the importance of the five different dimensions, there are weights Questionnaire design assignment and the order in two aspects, which are affecting the use of SERVQUAL model and accuracy evaluation. Moreover, SERVQUAL evaluation model is based on three sectors (telephone repair, retail banking and insurance ) in a sample of five companies on the basis of investigation conducted. On the one hand, the limited sample size of the problem led to the SERVQUAL not clear and objective. On the other hand, the choice in the industry, telephone repair, retail banking three industries and the insurance industry can not fully reflect all the common features of the service sector, at least diminishing the quality of passenger transport industry, the characteristics of these are not shown. Finally, the SERVQUAL model is a pre-evaluation study that Experience the ultimate in customer service product benefit questionnaire prior to the making of the SERVQUAL the answer. tell us the characteristics of service products and customer service from the consumer interests are often the product has not been perceived, it is difficult to be noticed,

or to go through Over time, consumer services, in order to enjoy this feeling that the interests of the Russian presence. That is, customer expectations and perceptions may in time have a strong discontinuity, but the practical application of SERVQUAL in the evaluation method in the time it takes on continuity, to ensure the smooth implementation of the study. 5.2 SERVQUAL evaluation model amendments to the classification in accordance with this article, the service industry can be divided into descending skills to enhance the industry and quality of the industry. the skills to enhance the industry in a service process provision, the service is greater than or equal to the number of customers, the customer seeks is so personalized and customized services, so the service assurance and empathy of the more important. to law firms, for example, often In a service process requires one or more of the lawyers for the client services to ensure the accuracy and success of the service. In five dimensions, the importance of consulting lawyers should be as follows: assurance, empathy nature reliability, responsiveness and tangibles. not the same as that for decreasing quality of the industry, reliability and tangibles in customer perception of service is more influential. because of diminishing the quality of service provided by the key to success in the industry more dependent fixed equipment, support, and equipment needs of customers is the convenience and quickness. to passenger transport industry, for example, the customer service is directly accounts for the main part of the machinery and equipment, the customer is more practical to enjoy the pursuit of fast transportation services, so they will be more concerned about the schedule promised by service providers, etc., then the five dimensions, importance should be followed: reliability, assurance, tangibles, empathy of and responsiveness. Finally, in the final analysis of the questionnaire process, different service industries and enterprises should be based on the actual situation faced by the five dimensions of scores under the weight of a reasonable ratio, the final summation value. < br> Q = total score of tangible T * a1 + reliability Rel * a2 + responsiveness Res * a3 + Guaranteed A * a4 + transference of E * a5 (a1 + a2 + a3 + a4 + a5 = 1) Of course, the size distribution of weight will lead to a revised SERVQUAL lack of uniformity and standardization. more feasible approach is the development of different industries can be unified within the industry a unified weight program ai. 6. Conclusion Full Text The amendment in the SERVQUAL method is based on the quality of skills to enhance the industry and by decreasing based on the industry. the one hand, the issues raised in the article by field observations, argument, indeed the current model of service quality evaluation problems. However, whether the division of the service sector be improved, the weight of the five latitude to set the specific calculation method has yet to be made, so their view of the further study of the text is very valuable. (Author: Wuhan University of Technology School of Management)

2.METHODOLOGY HYPOTHESIS

H01.There is no significant difference between customer satisfaction level of policy holders of Lic and Bajaj Allianz.

3.DATA COLLECTED

RESEARCH METHODOLOGY 6.1 Design: This study will be discriptive in nature. 6.2 Population :-Population for this study will be the policy holder of LIC and Bajaj Allainz who are resident of Indore city. 6.3 Sample:Sample Unit:-Individual Life Insurance policy holder of LIC and Bajaj Allianz will be sample unit which will be formed by visiting the home And office of policy holder.

Sample Element:-Policy holder of LIC and Bajaj Allianz who have Atleast paid first premium for their policy. Sample Size:-The sample size for the present study will be 150. 75 LIC Bajaj Allianz 75

Sample Method:-For collecting sample non probability convenience Sampling method will be used. 6.4 Data Collection:-The proposed study would be conducted by collecting Primary data from Life Insurance policy holder of LIC and Bajaj Allianz primary data would be collected through structured questionnaire.

