Customer Satisfaction on Insurence Company

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					                                 ASA
                             University
                      BANGLADESH


           Assignment On
     Evaluation of Customer Satisfaction on
        Homeland Life Insurance Co. Ltd.


                 Submitted to:
       Mohd. Takdir Hossan
             Course Instructor, ASAUB
                 Submitted By:

      Name                              ID
  Md Jabed Ali                     091-12-0096
Mst. Kaniz Farzana                 101-12-0079

           Submission Date: 26/04/2012
     Evaluation of Customer Satisfaction

Notes for Caution
To
All the readers


Dear readers
Here is an important notice for you that this paper is only for reading. Any copying or taking any
information from this paper directly without prior permission is strictly prohibited.
Please help the authority for proper and effective usage of this research paper. The copyright of
this paper is “copyright”© ASAUB-Spring 2012.


Thank you for your great co-operation.


Yours truly,


MD Jabed Ali– 091-12-0096
Mst. Kaniz Farzana– 101-12-0079




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    Evaluation of Customer Satisfaction

Letter of Transmittal

26 April 2012
Mohd. Takdir Hossan
Course Instructor
ASA University Bangladesh
Subject: Request to accept our Term Paper.


Dear Sir,
It is our utmost pleasure to submit you our Term Paper for the course FIN311 on your given
topic. We think this is the part of our BBA program. We have truly enjoyed our attachment in
preparing this report. There might be some errors through oversight in the assignment. We
sincerely neglect for such unintentional errors. We would be grateful if you kindly consider our
unintentional mistake. We acknowledge with thanks the whole hearted support & kind guidance
received from you. So we hope you would be kind enough to accept Term Paper & oblige
thereby.
Sincerely yours,


MD Jabed Ali– 091-12-0096
Mst. Kaniz Farzana– 101-12-0079




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Acknowledgement




Support from various persons is required for the successful finalization of any course. We have
been fortunate to obtain the guidance and supervision of our teacher, our fellow classmates, and
others. First of all we would like to convey our salutation to almighty Allah for enabling us to
complete the report with sound health, and then Bachelor of Business Administration (BBA) for
having such a wonderful and unique course, through which we get the chance to learn about the
Insurance Company. We would like to pay our solemn homage to our course instructor Mohd.
Takdir Hossan for his guidance and special supervision during our work and giving us the
opportunity to know about Customer Satisfaction on Insurance Company.


At the end, we would like to appreciate the caring of our fellow friends and family.




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Table of Contents


                               Contents              Page

    Introducing Islami Life Insurance                06

    Foundation                                       07

    Insurance Policy                                 08

    Company Profile                                  09

    Vision                                           10


    Mission                                          11

    Customer Satisfaction                            12

    Objective of The Studies                         13

    Methodology                                      14

    Customer Satisfaction Questionnaire              15

    Conclusion                                       16

    Reference                                        17




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    Evaluation of Customer Satisfaction

Introducing Islami Life Insurance

Homeland Life Insurance Company Limited is first time introduce Islami Life Insurance on
basis of Quran & Sunnah in Bangladesh.


Homeland Life Insurance Company's primary method of distribution around the country is the
agency network. HOLICO's agency offices, servicing centers and affiliates market a board range
of life insurance product through a network of some agents & development officers countrywide.
We emphasize professional Homeland Life Insurance Company's policy of developing local
talent to resource its operations has greatly contributed to its success in understanding, meeting
and responding quickly to changing customer needs and market conditions. We are primarily
staffed with local personnel who are constantly studying the needs of individuals and developing
innovative products to the specific requirements of each district of Bangladesh. This long-
standing approach is the foundation of our leadership, because we understand local market needs
and conditions. Local awareness typifies HOLICO's previous history and continues to this day.
skill development through continuous education and field training.




Foundation

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Homeland life Insurance Company limited (HOLICO) was formed in 1996. Today
Homeland Life, with its Head Office in Dhaka operates in whole over Bangladesh. Homeland
Life Insurance Company Limited offers a way to replace the loss of income that occurs when
someone dies (usually the person who produces the majority of income in a family situation). It
is a contract between you as insured person and HOLICO that is providing the insurance if you
die while the contract is in force, the Homeland Life Insurance Company Limited pay a specified
sum of money free of income tax “Cash benefits” to the person or persons you name as
beneficiaries or nominees. Our Life Insurance Plans do more those just replace the loss of
income that occurs if you die. It should also provide money to cover the new costs that arise after
your death funeral expenses, taxes, probate costs, the need for housekeepers, child care, and so
on. And those cash benefits should provide for your families future needs as well, including
education for your children and part of all of your spouse's retirement needs. In almost all cases,
your beneficiary can use the cash benefits in the way he or she sees fit, without restriction.




