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Date:……………………….. Smt. V. Sumalatha Ph.D. Scholar Department of Commerce & Business Management, Kakatiya University Warangal Dear Policy Holder,  You are welcome to participate in a Research Study on “Customer Relation ship Management in Life Ins ur anc e Sector – A Comparati ve Stu dy of LICI & ICICI Prudential Life Insurance Compa ny” by Smt.V .Su malat ha, Res ear ch Schol ar of Depar tme nt of Commerce & Busin ess Managemen t, Kakatiy a Uni ver sit y, War angal under the guidance of Dr.S.Upendra Sastry, Reader in Commerce and Head & Director of Department of Commerce & MBA Programme, CKM Arts & Science College, Warangal . The purpose of this study is to examine the customers’ expectations and perceptions while purchasing the policy and getting the services of the insurance company. We will be grat eful if you could spare some of your valuable time to answer the questionnaire. Your opinions a re very important. The information and knowledge gained from this study will contribute to the development of a suggestive frame for gett ing good ser vice. The survey is designed to take a few minutes. It is ve ry impor tant that your a nswers required on all issue on the questionnaire . Ther e are no correc t answer s or wrong answers . If you have any quar ri es/ clarification , please fee l free to contact and send you r opi nions on thi s que sti onnair e to Smt .V. Sumala tha, through e-mail: naveenk_1978@ya hoo.co.in. Thanking you,,  Yours sincerely, [V.Sumalatha] 1

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Date:………………………..

Smt. V. Sumalatha

Ph.D. Scholar 

Department of Commerce & Business Management,

Kakatiya University

Warangal

Dear Policy Holder,

 You are welcome to participate in a Research Study on “Customer

Relationship Management in Life Insurance Sector – A Comparative

Study of LICI & ICICI Prudential Life Insurance Company” bySmt.V.Sumalatha, Research Scholar of Department of Commerce &

Business Management, Kakatiya University, Warangal under the

guidance of Dr.S.Upendra Sastry, Reader in Commerce and Head & Director

of Department of Commerce & MBA Programme, CKM Arts & Science College,

Warangal. The purpose of this study is to examine the customers’ expectations

and perceptions while purchasing the policy and getting the services of the

insurance company. We will be grateful if you could spare some of your

valuable time to answer the questionnaire. Your opinions are very important.

The information and knowledge gained from this study will contribute to the

development of a suggestive frame for getting good service. The survey is

designed to take a few minutes. It is very important that your answers

required on all issue on the questionnaire. There are no correct answers or

wrong answers. If you have any quarries/clarification , please feel free to

contact and send your opinions on this questionnaire to Smt.V.Sumalatha,

through e-mail: [email protected].

Thanking you,,

 Yours sincerely,

[V.Sumalatha]

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CUSTOMER RELATIONSHIP MANAGEMENT IN LIFE INSURANCE SECTOR – A COMPARATIVE STUDY

OF LICI & ICICI PRUDENTIAL LIFE INSURANCE COMPANAIESV. Sumalatha

Ph.D. Scholar Dr. S. Upendra Sastry, Research Supervisor

Reader in Commerce & Director, MBA Programme, CKM Arts & Science College,Warangal

(I) PERSONAL PROFILE

1 Name & Address : Mr/Ms……………………………………………………………………………………………………………………………………………………….

2 Contact No. : Mobile No. …………………………………………………………Landline No. ……………………………………………………..

3 Gender : Male / Female

4 Age (in years) : Below 30 : 31-40 : 41-50 :

51-60 : Above 60:

5 Qualifications : Professional: PG: Graduation:

Intermediate: S.S.C.

School upto 5th – 9th standard Illiterate

6 Profession : Doctor : Engineer: Lawyer:

Academician: Consultant: Businessman:

Agriculturist: Self Employed

Any other:

7. What is your monthly income?

(a) < Rs.5000 (b) Rs.5000-10000

(c) Rs.10000-15000 (d) Rs.15000-25000

(e) Rs.25000-50000 (f) Rs.50000-100000

8. Do you have insurance policy? Yes No

9. Kindly state since how long you own the Life Insurance Policies (in years)

(a) < 1 (b) 1-2 (c) 2-5 (d) 5-10

(e) 10-20 (f) > 20

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10. State the Number of Policies owned by you? ………..

11.If you have Policies taken from more than one company, please state thecompanies to which they belong?