6.5 Data Analysis:-For Hypothesis Anova will be used. 4.EMPIRICAL ANALYSIS 1.Data Analysis Techniques 2.Result &findings 3.Discussion on findings

1.Data Analysis Techniques: For the present study of the customer satisfaction of Insurance company a structured questionnaire method is used for primary Data collection .Survey instrument content were based on 22 items for Expectation and 22 items for Perception relating to customer who have Insurance policies of companies under the study these items are listed in table 1. Table 1 EXPECTATION
ITEMS NO. STATEMENT FOR EXPECTATION Company will have modern looking equipment. The physical facilities at Company will be visually appealing. Employees at Company will be neat appearing. ITEMS NO.

PERCEPTION
STATEMENT FOR PERCEPTION Company has modern looking equipment Companys physical facilities are visually appealing. Companys reception desk employees are neat appearing.

1 2 3

1 2 3

Materials associated with the service (such as pamphlets or statements) will be visually appealing at an Company. When Company promise to do something by a certain time, they do.. When a customer has a problem, Company will show a sincere interest in solving it. Company will perform the service right the first time. Company will provide the service at the time they promise to do so. Company will insist on error free records. Employees of Company will tell customers exactly when services will be performed. Employees of Company will give prompt service to customers. Employees of Company will always be willing to help customers. Employees of excellent banks will never be too busy to respond to customers requests. The behavior of employees in Company will instill confidence in customers. Customers of Company will feel safe in transactions. Employees of Company will be consistently courteous with customers. Employees of Company will have the knowledge to answer customers questions. Company will give customers individual attention Company will have operating hours convenient to all their

Materials associated with the service (such as pamphlets or statements) are visually appealing at Company. When Company promises to do something by a certain time, it does so When you have a problem, Company shows a sincere interest in solving it. Company performs the service right the first time. Company provides its service at the time it promises to do so. Company insists on error free records. Employees in Company tell you exactly when services will be performed. Employees in Company give you prompt service. Employees in Company are always willing to help you. Employees in Company are never too busy to respond to your request. The behavior of employees in Company instills confidence in you. You feel safe in your transactions with Company. Employees in Company area consistently courteous with you. Employees in Company have the knowledge to answer your questions. Company gives you individual attention Company has operating hours

7 8 9 10

7 8 9 10

11 12

11 12

13

13

14

14

15 16

15 16

17

17

18 19

18 19

customers

convenient to all its customers.

20

Company will have employees who give customers personal attention. Company will have their customers best interests at heart. The employees of Company will understand the specific needs of their customers.

20

Company has employees who give you personal attention Company has your best interest at heart The employees of Company understand your specific needs.

21 22

21 22

The above table is developed on the basis of Gap model of Parasuraman, Zeithamal and Berry in (1985).The research instrument was developed on the basis of above table and respondents where asked to mark their preference to show their satisfaction about their Insurance company on 7 point likert scale for individual statement of expectation and perception from 1to7,1 if they strongly disagree to the statement and 7 if they strongly agree to the statement.The final survey instrument is Annexed as Annexture 1.In all data from150 respondent was collected and fed into excel sheet with the help of spss 15.0. Factor analysis was applied to see whether individual items are contributing to the study or not it is displayed in table 2. Table 2.
LIC Communalities
Initial QET1 QET2 QET3 QET4 QER5 QER6 QER7 QER8 QER9 QERS10 QERS11 QERS12 QERS13 QEA14 QEA15 QEA16 QEA17 QEE18 QEE19 QEE20 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Extraction 0.833 0.848 0.848 0.781 0.875 0.807 0.856 0.852 0.892 0.922 0.859 0.819 0.84 0.819 0.942 0.81 0.848 0.839 0.925 0.809

BAJAJ ALLIANZ Communalities

Initial QET1 QET2 QET3 QET4 QER5 QER6 QER7 QER8 QER9 QERS10 QERS11 QERS12 QERS13 QEA14 QEA15 QEA16 QEA17 QEE18 QEE19 QEE20 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Extraction 0.888 0.807 0.796 0.91 0.774 0.784 0.836 0.872 0.875 0.931 0.799 0.704 0.853 0.887 0.803 0.762 0.906 0.905 0.872 0.888

