International Journal of Advanced Engineering, Management and Science

(IJAEMS)
ISSN: 2454-1311
Vol-7, Issue-4; Apr, 2021
Journal Home Page Available: https://ijaems.com/
Journal DOI: https://dx.doi.org/10.22161/ijaems
Article DOI: https://dx.doi.org/10.22161/ijaems.74.2

Factors Affecting Policyholders’ Satisfaction towards Life

Insurance: An Empirical Study on Life Insurance
Policyholders in Bangladesh.
Sangita Basak

Lecturer, Dept. of Management Studies, Comilla University, Cumilla-3506 Bangladesh.

Received: 07 Jan 2021; Received in revised form: 01 Mar 2021; Accepted: 29 Mar 2021; Available online: 19 Apr 2021
©2021 The Author(s). Published by Infogain Publication. This is an open access article under the CC BY license
(https://creativecommons.org/licenses/by/4.0/).

Abstract— Insurance represents a very important tool to minimize risks borne by people and businesses in
trendy economies. It’s nothing but a mechanism of spreading the chance of one to the shoulders of the
many. Insurance is one vital segments of monetary system. The insurance business is exclusive within the
sense that it's rewarded for managing the chance of alternative parties. Human life is the most precious
thing and life insurance is the most significant form of insurance that provides monetary protection to
individuals and their families at the time of unsure risks or injury. Although life can’t indemnify, life
insurance provides a way of security, safety and protection to people and conjointly encourages savings
among folks. This study aims to behold the factors affecting policyholders’ satisfaction towards life
insurance policies in Bangladesh which will help insurance companies to develop strategies to grow and
sustain the life insurance business. The study is descriptive in nature, has been conducted supported both
primary and secondary data. Twelve (12) variables have identified in this respect and hundred (100)
policyholders are selected randomly from different locality. Collected data have tested with the help of
various statistical tools like reliability and validity checking, regression analysis, ANOVA, weighted
average method and hypothesis testing. The analyzed data has been presented in the form of table, graphs
and charts. The study suggested that mass communication helps to form awareness and trust among the
people with reference to taking associate degree contract strategy. The study concluded that low premium,
service quality, efficient agent, trust, technology and communication are the most significant motivating
factors compared to product feature, price, flexibility, brand value, economic growth and maturity benefits
on policyholders` satisfaction. This study can become useful for the advance of insurance in Bangladesh.
Keywords— Bangladesh, Life-insurance, Policyholders` satisfaction, Service quality, Trust.

I. INTRODUCTION within the sense that it's rewarded for managing the chance
Insurance could be a contract, diagrammatical by a policy, of alternative parties.
within which a private or entity receives monetary Insurance sector in Bangladesh emerged after
protection or compensation against losses from associate independence with 2 nationalized insurance companies- 1
degree no depository financial institution. Insurance is a Life & 1 General; and 1 foreign insurance company. In
very important risk mitigation device. It provides a way of mid 80s, private sector insurance companies started to
security. Insurance works on the principle of pooling of enter in the industry and it got expanded. Now days, 62
risks and distributes risks over many folks. Insurance is a companies are operating under Insurance Act 2010. Out of
useful aid to trade. Insurance is one vital segments of them- 18 are Life Insurance Companies including 1
monetary system. The insurance business is exclusive foreign company and 1 is state-owned company, 44

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Sangita Basak International Journal of Advanced Engineering, Management and Science, 7(4)-2021