1 LIC 7 Reliance 12 Mahindra 2 HDFC 8 SBI 13 Sri Ram 3 ICICI 9 ING Vysya 14 Newyark 4 Birla Sun Life 10 AIVIVA 15 Metlife 5 TATA AIG 11 BHARATI 16 SAHARA 6 Bajaj

12. What is the mode of premium payment?

LICI ICICIMonthly Quarterly Half yearly Yearly

More than one mode

13. State the purpose with which you have taken Insurance Policy (Give ranks).

a) Considering it as a reliable and trust worthy investment avenue LICI ICICIb) Considering it as a Tax saving device c) Considering it as a Protection for future d) Premium paid is too low as compared to the benefits enjoyed e) Provision for payment of premiums through easy installment

facility

f) Provision for loan availment g) Facility for enjoying the benefit of risk coverage even after the

last premium payment is over

h) Any other

14.How did you know about the Policies taken by you? (Give Ranking)

LICI ICICIa. Through my friends b. Through News paper Ads.

c. Through Ads on electronic media d. Through Staff specially engaged for undertaking Customer

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Campaignse. Satisfaction derived from the services rendered on Policies

already held by me

f. Display of Boards erected in Prominent localities g. I have approached the insurance company h. Insurance company agent has approached me

i. Through bank where I maintain an account j. Through visits paid to fairs and exhibitions participated by

Insurance organizations.

k. Adds through Wall paintings l. Through visits paid to the Websites of the Insurance Companies. m. Any other (please specify) ____________________________

15.What factors have motivated you to take Insurance Policy (Give Ranking)

LICI ICICIa. Image of the Company b. Locational Convenience c. Flexible Working hours d. Many branch locations e. Maintenance of Excellent Service Quality f. Proximity and operational Convenience g. Wide range of products/services offered

h. Competitiveness exhibited in the services offered i. Availability of competent staff having positive attitude, curtesyand promptness

j. Efficient and hastle free Complaint Handling System k. High rate of return on Insurance Products as compared to other

Savings i.e Fixed Deposits in banks, National Savings Certificatesetc.

l. Provision for a variety of value added services viz. Loan facility,Credit Card Services, VAN, MAN Networks, Collection of Premiumetc.

m. Adequate surrender value in case the Policy is discontinuedbefore maturity for unforeseen reasons. n. Provision for Premium payment through Bank ATMs o. Simple and less cumbersome procedure for purchasing a policy p. Financial stability of the Insurance company q. Have a confidence that I can enjoy value for money. r. Provision for Convertibility of products s. Provision or flexible payment schedule t. Availability of the support from the well trained agents

u. Availability of the Support from the enlightened staff  v. Availability of mechanism for expeditious settlement of claims.

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w. Any other (please specify) ____________________________

16. Do you know that the following Customer Services are available.

(Put mark in the relevant box)

I Policy Related Services LICI ICICI

1. Issue of Duplicate Policy Yes No Yes No

2. Permitting Policy alterations viz., Term of thePolicy, Sum assured, Mode of payment of premiums, name, Settlement options,Nominee, Change of address, etc.

Yes No Yes No

3. Revival of Policy Yes No Yes No

4. Maintenance of Records Yes No Yes No

5. Issue of Premium Payment Reminder Yes No Yes No

6. Provision of Grace period for delayedpayments.

Yes No Yes No

7. Provision of loan facility by Way of acceptingthe mortgage of the Policy bonds.

Yes No Yes No

8. Facility of showing the Insurance policy as aCollateral Security.

Yes No Yes No

9. Availability of alternative channels of distribution

Yes No Yes No

10.Provision for Convertibility of products Yes No Yes No

II Settlement Related Services

1. Surrender of a Policy Yes No Yes No

2. Insurance Policy becoming paid-up assurancein the event of default after payment of premium for 3 years.

Yes No Yes No

3. Awareness on the guidelines of IRDA inrespect of claims settlement Yes No Yes No

4. Availability of Grievance Redresselmechanism

Yes No Yes No

5. Availability of Services of Ombudsman Yes No Yes No

6. Availability of the Services from the CRMDepartment

Yes No Yes No

III IT - Enabled Services

1. Furnishing information about the Policy status Yes No Yes No

2. Acceptance of payment of Premium throughECS, ATMs, Credit Cards, etc.

Yes No Yes No

3. Furnishing Product Information Yes No Yes No4. Availability of Information Centers Yes No Yes No

5. Availability of E-Service channels Yes No Yes No

6. Furnishing Statement of Premiums paid duringthe financial year for filling IT returns.

Yes No Yes No

17. Kindly State your expectations on the service quality to be providedby the Insurance Organization.

5- Almost Always True. 4- Mostly True. 3-Sometimes True. 2-Rarely True . 1- Not at all Time