QEE21 1 QEE22 1 QPT1 1 QPT2 1 QPT3 1 QPT4 1 QPR5 1 QPR6 1 QPR7 1 QPR8 1 QPR9 1 QPRS10 1 QPRS11 1 QPRS12 1 QPRS13 1 QPA14 1 QPA15 1 QPA16 1 QPA17 1 QPE18 1 QPE19 1 QPE20 1 QPE21 1 QPE22 1 Extraction Method: Principal Component Analysis.

0.678 0.85 0.8 0.865 0.731 0.897 0.906 0.896 0.91 0.928 0.876 0.817 0.849 0.926 0.868 0.826 0.824 0.831 0.821 0.948 0.949 0.829 0.853 0.837

QEE21 1 QEE22 1 QPT1 1 QPT2 1 QPT3 1 QPT4 1 QPR5 1 QPR6 1 QPR7 1 QPR8 1 QPR9 1 QPRS10 1 QPRS11 1 QPRS12 1 QPRS13 1 QPA14 1 QPA15 1 QPA16 1 QPA17 1 QPE18 1 QPE19 1 QPE20 1 QPE21 1 QPE22 1 Extraction Method: Principal Component Analysis.

0.9 0.907 0.874 0.91 0.693 0.686 0.91 0.926 0.836 0.879 0.887 0.846 0.92 0.882 0.886 0.854 0.83 0.827 0.84 0.87 0.809 0.865 0.894 0.782

From the above table it is clear that score of every item is more than 0.5 and thus the data is valid and all items contribute sufficiently.

5.RECOMMENDATIONS

6.CONCLUSION

BIBLIOGRAPHY/REFRENCES Dr.Masood.H.Siddiqui(July3,2010):An Empirical Investigation :Measuring the Customer Perceived Service Quality for Life Insurance Services.Journal of Targeting, Measurement and Analysis for Marketing (2010) 18, 221238. doi:10.1057/jt.2010.17; published online 1 November 2010. Guilln, M., Perch-Nielsen, J.; Prez-Marn, A.M. (2009). Cross-buying behaviour and customer loyalty in the insurance sector. EsicMarket, 132, pp. 77-105. Govind Johri(2009) Customer Satisfaction In General Insurance Industry-7-A step Toward Competitiveness:A Journal of risk and Insurance pravartak,vol.IV. Ms.Babita(2011):Customer satisfaction on life Imsurance Services: An Emperical study on LIC.VOL.2,Issue2. ISSN 2229-6883. Rand, G. K. (2004).Diagnosis and Improvement of Service Quality in the Insurance Industries of Greece and Kenya. Lancaster University Management School Working Paper. Kothari C.R., (1999) Research Methodology, Wishwa Prakashan. Kotler P. and Armstrong G., (2005) Principles of Marketing New Delhi, Prentice Hall of India. Kotler P., (1999)Marketing Management Analysis, Planning, Implementation and Control, New Delhi, Prentice Hall of India.

QUESTIONNAIRE
As part of my final year MBA curriculum at DAVV Indore, I am doing major research project. The Topic is A COMPARATIVE STUDY OF THE CUSTOMER SATISFACTION OF LIC AND BAJAJ ALLIANZ IN INDORE CITY .Your responses is very valuable for this MRP. Therefore I would be most graceful if you could answer the attached questionnaire which should take few minutes to complete .I assure you that information produced by you will be used for academic purpose.

The following are the compare statement related to your satisfaction about LIC and BAJAJ ALLIANZ. Please kindly mark your preference by encircling the numbers given in block 1 if you strongly disagree with the statement and 7 if you strongly agree with the statement that shows your satisfaction about both Insurance companies.

Q1.Select any one Company whose Insurance policy you have? (a)LIC (b)BAJAJ ALLIANZ

Q2.You should rank each statement: 1.Strongly disagree 2.Disagree 3.Somewhat disagree 4.Neither agree&disagree 5.Somewhat agree 6.Agree 7.Strongly agree.

