Analysing the Influence of Service Quality on Customer Experience in the Life Insurance Industry: A Quantitative Study

Abstract

This research paper investigates the intricate relationship between service quality and customer experience within the context of the life insurance industry. The life insurance industry has been specifically chosen for the study owing to its contribution to the economy and the growing significance of creating and sustaining better customer experiences through better service quality. Recognizing the critical role of customer satisfaction in the success of insurance providers, the study employs a quantitative approach, utilizing Exploratory Factor Analysis (EFA) and Multiple Regression Analysis (MRA) to unravel the underlying factors and quantify the impact of service quality on the overall customer experience. The exploratory phase involves identifying key dimensions of service quality by analyzing a diverse set of variables. Through a systematic examination of these dimensions, the study aims to develop a comprehensive understanding of the multifaceted nature of service quality in the life insurance sector. Subsequently, Multiple Regression Analysis is employed to assess the strength and direction of the relationship between the identified service quality dimensions and customer experience. By quantifying the impact of each dimension on customer experience, the research aims to provide insurance companies with actionable insights to enhance their service delivery and, consequently, improve overall customer satisfaction. The findings of this research put forth five significant factors obtained through factor analysis, Compliance with Standards, Brand Image, Superior Response, Customer Convenience and Grievance redressal system. These hold significant implications for practitioners, policymakers, and scholars in the life insurance industry. As the study unfolds, it not only contributes to the existing literature on service quality and customer experience but also serves as a practical guide for insurers seeking to optimize their services and foster lasting relationships with their clientele.