5 4 3 2 1

I TANGIBILITY

1 Insurance Organization will have many branch locations

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2 Insurance Organization will have convenient working hours

3 Insurance Organization will have visually appealing offices,equipment, drinking water facilities, sanitary facilities, parkingplace, etc.

 

4 Insurance Organization will have visually appealing pamphlets,Advertisement boards, sign boards, posters, etc., explainingthe product features suiting the changing needs of the

customers.

 

5 Staff recruited will make only deliverable promises.

6 Employees have the knowledge of not only its own products andservices, but also competitor’s products and services.

 

7 Employees will have latest technical knowledge.II RELIABILITY

1 Insurance Organization will provide accurate information on thevariety of products and services and guide the customers aboutthe right choice of products and services.

 

2 Insurance Organization provides the service right the first time3 Employees have the ability to provide service at the promised

time. 

4 Employees will be willing to help the customers in times of need

5 Insurance Organization will maintain the confidentiality of theinformation about the customers.

III RESPONSIVENESS

1 Employees will have the ability in achieving customerempowerment through educating them about the variety of products launched by it.

 

2 Employees will be highly knowledgeable with competence toexplain the Investment and Tax benefits available to them, if the Insurance policy is bought.

3 Employees will be ready to explain the customers about thetechnological advancements taking place in the field of marketing of Insurance services ensuring variety of benefitsviz., speed, accuracy, timeliness of these services.

4 Employees will welcome the complaints from the customers.

5 Employees will treat complaints from the customers as anopportunity to learn and improve upon, not a threat.

6 Employees will be highly approachable.

7 By way of accepting the premium payments through ECS,employees working with the Insurance Organization will saveour time.

8 Employees with their polite behavior and being consistentlycourteous to the customer’s problem will enable theestablishment of enduring Customer Relationship

IV ASSURANCE

1 Employees will instill confidence in the Customer.

2 Employees will make customers feel secure and safe.

3 Employees will always feel that, every thing begins and endswith the customers.

 

4 Employees will always be ready to answer the customers ontechnology related querries

5 Insurance organization will feel that the customer centered

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policies alone will help in further prospering through improvingthe Service quality.

V EMPATHY

1 Employees will render prompt and fault-free customer services.

2 Employees will pay individual attention to the customerproblems.

3 Employees will always understand the specific needs of their

customers.

 

4 Employees by keeping customer interest as the important factorwill always exhibit customer oriented behavior

5 Employees by recognizing the importance of the fact that, thesatisfied customer act as a Brand Ambassador will enable usnot only in making repeat transactions, but also inrecommending to our friends and relatives that, it is the safestplace for transacting with the Insurance business.

6 Employees will be able to think from the customer’s point of view.

 

18. Kindly give your opinions on the following:

(Put mark in the relevant box)5- Highly satisfied. 4- Satisfied. 3-Somewhat Satisfied. 2-Dissatisfied. 1- Highly Dissatisfied

LICI ICICI Pru. Life

5 4 3 2 1 5 4 3 2 1

1 Agent’s knowledge and competence in answeringquerries of the customers

2 Initiatives of the agent in periodically guiding thecustomers regarding the policy status, due date of 

premium payment, new products and serviceslaunched by the Insurance Organizations etc.

 

3 Agent’s ability in giving timely advice on theinvestment and tax benefits available to the policyholders

 

4 Availability of support from the agents in variousaspects viz. Documentation starting from the issueof policies till the settlement of claims

5 Availability of support from the agents in timelyrevival of policies, change of nominations,

addresses, mode of premium payments,preparation of loan quotations etc.

