Volume : 5 | Issue : 4 | April 2016 ISSN - 2250-1991 | IF : 5.215 | IC Value : 77.

65

Research Paper Commerce

Customer Satisfaction Towards The Services Provided

By General Insurance Companies Within Surat City With
Respect To Vehicle Insurance

Assistant Professor, Udhna Citizen Commerce College & SPBCBA

Dr. Mehul P. Desai & UACCIT, Veer Narmad South Gujarat University, Surat, Gujarat,
India
Teaching Assistant, Department of Commerce, Narmad South
Ms. Nikita Kahar
Gujarat University, Surat, Gujarat,India
ABSTRACT

In this study attempt has been made to find out the satisfaction level of policy holders of general insurance companies with
respect to vehicle insurance within Surat city. A sample of 50 respondents has been taken for study. For selection of the
sample, non-probability judgment-cum-convenience sampling technique was used. The findings of the study reveal that
most of the customers are satisfied.

KEYWORDS Customer’s satisfaction, General insurance, Vehicle insurance

INTRODUCTION achieve greater insurance penetration, private companies have

Today there are total 28 general insurance companies as per to create more vibrant and competitive industry, with greater
annual report of IRDA 2013-14 in India. The General Insur- efficiency, choice of products and value for customers.
ance Sector headed by General Insurance Corporation (GIC)
and its four subsidiaries since nationalization of insurance in- Goswami (2007) has tried to analyse the dimensions of service
dustry. Besides public and private insurance companies, banks quality and made an attempt to understand various factors that
are also providing general insurance. After the entry of private ensure maximum customer satisfaction. The results show that
players in the market, many innovations are launched in gen- the responsiveness of service quality provided maximum cus-
eral insurance industry such as market intermediaries, agent, tomer satisfaction in the life insurance industry in India.
advisors, agent training, customer services, claim settlement
etc. For people, the assets are their economic resource and Khurana (2008) in his paper made an attempt to identify the
these assets have economic value. The basic purpose of gen- customer’s preference for various factors. He tried to examine
eral insurance is to provide protection to economic value of customer’s preference towards plans and policies of insurance
assets. Therefore to protect these economic resources people companies, their purpose of buying the insurance policies,
take the general insurance. satisfaction level of customers and their future plans for insur-
ance policies.
Insurance other than Life Insurance falls under the category of
General Insurance. General Insurance comprises of insurance of OBJECTIVE OF STUDY
property against fire, burglary, other immovable property etc. The main objective is to study the satisfaction level of policy
holders about services provided by general insurance compa-
Non-life or general insurance deals with insurance covering nies of Surat city.
non-life objects like animals, agricultural crops, goods, fac-
tories, cars etc. Non-life insurance also covers losses through HYPOTHESIS
individual behaviours like fraud, burglary, non-fulfilment of H0: The policy holders are not satisfied with the services pro-
promises (in case of repayment of mortgage loans), profes- vide by general insurance companies.
sional negligence by doctors etc.
H1: The policy holders are satisfied with the services provide by
LITERATURE REVIEW general insurance companies.
Arora (1988) in her doctoral work examined the role of GIC
to provide finance to industry and also critically evaluated in- RESEARCH METHODOLOGY
vestment policies of GIC. The study revealed that the Invest- 1. Research design.
ment Policy of GIC evolved within the ambit of the provisions In this study the researcher has used research design which is
of the Insurance Act 1938 and the guidelines provide by the descriptive in nature. A survey was conducted amongst policy
government. holders of general insurance companies.

Faulkner and Bowman (1997) in his paper, they examined 2. Sample size.
that perceived value is equal to satisfaction level of customer. A sample of 50 respondents was taken for the survey and
The satisfaction level is based on purchasing, using and repur- data analysis.
chasing of a product or service. They have given the opinion
that it is responsibility of intermediaries to give knowledge 3. Sampling unit.
about products to the customers. Tripathy (2004) in his pa- Sampling unit consists of consumers having vehicle insurance poli-
per has made an attempt to find out perception of custom- cy from general insurance companies within Surat city, Gujarat.
ers towards services of insurance company through marketing
variables. He has investigated the characteristics and prefer- 4. Sampling technique.
ence of customers. He has analysed preference given by cus- A convenience sampling technique (non probability sampling)
tomers to different variables. The author suggested that to was used for the survey.