General Insurance Companies including 1 state-owned ii. to find out the influence of insurance agents on
company. Insurance companies in Bangladesh provide policyholders’ satisfaction
following services: Life insurance, General Insurance, iii. to find out the impact of communication on
Reinsurance, Micro-insurance, and Takaful or Islami policyholders’ satisfaction
insurance.
iv. to find out the impact of brand value on
Although Bangladesh’s insurance sector has witnessed policyholders’ satisfaction
some growth, as compared with alternative rising nations,
v. to find out the impact of maturity benefits on
there's loads of area for improvement. According to the
policyholders’ satisfaction
Seventh Five Year Plan (2016–2020) of the Government
of Bangladesh, a majority of the population across product
segments (life and non-life) remains untapped by the III. RESEARCH HYPOTHESIS
insurance market. In 2019, overall insurance penetration in H01. There is no impact of Service Quality on
the country is approximately 0.57 per cent compared to policyholder`s satisfaction
Thailand's average of 5.27 per cent, Malaysia's 4.77 per H02. There is no impact of Insurance Agents on
cent, China's 4.22 per cent, India's 3.7 per cent, Indonesia's policyholder`s satisfaction
1.95 per cent and Sri Lanka's 1.15 per cent. This indicates H03. There is no impact of Communication on
that rising Asia Pacific economies area unit investing the policyholder`s satisfaction
advantages of insurance for growth and development. H04. There is no impact of Brand Value on policyholder`s
There are 78 insurance companies - 32 life and 46 non-life satisfaction
- operating in the country at present. In 2018, Bangladesh's H05. There is no impact of Maturity Benefits on
payment earnings rose by eleven.06 per cent to Tk 124.165 policyholder`s satisfaction
billion, in keeping with information obtainable with the
Insurance Development and administrative unit (IDRA). IV. REVIEW OF LITERATURE
The gross premium from life insurances stood at Tk 90.20
Customers were the main pillars of any business and
billion in the year, up by 10.10 per cent while premium of
customer service is the critical success factor in a company
non-life insurance stood at Tk 33.97 billion showing 13.92
and providing outstanding customer service differentiates
per cent rise. Life insurers disbursed a total claim payment
great customer service from indifferent customer service.
of Tk 65.71 billion with the claim settlement ratio of 88.51
Customers today are more demanding and expecting high
per cent.
standards of service and value satisfaction. If all the
However, with the recent increase in life expectancy, players in the life insurance industry focus on the effective
around 20 per cent of the population will be older people delivery of services they could win the hearts of customers
(65 years and beyond). From an economic perspective, a and anticipate their increased market share. Customer
growing senior population will mean reallocating service assumes vital importance in the marketing
economic and other resources. Bangladesh is yet to programs of all modern organizations including service
establish a sustainable social security program for the organizations. Insurance companies need to improve its
elderly people. Except for the government service-holders service quality to meet changing demands and
and few other social safety net programs, the country does expectations of customers. (Yadav., 2011) Customer
not have massive coverage of social security services. In satisfaction determinants such as (a) operational
this context, insurance is such an industry that has the efficiency, (b) quality service delivery, (c) technological
capability of complementing the government programs for infrastructure, and (d) customer appreciation of insurance
ensuring sustainable development. offerings may translate into life insurance business growth
in Ghana (Akotey & Adjasi, 2015; Alhassan & Fiador,
2014). Frank and Enkawa examined the impact of
II. OBJECTIVES OF THE STUDY
economic growth and economic expectation that influence
The main purpose of this research is to explore the the customer satisfaction and their quality. They found that
policyholders` satisfaction level regarding life insurance policyholders are positively influenced towards economic
which will help insurance companies to develop strategies growth and negatively influenced towards their economic
to grow and sustain in the life insurance business. Some expectation and also found that economic expectation and
other objectives are- quality expectations are positively correlated. (Frank &
i. to find out the impact of service quality on Enkawa, 2009). An article titled, “Policyholders
policyholders’ satisfaction. Satisfaction with the Agency-Based Sales Surpasses
Satisfaction with Direct Sales in Japan”, reveals that

