DETERMINANTS OF CUSTOMER LOYALTY IN THE INSURANCE SECTOR WITH REFERENCE TO LIC, MANIPUR

The insurance industry operates in a highly competitive business environment which is driven by fast changing customer preferences and technology. Firms operating in the services sector strive to achieve customer satisfaction which help to retain their customers and ensure loyalty. The present study is carried out to ascertain the determining factors which result in customer loyalty in the Life Insurance Corporation of India (LIC). The study investigates the influence of corporate image, service quality and personalized financial planning on customer satisfaction and customer loyalty. A survey of 204 LIC customers has been carried out in Manipur to examine their perception about the dimensions of service quality and customer service in life insurance. The influence of service quality attributes is found to have the most significant impact on customer satisfaction and loyalty in the context of LIC.