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Volume : III, Issue : I, February - 2013 “A STUDY OF CUSTOMER SATISFACTION ABOUT INDIVIDUAL AGENTS OF LIC OF INDIA WITH SPECIAL REFERENCE TO KOLHAPUR DISTRICT” BANNE ASHOK S. Published By : Laxmi Book Publication Abstract : Distribution Channels are considered to be the veins of marketing activity of
any business in delivering goods and services as well as customer satisfaction. Life
insurance industry is not an exception to this. Even in liberalized era, in the marketing of
life insurance products of LIC of India, the traditional channel of Individual Agents has
been playing dominant role not only in selling insurance products but also servicing the
customers. The Individual Agents of LIC of India procured 97.45 % of the new business
of LIC in the year 2010-11 making LIC of India a leader in life insurance segment with
market share of 68.85%. However, with the entry of Private players in life insurance
sector in the year 2000, LIC of India is facing stiff competition to maintain its key
position. The major way to survive and maintain the key position is to enhance
satisfaction level of customers. One of the major factors that determine the satisfaction
level of the customers of LIC is the quality of services provided by the individual agents to
their policyholders. As life insurance is an intangible product and long term contract, it
is essential to create confidence and trust in the minds of prospect and customer through
personal selling and assured after sale services. Individual Life Insurance Agents are in
direct touch with the policyholders, therefore, they are the right distribution channel to
understand customers and satisfy them by providing efficient services. Considering the
role of Individual Insurance Agents in customer satisfaction, this study is an attempt to
assess the level of satisfaction of customers of LIC of India about the Individual agents. Keywords : Article : Cite This Article : BANNE ASHOK S., (2013). “A STUDY OF CUSTOMER SATISFACTION ABOUT INDIVIDUAL AGENTS OF LIC OF INDIA WITH SPECIAL REFERENCE TO KOLHAPUR DISTRICT”. Indian Streams Research Journal, Vol. III, Issue. I, http://oldisrj.lbp.world/UploadedData/1988.pdf References : - Ramchandran T. R.(2011), “Open Architecture for Insurance Will Give Customers Wider Choice,” Published in The Economic Times dated 21/12/2011, pp. 14.
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