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policyholders are more satisfied with timely services, time-based competition, quality, product range, timely
procedure and documentation followed, low premium and advertisement, follow up, prompt and error-free services
innovative products offered by the Prudential Life which are the key ingredients for the better service and it
Insurance Company. (J, 2011). in their article Anshuja will boost up the sales. (Siddiqui & Sharma, 2010).
Tiwari and Babita Yadav reveal that prompt customer Policyholders of life insurance policies seek personalized
service, after-sales services, innovative products with services and constant support in financial planning e.g.,
flexibility and better communication influences the flexible payment schedule, flexible product solution,
customer satisfaction towards private life insurers than provisions for convertibility of products and
public sector insurer, LIC. (Tiwari & Yadav, 2012). supplementary services etc. So, service providers should
Deepika Upadhyaya and Manish Badlani carried out a encourage the agents to assume wider roles, that of
study entitled, “Service Quality Perception and Customer financial consultants. (Subashini & Velmurugan, 2016). In
Satisfaction in Life Insurance Companies in India”, with a his study (sinha, 2013) stated that insurance companies are
view to identify customer satisfaction in retail life working in a highly competitive market where consumers
insurance in India. They identify that the policyholders are have many companies and products to choose from. Hence
more satisfied with the pricing factor followed by it becomes necessary for insurance companies to maintain
employee competence, product and service, technology, loyal customer base by increasing customer loyalty
physical ambience of the company, trust, service delivery, through improved service quality. His study given by
advertising and service management. (Upadhyaya & factor analysis is performed where five factors are derived
Badlani, 2011). Policyholders are more satisfied with the namely, sincere and prompt services, comparison and
policy features, price, maturity benefits and tax saving courteous, meticulous and customers orientation,
contents. (Negi & Kaur, 2010). Policyholders are highly flexibility and tangibility. The study emphasizes that the
satisfied with the premium amount fixed by the company customers should be given prompt service. They should
and the maturity amount received after the maturity period. feel safe in their dealings with the company and the
(Panchanatham, Jhansi, Kumar, & Mani, 2008) Paromita company should give individual attention to the customer.
Goswami carried out a study to identify the dimensions of Manuel conducted the study to understand the Consumer
service quality that ensures maximum satisfaction for the Perception about life insurance policies. The survey was
customers in the life insurance industry. She finds that conducted to find out the attributes which affect decision
customers are more satisfied with responsiveness making of consumers of life insurance policies which are
dimension of service quality namely, promptness and return on investment, company reputation, premium
timeliness in service as well as willingness to help the outflow, service quality and product quality (Manuel,
customers. The insurance companies have to work and 2013). Yadav and Tiwari find out factors influencing
concentrate on time-based competition, quality, product customer investment decision, impact of various
range, timely advertisement, follow up, prompt and error- demographic factors, preferences of customers while
free services which are the key ingredients for the better taking the decision, and ranking of factors responsible for
service and it will boost up the sales. (Goswami, 2007). the selection life insurance as an investment option. The
Upadhyaya (2011) finds out the factors of customer features that policyholders consider while making a
satisfaction in life insurance and study the importance purchase can be ranked as follows: company reputation,
technology in full fling customer satisfaction. Study money back guarantee, risk coverage, low premium and
highlights the role of technology to improve quality and easy access to agents as 1st, 2nd, 3rd, 4th and 5th
customer satisfaction. Researcher finding the majority of respectively. Thus, it could be concluded that goodwill of
policyholders who are strongly recognizable with the company is the most influencing factor while policy
interpersonal services may never be satisfied with buying decision. It was found that majority of respondents
technology-based service. Siddiqui and Sharma investigate preferred money back policy. (Tiwari & Yadav, 2012).
service quality framework for life insurance and then Kaur and Negi conducted their study in Chandigarh and by
relative importance of these service quality dimensions using factor analysis they found customized and timely
from customer's viewpoint. The paper attempt to measure service, brand value, considerate employee, price
as to how well services are being delivered i.e., up-to what immunity as major factors affecting the satisfaction of
level performances are meeting the expectations. The customers. They even found that maximum life covered
result tinted the main concern areas of service instrument under insurance are of male than female and satisfaction
with assurance is the best interpreter, followed by level among public and private sector insurance companies
competence and personalized financial planning. The is same. (Negi & Kaur, 2010). M. Epctimchin (2011);
insurance companies have to work and concentrate on conducted a survey in Nigeria to find out factors

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Sangita Basak International Journal of Advanced Engineering, Management and Science, 7(4)-2021

enhancing the purchasing of life insurance and found that V. METHODOLOGY OF THE STUDY
company loyalty is the major factor influencing purchasing Research methodology is the specific procedures or
decision and company client relationship as the last. These techniques used to identify, select, process, and analyze
factors are beneficial to company as well as consumer. information about a topic. In a research paper, the
Sandhu and Bala found 7 factors composed of proficiency, methodology section allows the reader to critically
media and presentations, physical and ethical excellence, evaluate a study’s overall validity and reliability (David
service delivery process and purpose, security and Wilkinson, 2020). The current research is a descriptive
dynamic operation, credibility and functionality. Along research. This research study has been conducted among
with these factors’ managerial implication like the life insurance policy holders from different public and
performance of agents also affect customer satisfaction (H private insurance companies in different urban and rural
& N, 2010). A study on “Determinants of customer areas in Bangladesh based on random sampling in which
Satisfaction: A Model of Technology Integration in 100 policyholders (male and female) have been selected as
Thailand’s Insurance Industry” depicts that magnitude of sample. This study is based on both primary and secondary
technology integration directly influences customer data. For Primary data collection, pertinent information
satisfaction whereas technology readiness of salespeople have been gathered by surveying among the policyholders.
and customer indirectly influences the customer Both questionnaire and interview secessions have been
satisfaction towards insurance provider. (Larpsiri & conducted to gather primary data. All of the items in the
Speece, 2004). In his survey entitled, “Insurers Score Low questionnaire have been measured on 5-point Likert scale
in Client Satisfaction”, (Hongmei, 2016) observes that the (1= strongly disagree, 2= disagree, 3= neutral, 4= agree
policyholders are dissatisfied with the insurer’s services and 5= strongly agree). Interview secession has been
with regard to customer complaint lodged and claim conducted on 30 respondents from different private and
settlement. The hostility of this study is to assay the brunt public insurance companies in Bangladesh. For secondary
of demographic factors on the extent of satiation of research, relevant literature from books, articles,
investor’s contra insurance policies. The study entraps the newspapers, and magazines have been collected.
impact of demographics factors on the satisfaction of Descriptive statistics is used for analyzing data including
investors towards insurance policies. This paper conjointly Reliability, multiple Regression analysis, ANOVA and
evaluates cogent relationship between demographic factors Hypothesis test in SPSS 20 version.
and overall satisfaction of the shoppers towards the
insurance policies. (Sharma, Sai, Vijay, P., & Sharma,
2012)
between 45-54 years, most of them are male respondent
VI. ANALYSIS AND INTERPRETATION and they are married, their educational level is graduation
6.1 Demographic Analysis and majority of them are government job holders.
The demographic analysis of the respondent represent
that the majority of the respondents are of the age
Table-1: Demographic information of the respondents