S.NO. STATEMENT E1 E2 E3 E4
Company will have modern looking equipment. The physical facilities at Company will be visually appealing Employees at Company will be neat appearing. Materials associated with the service (such as pamphlets or statements) will be visually appealing at an Company. When Company promise to do something by a certain time, they do When a customer has a problem, Company

1 1 1 1 1

2 2 2 2 2

3 3 3 3 3

4 4 4 4 4

5 5 5 5 5

6 6 6 6 6

7 7 7 7 7

E5 E6

1 1

2 2

3 3

4 4

5 5

6 6

7 7

will show a sincere interest in solving it

E7 E8 E9 E10 E11 E12 E13 E14 E15 E16

Company will perform the service right the first time. Company will provide the service at the time they promise to do so. Company will insist on error free records Employees of Company will tell customers exactly when services will be performed Employees of Company will give prompt service to customers Employees of Company will always be willing to help customers Employees of excellent banks will never be too busy to respond to customers requests The behavior of employees in Company will instill confidence in customers Customers of Company will feel safe in transactions Employees of Company will be consistently courteous with customers

1 1 1 1 1 1 1 1 1 1

2 2 2 2 2 2 2 2 2 2

3 3 3 3 3 3 3 3 3 3

4 4 4 4 4 4 4 4 4 4

5 5 5 5 5 5 5 5 5 5

6 6 6 6 6 6 6 6 6 6

7 7 7 7 7 7 7 7 7 7

E17

.Employees of Company will have the knowledge to answer customers questions.

E18 E19 E20 E21 E22

Company will give customers individual attention Company will have operating hours convenient to all their customers Company will have employees who give customers personal attention Company will have their customers best interests at heart. The employees of Company will understand the specific needs of their customers.

1 1 1 1 1

2 2 2 2 2

3 3 3 3 3

4 4 4 4 4

5 5 5 5 5

6 6 6 6 6

7 7 7 7 7

S.NO. STATEMENT P1 P2 P3 P4
Company has modern looking equipment Companys physical facilities are visually appealing Companys reception desk employees are neat appearing. Materials associated with the service (such as pamphlets or statements) are visually appealing at Company. When Company promises to do something by a certain time, it does so When you have a problem, Company shows a sincere interest in solving it Company performs the service right the first time. Company provides its service at the time it promises to do so. Company insists on error free records Employees in Company tell you exactly when services will be performed Employees in Company give you prompt service Employees in Company are always willing to help you. Employees in Company are never too busy to respond to your request The behavior of employees in Company instills confidence in you You feel safe in your transactions with Company Employees in Company area consistently courteous with you. Employees in Company have the knowledge to answer your questions

1 1 1 1 1

2 2 2 2 2

3 3 3 3 3

4 4 4 4 4

5 5 5 5 5

6 6 6 6 6

7 7 7 7 7

P5 P6 P7 P8 P9 P10 P11 P12 P13 P14 P15 P16 P17

1 1 1 1 1 1 1 1 1 1 1 1 1

2 2 2 2 2 2 2 2 2 2 2 2 2

3 3 3 3 3 3 3 3 3 3 3 3 3

4 4 4 4 4 4 4 4 4 4 4 4 4

5 5 5 5 5 5 5 5 5 5 5 5 5

6 6 6 6 6 6 6 6 6 6 6 6 6

7 7 7 7 7 7 7 7 7 7 7 7 7

P18 P19 P20 P21 P22

Company gives you individual attention Company has operating hours convenient to all its customers. Company has employees who give you personal attention Company has your best interest at heart The employees of Company understand your specific needs.

1 1 1 1 1

2 2 2 2 2

3 3 3 3 3

4 4 4 4 4

5 5 5 5 5

6 6 6 6 6

7 7 7 7 7

1.Name.. 2.Gender(a) Male 3.Age(a)Below 20 years (c)31-40 years 4.Occupation(a)Student (c)Pvt. Employee 5.Marital status(a) Married (b)Unmarried (b)Govt. Service (d) Self-employed (b)20-30 years (d)above 40years (b) Female