Customer Satisfaction on Money Back Plans of Life Insurance Industries: A Strategic Insurance Management Practice
10 Pages Posted: 1 May 2015
Date Written: April 30, 2015
The Government of India made history on October 24, 2000 by once again bringing back insurance business to private companies, which had earlier been abolished 24 years ago. The opening of the insurance sector was facilitated through the Insurance Regulatory and Development Authority (IRDA). Today, organizations are competing in complex business environments characterized by continuous changes in economic, social politico-legal and regulatory factors. The insurance sector along with other elements of marketing, as well as financial infrastructure, have been touched and influenced by the process of liberalization and globalization in India. The customer is the king in the market. Life Insurance companies deal in intangible products. With the entry of private players, the competition is becoming intense. In order to satisfy the customer, every company is trying to implement a consumer behavior (CB) program.
Keywords: Strategic Insurance Management, Consumer Behavior, Life Insurance Industries etc.
JEL Classification: M15, M19, M25
Suggested Citation: Suggested Citation