Age of the Marital Educational Gender of the Source of

respondent Status Qualification Respondent Earnings

N Valid 100 100 100 100 100

Missing 0 0 0 0 0

Mean 3.28 1.89 3.74 1.37 3.29

Std. Error of Mean .102 .031 .114 .049 .127

Std. Deviation 1.016 .314 1.143 .485 1.274

Variance 1.032 .099 1.305 .235 1.622

Range 3 1 4 1 4

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6.2 Reliability and Validity of data 2001). The satisfactory value in Cronbach's alpha is
Reliability refers to the consistency of set of items in required to be more than 0.60 to be reliable (Malhotra,
measuring the study variables (Cooper & Schinder, 2001). 2002). In this study, Cronbach's alpha is .786 (Table-2),
Cronbach's alpha is commonly used method to measure the which indicates a satisfactory level of internal consistency
reliability or internal consistency that is, how closely for the scale.
related a set of items are as a group (Cooper & Schinder,
Table-2 Reliability Statistics

Cronbach's Alpha Based on

Cronbach's Alpha Standardized Items N of Items

.786 .715 12

6.3 Regression Analysis policies in Bangladesh is 74% dependent on service

6.3.1 Model Summary quality, product features, pricing factors, flexibility, trust,
The value of R Square (0.741) and R (0.835) shows that agents, communication, uses of technology, premium,
there is strong association between the set of independent brand value, economic growth and maturity benefits. The
variables and the dependent variable with the standard rest 26% is dependent on some others factors that are not
error of 0.410 (Table-4) .In additions, the Table-3 implies considered by the researcher in this study.
that the policyholder`s satisfaction towards life insurance

Table-3 Regression Model Summary

Std. Error of the

Model R R Square Adjusted R Square Estimate

1 .835a .741 .778 .410

Source: SPSS output.

6.4 ANOVA test Table-4 implies that there is significant influence of these
The F value of the test for the data is 38.542. The p-value independent variables on the dependent variable and the
associated with this F value which is .000 which is lower model applied is significantly good to predict the
than the alpha value 0.05 (Table-4). In additions, The dependent variable.
Table-4 ANOVAb

Model Sum of Squares Df Mean Square F Sig.

1 Regression 84.872 12 7.073 38.542 .000a

Residual 72.038 88 .328

Total 156.910 100

a. Predictors: (Constant), Service Quality(V1), Product Feature(V2), Pricing Factor(V3), Flexibility(V4), Trust(V5),
Agent(V6), Communication(V7), Technology(V8), Low Premium(V9), Brand Value(V10), Economic Growth(V11),
Maturity Benefit(V12)

b. Dependent Variable: Policyholder`s Satisfaction

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6.5 Regression Coefficients β4v10 + β4v11 + β4v12 Or, = .299 + .837 + .502 + .437 +
In Table 5, Since the beta values are the standardized .464 + .738 + .780 + .634 + .715+ .888 + .445 + .344 +
versions of the b-values and are directly comparable, these .362) interprets this model to mean that for every increase
values may be used to infer regarding the relative of one unit in v1, assuming the effects of v2 to v12 be held
importance of each predictor or independent variables to constant, factors affecting policyholder`s satisfaction
the model. In other words, the beta coefficients could be towards life insurance policies in Bangladesh would
used to explain the relative importance of the 8 dimensions increase by 0.540. Likewise, should the effects of other
or factors (V1 to V12 i.e., independent variables) in components be held constant, a single unit increase in v2
contributing to the variance in the factors affecting would result in a 0.410 increase in factors affecting
policyholder`s satisfaction towards life insurance policies policyholder`s satisfaction towards life insurance policies
in Bangladesh. in Bangladesh. Similarly, being other components held
constant a single unit increase in v3 to v12 would lead to a
The application of the beta-values in the multiple
.346, .476, .525, .554, .476, .562, .576, .226, .218 and .260
regression model equation (YCCT = β0 + β1v1 + β2v2 +
increase respectively in the factors affecting policyholder`s
β3v3 + β4v4 + β4v5 + β4v6 + β4v7 + β4v8 + β4v9 +
satisfaction towards life insurance policies in Bangladesh.
Table-5 Coefficients

Standardized
Unstandardized Coefficients Coefficients

Model B Std. Error Beta T Sig.

