An analysis of factors influencing consumer's choice of life insurance policies in North Goa

Abstract

Life insurance is a significant form of insurance and is essential for each individual. Attracting customers as well as customer retention is the key to success of every life insurance company. Thus it is important that insurers keep their customers satisfied by improving their quality services which are delivered to customers and also try to bring innovative insurance products for their customers. An attempt has been made in this study to analyze demographic variables and their impact on customer's choice towards various schemes of life insurance policies. The satisfaction level of customers was also analyzed using different factors. The study also examined the reasons for switching behavior of policyholders from existing insurance company to another insurance company. Data required for the study is collected from 200 life insurance policy holders of North-Goa through well designed questionnaire which is divided into 4 sections: Demographic Profile, factors influencing investment decision of consumers, satisfaction level of policy holders and switching behavior of policy holder. Statistical techniques used for data analysis are t-test and one way ANOVA, Descriptive statistics, weighted average score, and simple percentages to identify the factors influencing choice of customer s purchasing decision of life insurance policy for testing hypothesis and to find satisfaction level and switching behavior of policyholders.