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Volume : 5 | Issue : 4 | April 2016 ISSN - 2250-1991 | IF : 5.215 | IC Value : 77.65

5. Data collection. Neutral 07 14

Primary data was collected with the help of structured ques-
tionnaires from 50 respondents of general insurance compa- Satisfied 32 64
nies of Surat city. Highly satisfied 09 18

6. Data analysis.
As mentioned above, the study is based on a sample of 50 Table 3 reveals that 64% of policy holders are satisfied, 18%
customers. The demographic profile of sample customers is are highly satisfied and 14% are neutral whereas 4% are dis-
shown in Table 1. satisfied with the services provided by general insurance com-
panies.
Table 1: Demographic Characteristics of sample customers
(n=50) FINDINGS OF THE STUDY
No. of • The table 1 reveals that 62% of the respondents are
Demographic factors respondents % male and 38% are female.
F % • Most of the respondents (74%) are in the age group 20-
Male 31 62 30 years.
Gender • Majority (52%) of the respondents are post graduate fol-
Female 19 38
20-30 37 74 lowed by graduate (30%), professional (10%) and under
graduate (08%).
31-40 03 06
Age • Most of the respondents (72%) are from joint family and
41-50 04 08 others (28%) are from nuclear family.
Above 50 06 12 • Out of the surveyed respondents the ratio of married and
Married 25 50 unmarried is equal.
Marital status
Unmarried 25 50 • As high as 38% of the customers fall in the yearly in-
Joint 36 72 come range of Rs.100001 to Rs 200000 and as low as
Type of family 10% of the customers fall in the income range of below
Nuclear 14 28
Under graduate 04 08 Rs.100000.
• As regards the occupation, 34% of the respondent’s cus-
Educational Graduate 15 30 tomers are service holders, 28% are students, 20% are
qualification Post graduates 26 52 professional and 118% are businessmen.
Professional 05 10 • It is revealed from the table-2 that 66% of the respond-
Below Rs.1,00,000 05 10 ents are customers of private general insurance compa-
Rs.1,00,001 to nies whereas 34% are customers of public general insur-
Rs.2,00,000 19 38
Annual income ance companies.
Rs.2,00,001 to 09 18 • It is revealed from the table-3 that 64% of policy hold-
Rs.3,00,000 ers are satisfied, 18% are strongly satisfied and 14%
Above Rs.3,00,001 17 34 are neutral whereas 4% are dissatisfied with the services
Student 14 28 provided by general insurance companies.
Service 17 34
Occupation LIMITATIONS OF STUDY
Professional 10 20
Business 09 18 1. The study is limited to 50 respondents of selected gener-
al insurance companies of Surat city.
There were two main reasons to analyze the demographic 2. It may be possible there was biasness in the responses
features of the respondents. First to clear a profile of general given by respondent, which ultimately constrains the re-
insurance customers and second to analyze customer satisfac- sult of study.
tion based on demographic characteristics. Demographic pro-
file includes gender, age, marital status, type of family, educa- CONCLUSIONS
tion, occupation and income level. From the study it can be concluded that public insurance com-
panies have to provide some extra facilities to insured. The pri-
Table 2: Give the name of your general insurance com- vate players have to introduce new skim like Aam Admi Bima
pany? Yojna. Micro insurance products must be promoted to provide
the benefit of insurance to poor people of the society. In or-
Name of company No. of
Respondents Percentage der to compete both private and public players have to focus
HDFC ERGO 1 02 on specific needs of insured. As the insurance sector is totally
Reliance 1 02 depends on insured, general insurance companies have to try
Birla Life Insurance 2 04 fulfilling the expectations of policy holders.
Bharti Insurance 3 06
ICICI Lombard 3 06 REFERENCES
TATA AIG 3 06 1. Arora, S. (1988), “The GIC of India – An Appraisal”, M.Phil. Thesis, Submit-
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Bajaj Allianz 13 26 Delhi, Delhi.
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Volume : 5 | Issue : 4 | April 2016 ISSN - 2250-1991 | IF : 5.215 | IC Value : 77.65

Pearson Publishing Inc.

9. Oliver, R. L. (1997). Satisfaction: A Behavioural Perspective on the Con-
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