Abstract
The policy of Liberalization, privatization, and Globalization (LPG) has created a greater impact in the insurance industry in India. This has led to the emergence of private and foreign players in the country. The private and foreign insurance companies established in the country are providing effective service using the latest technology. All foreign players operate in India through joint ventures with private players. In this cut-throat competition among the life insurance companies, consumers are very much aware of the alternatives available in relation to services and the provider organization. Now consumers’ expectations are rising, and service provider organizations should be aware of these expectations. The present study's objective is to compare and analyze the service quality perceptions of customers of public and private sector life insurers through the Servqual/Servperf scale in the Indian insurance industry context. A total of 400 respondents completed the field survey, and the survey was conducted in Chennai city. Out of 400 respondents, 100 were from LIC, and the remaining 300 were from private-sector life insurance companies, including ICICI Prudential, SBI, and Bajaj Allianz Life Insurance Company. The private players have been selected based on their market share. The collected data are analyzed with the help of SPSS package version 21 based on the analysis researcher found that both public and private sector life insurers offered quality of services to customers equally.
Keywords: Service Quality, Customer satisfaction, Customer Service
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