AN EMPIRICAL STUDY ON CUSTOMERS’ PERCEPTION & FACTORS INFLUENCING PREFERENCE OF CUSTOMERS TO INVEST IN GENERAL INSURANCE SECTOR

Every business and every individual life is filled with uncertainties but it is the ones capabilities to overcome the risk. Insurance is the one of the best option to overcome the risk. In India IRDA is playing significant role in protecting the insurance customer's safety and security in one side and promoting the insurance business in other side which helps the country's prosperity and stability of Indian economy. As the competition between the insurers being increasing day by day it is very important for the insurers to know about the insurance customers' perception on influencing factors and their preferences so as to make decisions. In this perspective the present study made attempts to examine the insurance customer's perception on General insurance, to identify some of the influencing factors and its impact on the customers' preference to invest in General Insurance sector. The primary data collected from 166 the General insurance policy holders, using stratified random sample from within Chittoor district of Andhra Pradesh, India and analyzed the data using Excel and SPSS Version 14.0 and applied percentages and chi square test. The study reveals the customers' perception on General insurance and influencing factors on the preference of General insurance sector to make investment decisions.