1 (Constant) .299 .198 .819 .415

Service quality (V1) .837 .085 .540 8.433 .006

Product feature (V2) .502 .102 .410 2.008 .016

Pricing factor (V3) .437 .147 .346 2.982 .004

Flexibility (V4) .464 .138 .476 3.374 .001

Trust (V5) .738 .140 .525 2.270 .028

Agent (V6) .780 .153 .554 3.521 .003

Communication (V7) .634 .157 .476 4.030 .000

Technology (V8) .715 .169 .562 4.234 .000

Low Premium (V9) .888 .157 .576 10.562 .026

Brand value (V10) .445 .231 .226 2.926 .047

Economic growth (V11) .344 .181 .218 2.904 .030

Maturity benefit (V12) .362 .129 .260 2.477 .034

a. Dependent Variable: DV

Since there are more than one predictors (independent v1: (t=8.433), v8: (t=4.234), v7: (t=4.030), v6: (t=3.521),
variables), the magnitude of the t-value in conjunction v4: (t=3.374), v3: (t=2.982), v10: (t=2.926), v11:
with the significance has been considered to assess the (t=2.904), v12: (t=2.477), v5: (t=2.270), and v2:
overall contribution to the model. Based on the decision (t=2.008), are all significant predictors or independent
rule “the greater the t-value, the greater the contribution of variables of the factors affecting policyholder`s
the predictor”, it is seen that v9: (t=10.562) followed by satisfaction towards life insurance policies in Bangladesh.

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Sangita Basak International Journal of Advanced Engineering, Management and Science, 7(4)-2021

In this regard, from the t-values it can be also concluded more and more customers and to sustain in the competitive
that v9 has a greater impact on the outcome than v1, v8, market.
v7, v6, v4, v3, v10, v11, v12, v5, and v2.
In summary, it can be stated that all underlying dimensions VIII. CONCLUSION
are positive and therefore are significant. Thus, the result
This is the law of nature that human have to be compelled
of multiple regression analysis rejects all of the null
to live and play with hazards and to some extent insurance
hypothesis (H01-H05) and proves or accepts the
will free from those frustrations. Insurance firms play a
alternative hypothesis (Ha1-Ha5). So, there is a
very important role within the welfare of. human well-
relationship as expected.
being by providing protection to uncountable folks against
So, the regression model achieved a satisfactory level of life risks like unsure death or accident Customers have
goodness-of-fit in predicting the variance of policyholder`s specific opinions on their purchase or consumption
satisfaction in relation to the 12 predictors or independent expertise from a product or service. A growing life
variables, as measured by the above-mentioned R, R2, insurance industry that complements a country’s
Adjusted R2, F ratio, beta and t values. In other words, at sustainable economic development strategy creates the
least one of the 12 predictors or independent variables of financial support to manage the risk of dying early or
the model is important in affecting the policyholder`s living too long (Blake, Cairns, Coughlan, Dowd, &
satisfaction towards life insurance policies in Bangladesh. MacMinn, 2013; Smith, 2014 ). Life insurance
practitioners need to identify strategies to enhance the life
VII. FINDINGS AND RECOMMENDATIONS insurance pool and support the sustainability of the
business (Kramaric & Galetic, 2013). These strategies
The findings of the study reviles that some independent
might aid insurance practitioners to develop appropriate
variables have greater impact on policyholder’s
insurance products and services accessible to the uninsured
satisfaction compared to other variables. When prospective
population in Bangladesh.
policyholders decide to choose a particular policy from a
particular insurance company, they appreciate low
premium, services quality of the company, insurance ACKNOWLEDGMENTS
agents, trust on the company and use of technology in I thank the previous authors for their contributions in this
service delivery system. There are some other factors like field of study. I also thank all those women who have
communication between company and client before and spent their valuable time in the questionnaire survey
after the policy purchase, product features, flexibility in informal interview sessions. There is no conflict of interest
payment and documentation system, brand value of the in the publication of this manuscript.
company in the market, product pricing, and maturity
benefit received after the policy maturity and economic
growth form the policy. From the demographic analysis it REFERENCES
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