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Insurance Policy


Homeland Life Insurance Company's policy of developing local talent to resource its
operations has greatly contributed to its success in understanding, meeting and responding
quickly to changing customer needs and market conditions. We are primarily staffed with local
personnel who are constantly studying the needs of individuals and developing innovative
products to the specific requirements of each district of Bangladesh. This long-standing approach
is the foundation of our leadership, because we understand local market needs and conditions.
Local awareness typifies HOLICO's previous history and continues to this day.




Company Profile


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Address                                            : Head Office: Ellal Chember(2nd Floor)
                                                       11 Motijheel C/A, Dhaka-1000.
                                                       Phone: PABX- 7168783-5
                                                       Fax- 00880-02-9559223
                                                       P.O.BOX No.- 7388, Dilkusha
                                                       Cable- Life Insurance.
                                                       E-mail: info@homelandlife.com
                                                       Web site: www.homelandlife.com
Company Registration Date                          : May, 23, 1996
Data of Registration by the Controller of          : September 15, 1996
Insurance
Registered Office                                  : Ellal Chember (2nd Floor)
                                                       11, Motijheel, C/A,
                                                       Dhaka-1000, Bangladesh.
Approved Capital                                   : Ten Crore Taka.
Paid up Capital                                    : Three Core Taka
Life fund                                          : Taka 153.22 Crore
Number of Director                                 : 22 (Twenty Two)
Auditor                                            : A Haque & Co.
                                                       Chartered Accountants
Actuary                                            : Mr. Afser Uddin Ahmed
                                                       8 Duntroom Avenue.
                                                       N S W- 2121, Australia.




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Vision


To be the life insurance company of choice among Life Insurance Companies and their
members for quality life insurance solutions that help to ensure financial security and
peace of mind.




                                      Page 10 of 17
        Evaluation of Customer Satisfaction

Mission




To be a strategic long-term partner with Homeland Life Insurance Company, providing quality
products, legendary service and uncompromising marketing programs and distribution support
that:


           Meet the needs of Homeland Life Insurance Company Members,
           Strengthen the brand and enhance the value of Homeland Life Insurance Company
         Membership
           Provide a competitive return to our owners and contribute meaningful revenue to
         Homeland Life
           Create a positive environment for motivated associates to grow and contribute to the
         success of Homeland Life Insurance Company.




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    Evaluation of Customer Satisfaction

Customer Satisfaction



Customer satisfaction is at the heart of marketing. The literature on customer satisfaction
and repurchase intentions demonstrates the role of service quality and perceived value as
critical in influencing satisfaction and choice. Customer satisfaction measurements help to
promote an increased focus on customer outcomes and stimulate improvements in the work
practices and processes used within the company (Bhave, 2002). Satisfaction has been
described as a consumer‟s post purchase evaluation of a product or service, given pre-
purchase expectations (Kotler, 1991).
Customer satisfaction is a judgment that a product or service has provided or is providing a
pleasurable level of consumption-related fulfilment (Oliver, 1997). An extensive literature
has explored the role of satisfaction in determining post-purchase attitude and intentions
and has demonstrated that satisfied customers engage in repurchase behaviour (e.g.,
Anderson and Sullivan, 1993; Fornell et al., 1996). The relevance of customer satisfaction in
winning loyal customers has been empirically verified by a number of studies which found
that satisfaction is a leading factor in determining loyalty (e.g. Garbarino & Johnson, 1999;
Anderson & Fornell, 1994).
Parasuraman et al. (1988) define service quality as the outcome of effective service delivery
which occurs when customers receive service that is superior to their expectations.
Satisfaction is an attitude or evaluation, which is formed by the consumer comparing their
pre-purchase expectation of what they would receive from the product to their subjective
perceptions of the performance they actually receive (Oliver, 1980).




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Objectives of the study

Within this paper, the general objective of the research is to assess the Customer
Satisfaction regarding the Insurance Company in Bangladesh.


