Impact of service quality on customer satisfaction in insurance industry (with special reference to the Insurance Industry in Sri Lanka) / Sugath Jayasinghe

Abstract:
Critical success factor is the key factor in any industry in order to be the market leader. In insurance industry "Customer service" is acting as critical success factor. Today insurance industry is facing solid rivalry among the insurance companies to become the market leader. Holding existing customers is inexpensive than finding a new customer. Since insurance companies are trying to retain their existing customers who contribute huge business potential to the firm. Insurance companies execute sophisticated strategies in order to satisfy their customers by providing quality services to them.
When it comes to Sri Lankan insurance industry, most of the insurance companies are not concentrating on new service strategies such as delivering more personalized services, offering superior channel interaction and so on. Most probably, insurance companies in Sri Lanka are not going for services such as web self-service. If insurance companies can provide such a good service which can provide a lot of opportunities for their clients to do all activities by themselves such as viewing policy coverage, payment of bills, making changes to policies, submitting claim, checking the status of claims progress.
In globally many researchers conduct their researches about service quality and therefore, considering these things, this is a timely requirement to clarify how far insurance service quality impacts the customer satisfaction of Sri Lankan customers? After having a better understanding about this issue, we can contemplate that why it is not happening and what are the solutions that need to be taken to overcome them and achieve customer satisfaction.
The purpose of this research paper is to try to understand what factors affect to customer satisfaction and how to retain those clients for a long time.