A Study On Customer Satisfaction Towards Reliance Life Insurance, Patna
A Study On Customer Satisfaction Towards Reliance Life Insurance, Patna
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The accurate account of the history of life insurance is very difficult to give but various
available references regarding this, show the presence of some type of protection nearly similar
to present life insurance system since ages. In England the concept of insurance emerged in 16th
century. Richard mortin issued the first policy on William gybbon’s life in the year 1536. The W.
Gybbon’s policy gave great publicity for life insurance. Later two companies by the names
‘Hand in Hand Society’ and ‘The Mercer’s company’ came into existence in the 1696 and 1698
respectively. Then in 1721, parliament passed an act which allowed the promotion of companies
with the object of life insurance business. So many big companies came up in Britain after that
act[6-12].
In Europe, there was a slow speed of development in this sector. In France, life insurance was
prohibited till 19th century. In Germany, The first company in life insurance business came up in
1806 but later closed down its operations due to internal wars.
In India, the historical beginning of insurance is not exactly known. But the modern concept of
insurance came into being with the advent of East India Company in 18th century. So many
insurance companies from Britain started coming ti India to insure the English residents. They
used to charge very high rate of premium due to high mortality rate in India. But in 19 th century,
when Indians were recruited to jobs in various offices, then they started seeking protection with
insurance companies[13-17].
The first foreign company which started the business of insurance in India was ‘oriental
company’ in the year 1818. It liquidated very early and again promoted as the ‘New Oriental’. In
1823, a company named ‘Bombay Life’ started giving insurance policies for two-three year
terms. Then ‘Madras Equitable Company’ came into existence in 1829. These companies failed
due to improper and wrong policies in regard to valuation, management and depreciation norms
etc. After that so many developments took place. Many European Companies tried to establish
business in India but failed to survive due to unethical business practices. The British parliament
passed an insurance act in 1870 and then a few organized efforts were made in the life insurance
sector in India.
The First World War gave a boost to Indian business of life insurance. So many companies were
formed to do the business of insurance. The period between First and Second World War was
very bad and depressing for the economy. The industrialists started their own insurance
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companies. One comprehensive legislation was passé on insurance by Government for the first
time in 1928. During the Second World War so many new insurance companies came up. But
they resorted to heavy speculation and great financial irregularities were seen in them.
Industrialists started banks and insurance companies and interlocked the investment. The
government passed the act in 1950 to stop interlocking[18-22].
The government took many constructive steps to regulate the business of life insurance and
ultimately nationalized the business of life insurance in 1956 and set up life insurance
corporation (LIC) of India. But now in present, Government has permitted the private sector to
enter in this field. A number of private firms entered with life insurance business in India.
Statement of the Problem:
Over the years customer satisfaction and buying behavior has become the key word of the
business success, now the customer is given with a large number of choices to choose from. This
is the result of increasing competition in the insurance industry. The customer has become the
king in the market scenario. All the business strategies are essentially focusing on the customer.
He is the pivotal point around which are the decision making process in business industry
revolve[23-29]. Accordingly the customer satisfaction has become one of the major goals of the
industry. The study has been undertaken to identify the satisfaction level of the customers and
factors influencing their purchase decisions of the insurance policy later the customers may be
converted to loyal customers through customer retention strategies.
Objectives of the study:
To study the satisfaction levels of customers.
To identify the buying behavior of the customers.
To analyze the preference of the customers among the various products in RELIANCE
LIFE INSURANCE.
To find the reasons for dissatisfaction levels of customers.
To study the customers opinions regarding the performance of the company.
To analyze the growth of the business, present, status and future plans of the customer
with reference to insurance policies in RLIC.
Scope of the study:
The scope of the study mainly deals with the analysis of customers of RELIANCE
LIFE ISURANCE.
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Information regarding all their business activities was obtained from the
administrative office with the help of several published records (secondary resources)
and also through actual personal contacts with concerned authorities.
The questionnaire was framed in simple English in order to make it easily understandable
and the number of questions was limited keep it short, concise and simple
The questions were arranged in a logical order to make it as convenient as possible to the
respondents
The questionnaire comprises of a total of questions which starts with questions which are
important for the study
And gradually moves on to the general questions like personal details, occupation,
contact details
Some questions are open ended while other questions are close ended with multiple
options for the respondent’s convenience
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Most efficient plan for gathering the needed information is to be developed contains the
following: Data Source.
Research Approaches.
a) Data Source
- Primary data.
- Secondary data.
1. Primary Data:
This is first hand information collected from original sources through various methods
such as observation; interviewing etc. primary data is collected by interviewing certain
executives who were chosen on the basis of their in depth knowledge and work experience in the
company[35-39]. The interview was informal in nature in order to gain as much information as
possible. A suitable interview schedule was prepared to collect the primary data, which is
enclosed in the annexure.