In order to study the above mentioned issue the specific objectives basically consisted in:


    To gain an understanding the current usage pattern of Insurance Company in
       Bangladesh.
    To explore the preferable mode of payment of the consumers for a Insurance
       Company System in Bangladesh.
    To analyze the preferable price of Insurance Company in Bangladesh.
    To assess the gap between the expectations and perceptions of consumers of the
       Insurance Company.
    To analyze the overall contribution of the Insurance Company on household and
       retailers Insurance.
    To suggest some recommendations for the improvement of the Solar Insurance
       Company service in Bangladesh.




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Methodology


Efforts were made to find out Customer Satisfaction of the Insurance Company in
Bangladesh. This study used questionnaire based survey to collect necessary data. The
samples were selected by adopting the convenience sampling procedure. Both the
open-ended and close-ended questions were included in the questionnaire.
Questionnaire was carefully developed and tested before it was finalized. Efforts were
made to find out customer satisfaction of the Insurance Company in Bangladesh.
Here SERVQUAL Model is used to assess the gap between the expectations and
perceptions of the customers of insurance company in Bangladesh. 15 variables were
selected for this evaluation on the basis on focus group discussion with the users of
Insurance Company. Data were collected on the basis of four-point Liker scale, ranging
from 1= Excellent to 4=Poor




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Customer Satisfaction Questionnaire


       Customer                                             Contact
       Reference                                             Date


We would be grateful if you could spare a few minutes to complete this Customer Satisfaction
Questionnaire to
Help us ensure that our standard of customer care exceeds expectations wherever possible.
Please tick the appropriate box to indicate your degree of satisfaction.
Where: 1 = Excellent, 2 = Good, 3 = Satisfactory, 4 = Poor


                                    Topic                                    1     2    3      4

   1. How do you rate Our Company responsiveness in dealing with you?

   2. How do you rate our professionalism in dealing with you?
   3. If you received any technical support, how do you rate the technical
      competence of our engineers and their response time?
   4. How do you rate our products and services and did they meet your
      needs and expectations regarding quality and performance?
   5. How do you rate our delivery on time performance and our
      commitment to meet your delivery expectations?
   6. How do you rate the competitiveness of our products and do they
      represent best value for total cost of lifetime ownership?
   7. How do you rate our approach to quality management to ensure
      complete customer satisfaction?
   8. How do you rate our communication System of the company?
   9. How do you rate our paid out claim when it is in the term?
   10. How do you rate Customer Satisfaction with the final Services?
   11. How do you rate the fairness and trust of the company?
   12. How do you rate our responsiveness?
   13. How likely are you to recommend our Company to a friend or relative
   14. How do you rate our Company in regards to Premium?
   15. How do you rate our Company in regards to value?




                                            Page 15 of 17
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Conclusion


Homeland Life Insurance Company Limited is becoming more popular, day by day in
Bangladesh particularly for remote, inaccessible areas. But the intensified competition
challenges make the customers satisfaction an essential prerequisite for the achieving a
sustainable competitive advantage and, hence, the Insurance company’s overall
success. As in today’s competitive environment service marketers put great effort on
developing customer satisfaction in order to maintain competitive edge research can be
undertaken for outlining of what needs to be done to improve the service of Insurance
Company in Bangladesh. For that purpose the researcher tried to judge its customer
satisfaction with this research. From the research it may be concluded that Insurance
Company has profound and far-reaching economic, socio-cultural and demographic
impacts on life and living of the rural people in Bangladesh. It has significant and
sustained impact on household and commercial activities. And by watching TV people
are now keeping informed about the latest state of sports, culture and political
developments. Most of the respondents are found satisfied with the Insurance Company
in Bangladesh. The findings of this study may be generalized after taking into
consideration certain limitations. This study considers only the users of Insurance
Company in some areas of the Dhaka Division. To the best of the knowledge this study
is the first of its kind based on the customer’s perspective. When such studies confirm,
support, and strengthen the findings of this research and offer additional strategic
guidance, the service of the Insurance Company in our country could be significantly
improved.




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Reference



     Homland Insurance Company Website (http://www.homelandlife.com)
     Scribd
     Bhave, 2002
     Garbarino & Johnson, 1999; Anderson & Fornell, 1994




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