 

19. Kindly state your perception on the service quality provided to you by theInsurance organizations

I TANGIBILITY

1 Insurance Organization has convenient branch locations

2 Insurance Organization has convenient operating hours

3 Insurance Organization has visually appealing and well furnishedoffice layout with necessary facilities provided to the customers

viz., drinking water, sanitary and sitting facility etc.4 Insurance Organization has visually appealing sign boards,

pamphlets, posters explaining the product features drawing the

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attention of the customers to take a buying decision

5 Insurance Organization has competent staff, well equipped withthe needed skills attracting the customers to have enduringrelationship with it.

 

II RELIABILITY

1 Employees provide up-to-date information about the features of the products, besides explaining the customers about the

associated investment and tax benefits.

 

2 Employees are known for fulfilling the promises.

3 Employees are known for displaying the sincere interest inresolving the customer problem.

 

4 Insurance Organization introduces computerization in marketing of its services, so as to achieve maximum customer satisfaction.

 

5 Insurance Organization provides safety and security to my personalinformation

III RESPONSIVENESS

1 Employees always educating the customers about the variety of Insurance services, besides helping them to make a right choice of those services.

 

2 Employees are known for prompt and fault-free customer services.

3 Employees are highly approachable.

4 Employees are not too busy to attend customer problems

5 Employees with their polite and courteous behavior always havebeen inspiring me to make repeat transactions.

 

IV ASSURANCE

1 Employees are successful enough in raising my confidence.

2 I always feel secured and safe.

3 Employees are known for providing me a better After-AalesServices.

4 Opinions given by me through feedback were duly considered forbringing further improvements in Insurance products

5 I enjoy accessibility to the services of the employees by way of getting technology related querries answered by them.

 

V EMPATHY

1 Employees were always ready to pay individual attention to myproblems

2 Employees were always ready to understand my specific needs.

3 Employees always think that they are working for the customers,not the company

4 Employees treat the customers with due care, affection andattention.

 

20. Kindly state the time taken by the staff in rendering following services.

(Put mark in the relevant box) S- Satisfied NS-Not Satisfied

Sl.No.

Service Time Taken (in minutes)LICI

Time Taken (in minutes)ICICI

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  <   1   0

   1   0  -   2   0

  >   2   0

   N  o

  r  e  s  p  o  n  s  e

   S  a   t   i  s   f  a

  c   t   i  o  n

   L  e  v  e   l   (   S   /   N   S   )

  <   1   0

   1   0  -   2   0

  >   2   0

   N  o

  r  e  s  p  o  n  s  e

   S  a   t   i  s   f  a

  c   t   i  o  n

   L  e  v  e   l   (   S   /   N   S   )

1 Acceptance of Premiumpayments

2 Alterations in respect of term of the policy, Sum assured, Mode of payment, Nominee, etc.

3 Sanction of short-term loans by

accepting the mortgage of policybonds

4 Issue of Loan quotations

5 Documentation process at thetime of issue of policy

6 Claims settlements viz. onmaturity of the policy/ death of the policy holder

7 Furnishing information about thepolicy status

8 Arranging statement of premiumpaid during the financial year forfilling IT returns

9 Issue of Duplicate Policy Bond

10 Revival of Policy in the event of Lapsation

11 IT-Enabled services

12 Any other (Please specify)

21 LICI ICICI

a. Kindly state whether you have experienced any

difficulty in availing the services from the InsuranceProviders?

Yes No Yes No

b. If, yes, please state the difficulties encountered by you during the availment of following services from the Insurance providers.

1 Policy Related Services 2 Settlement Related Services

3 IT - Enabled Services 4 Other Services

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22 LICI ICICI

a Are you going to switch over to any other InsuranceCompany?

Yes No Yes No

b If yes, please state the reasons with which you want to switch over to other Insuranceorganizations (please give ranking in order of preference)

i. Convenient branch locationsii. Convenience in operating hours

iii. Availability of well trained staff equipped with needed skills tohandle customer complaints

iv. Affordability in premium rates

v. Flexibility in the schedule of premium payments

vi. Provision for a wide range of services

vii. Customer centric business strategies followed by the otherInsurance organizations

viii. Effective mechanism for after-sales services

ix. Provision for involvement of customers in the process of product design

x. Provision for effective computerization in the field of marketing of Insurance services aimed at ensuring speed,accuracy and timeliness in the delivery of services.

xi. Less cumbersome procedure involved in the documentationprocess beginning with the issue of Insurance policy till theend of claim settlement.

xii. Any other (Please specify)

c If no, state the reasons for not switching over to other InsuranceCompanies (please give ranking in order of preference)