2. Secondary Data:
Secondary data is the collected from sources, which contain data, have been collected and
compiled for another purpose. It may be defined as data collected for an earlier purpose other
than currently pursued. The secondary sources in the study consists
- Records and reports.
- Related websites.
II. Collecting Information:
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International Journal of Pure and Applied Mathematics Special Issue
Structured Questionnaire
ii. The secondary data is collected with the help of RELIANCE life insurance
company,PATNA.
Directory, Company Website, Internet etc.
Both primary and secondary data collection have been taken for this research study.
III. Analyze information:
The data collected is tabulated with utmost care and caution by employing simple
statistical tools like mean, weighted average, percentages etc to infer the salient findings of the
study. In order to strengthen the findings pictorial representation techniques like bar charts, pie
charts are utilized[40-43].
Sampling:
Sample method reduces cost. Since fewer items of the population are selected for the
study it reduces cost. It saves time. In this method since only fewer items are selected the time
for collection of data is saved. Highly trained personnel or specialized equipments may be used
to obtain the data. It gives the accurate results since efficient people can be employed in the
study. It provides for detailed enquiry. The organization and administration of samples surveys
are easy.
The sampling unit is the geographical one such as state, district, village etc or a
construction unit such as house, flat, etc., or it is the social unit such as family, club, school etc.,
or it may be an individual or a thing[44-45].
The sampling design of the study is based on Simple random sampling.
Sampling size:
This refers to the numbers of items selected from the universe to constitute a sample. In
other words, the number of respondents from which data is collected. The sample size of this
study is 50 to know the consumer satisfaction.
Statistical Tools Used For The Study:
The data has been mainly analyzed by using the following methods and tests.
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International Journal of Pure and Applied Mathematics Special Issue
1. Percentage method,
2. Cross Tabulation and
3. Chi – Square Test.
- supplemented by appropriate charts are used to interpret the analysis.
Percentage Analysis:
Percentage refers to a special kind of ratio in making comparison between two or more data and
to describe relationships. Percentage can also be used to compare the relation terms the
distribution of two or more sources of data.
Number of Respondents
Percentage of Respondents = --------------------------------- X 100
Total Respondents
Chi-Square Analysis:
Chi-square is a statistical test commonly used to compare observed data with data we would
expect to obtain according to a specific hypothesis.
Chi-square is used most frequently to test the statistical significance of results reported in
bivariate tables and interpreting bivariate tables is integral to interpreting the results of a chi-
square test[8-12].
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To find E:
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It is evident from the study that maximum (84%) of the respondents are satisfied with the
Reliance Life Insurance Policies.
SUGGESTIONS
The most of respondent are coming to know about the Reliance life insurance through
Agent / Employee, so the companies have to encourage Agent / Employee to speck positively.
The most of the respondents are not satisfied with the executive performance; some
times executives failed to explain about the policies features because they look to sale high
commissions polices; so that customers are suffered to know about policies term &
conditions; hence the industries take a adequate steps to show the policies features before
getting investment from the customers[39-42].
The maximum respondents are feeling good on reliance hence the industry may
advertise more & turn them to a customer.
Only half of respondents are fully aware on policies features hence the company may
properly educate the customers as their investments plans & campaign frequently to
disseminate information of their products.
The most of the respondent’s expectation was not fulfilling; customer expectation
fulfillment leads to successful for any industries hence they have to focus on analyzing
customer expectation & frame effective strategy to satisfy them.
A large no of private employees choose insurance for saving tax. The company could
benefit by coming up with appropriate measures to influence those people.
The company may little more concentrate on taking response for customer complaints
& make them to fully satisfy.
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More strategies and plan are needed to be the leader in the market.
CONCLUSION
The future of any business is tense. The future cannot be predicted all you can do is think
systematically about it. There are professional who look ahead to the longer term and who
believe that this skill can be achieved. By looking ahead, confronting he future and watching the
trends unfold, the world becomes less random, patterns, emerge and new threats are foreseen and
avoided and new opportunities are identified and exploited.
This study was done to analyze the customer satisfaction on Reliance Life Insurance. Primary
and secondary data collected were analyzed in the light of objective set for the study from the
survey reports; it was found that the most of the respondent are likely to invest in reliance life
insurance and also there is a grate opportunity to have a large numbers of customers because of
the brand name was excellent in market.
This study would benefit to Reliance Life Insurance in understanding the various facts of
consumer’s behavioral pattern and changes. Thus benefiting them to understand the wants and
needs of the customer and cater their product in a more customized manner. The evaluation of
the competitor strategies and performance would assess the company in devising strategies for
product promotion.
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