RankLICI ICICI

i. Location Convenience enjoyed with the present InsuranceCompany

ii. Cost of switching is more than the associated benefits

iii. Emotional bondage developed with the present Organization.

iv. Established reputation enjoyed by Insurance Organizations

V. Availability of satisfactory Service Quality from the InternalCustomers.

vi. Have a faith in the present Insurance Organization that, it

would improve service at least in near futurevii. Product differentiation policy pursued by the present

Insurance organization

viii. No guarantee that, better service is available elsewhere,even after switch over.

ix. Present Insurance organization has a wide range of products.

x. Present Insurance organizations imposes reasonable penaltiesin case of delay in payment of premiums.

xi. Provisions for other services through Cross-Selling

xii. Any other (please specify)

23. What measures do you suggest for improving Service Quality(please give ranking in order of preference)

Rank

LICI ICICI

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a. Bringing attitudinal changes among the InternalCustomers(Employees).

b. Redefining organizational practices

c. Reinforcing a work culture fostering a spirit of customercenteredness

d. Involving the Internal Customers in product design.

e. Involving the External Customers in product design.

f. Empowerment of the Internal Customer by delegating adequateauthority coupled with responsibilities

g. Designing appropriate incentive system rewarding such employeeswho are successful in Customer Service

h. Showing respect for diverse ideas and opinions of externalcustomers

i. Giving and taking honest and constructive feed back from the

external customers.

26 LICI ICICI

Are you going to recommend to your friends andrelatives to take policies from these InsuranceCompanies.

Yes No Yes No

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Customer Satisfaction with Service Quality Dimensions

Responses

1 2 3 4 5

Much worse

than expected

Worse than

expected

Equal to

Expectation

Better than

expected

Much better than

expected

Please circle any one option among

(i) TANGIBILITY

TA1 Ability to give access to information , productive/service

catalogues

TA2 Provision of visually attractive offices, equipment and

materials

TA3 Ability to provide variety of entertainment facilities, etc.

TA4 Appearance and uniforms of employees

(ii) RELIABILITY

RL1 How timely is the delivery of insurance service by your insurance company?

RL2 How truthful (keeping to promises) is your insurance

company?

RL3 How dependable and consistent is your insurance company

in solving customers’ complaints?

RL4 How able is your insurance company to perform services

right the first time?

RL5 How able is your insurance company to insist on error-free

records.

(iii) RESPONSIVENESS

RS1 How is insurance company able to tell customers exactly

when services will be performed?

RS2 How able is your insurance company to give prompt

customer services and attended to customers needs/

 problems?

RS3 How are employees’ willing to help customers in

emergency situations?

RS4 How are the employees approachable and easy to contact?

RS5 How is the Employees’ ability to communicate clearly with

you?

(iv) EMPATHYEM1 Your insurance company favourable terms and conditions.

EM2 Your insurance company has operating hours convenient to

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all customers.

EM3 Your insurance company has sound loyalty programme to

recognize you as a frequent customer.

EM4 Your insurance company has customers’ best interest at

heart.

EM5 Your insurance company gives individual customer 

attention by employees

EM6 Your insurance company makes efforts to understandspecific customer needs.

EM7 Your insurance company apologizes for inconvenience

caused to customers.

(v) ASSURANCE

AS1 Ability to provide variety of value added services to

customers, e.g., loan facilities, etc.

AS 2 Sincerity and patience in resolving customer’s complaints/

 problems

AS 3 The behaviour of employees in instilling confidence in

customers.

AS 4 Employees’ use of required skills and knowledge to answer 

customers’ questions.

(vi) PRICE

PX1

PX2 How affordable are the prices for your insurance

company’s services in terms of charges for other services

customers receive

(vii) TECHNICAL QUALITY

TQ 1 Successful in completing insurance claims settlements

TQ 2 Employees have technological knowledge and skills in

solving customer problems.

TQ 3 Insurance company’s ability to provide insurance products/

 policies that meet customers’ requirement

TQ 4 Insurance company innovativeness – ability to use current

technology to improve services.

TQ 5 Providing adequate variety of insurance policies

(viii) IMAGE

IM1 How successful is your insurance company?

IM2 What is the reputation of your insurance company?

IM3 What is the brand image of your insurance company?

IM4 How socially responsible is your insurance company?

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