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TATA AIG INCUSRANCE COMPANY.

Ashvin rajani The university of Wales

Student id:____________

11/28/2010

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Ashvin rajani

The university of Wales

Student id:____________

Chapter- One

1. Introduction:-

A business is a relation between the service or product provider and the customer, so

it is essential for the service provider to supply those products or service which is

demanded by the customer. So any product or service that is not desired by the

customer will cause a great loss to the organization. So customer relationship and

customer satisfaction is very important factor for the success of the business.

In this exposition I focus on the customer satisfaction and the role of the manager in

improving the customer satisfaction which will give favorable outcomes to the

organization. With the advancement in the technology and the management strategies

in todays world the style of management has also changed and has improved their

style from those implement in the conservatory manner that is has approached the

self-protective strategies when it is important to retain the on hand customers

There are number of customers and also with different attitude and different

requirements so in order to maintain the customer relation that is the attraction and

retention of the customer is very critical task for the organization. So in order to

satisfy the large number of customers with different requirements is critical task for

the management. And if the customer demands are comprehended than it would be

easy for the organization to persuade the client to buy the product or service from the

source. The customers are considered as the most significant asset, in fact the

performance or the size of the business can be measured by the number of customers

the firm is handling.

It is said that if the service or goods provided is of good quality then the

organization will have a valuable and loyal customer.

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To understand the effect of the above dissertation, the study in this thesis examinees’

the conservative methods and modern and updated journalism assembling the

technique in knowing the part of service quality, customer satisfaction and retention

of the on hand customer.

With the views that were expressed in olden journals and that with the updated

journals including the advancement of the technology and management strategies

regarding specific topics here we consider the customer satisfaction and maintaining

the customer relation. This dissertation will make an effort to draw attention towards

the important links for the success of the business; here for the research process an

insurance service provider Tata AIG from India has been selected.

1.1 Problem Background:-

Now a days every business is in establishing the business globally, so with the trend

of globalization and the increase of service providers, a lot of companies in the

Insurance field has understand the need of the customers and also there are several

companies that work according to the customer satisfaction, and it is considered that

the expenditure in attracting the new customer towards their service will cost them

more than in retaining and satisfying the on hand customers. Hence if the product or

the service provide is of superior quality then the new customers are bound to get

attracted from the feed back of the existing customers.(Amrit Tiwana,, Prentice

Hall, 2001).

1.2 Brief History of TALIC ltd:-

In this study we will decisively evaluate the statement stated above for a Life

Insurance organization TALIC (Tata AIG Life Insurance Company) Ltd India . Tata

AIG was pioneered by Jamsetji N. Tata also known as the father of the Indian

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industry, he started a buy and sell business of Opium in Mumbai. The Tata group of

companies is amongst the most important business industries in India and it has

spread its business in various other sectors. The company is in service within six

continents and also spread its business in more than 85 Countries. The firm is serving

nearly about 80 nations across world comprising of 114 companies and causal in

seven diverse business sectors. The different sectors are automobiles, tele

communications, steel business , TCS in Information technology, tata power, and also

the consumer products and in hotel business. Tata group of Companies collectively

has about more than 2,50,000 human resources in its organization working all over. 1

1.3 Product and Services

TATA Groups performs in motors, insurance, communication, air-lines and many

more but their main business is in automobile sector and insurance sector. In this

dissertation I contemplate mainly on the Insurance sector of the TATA. So, I illustrate

underside its various insurance policies.

Children insurance plans

Tata AIG Life Invest Assure Superstar

Tata AIG Life Invest Assure Superstar is a uninvolved division linked endowment

plan that permits the children to protect a financial future for their childhood.

Tata AIG Life Assure Career Builder

This is a policy of getting the money back, it provides with financial aid at significant

phase of policy possessor child’s life, from schooling to their first steps into a new

profession.

Tata AIG Life Star kid

1 A brief introduction of the TATA companies is given in the report to verify it

related problem and issues raised in dissertation.

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This is an outstanding bestowal policy that guarantee the possessor that they can have

the funds to give their child the finest for his career & marriage.

Adults

Tata AIG Life LifePlus

This is a policy that permits the possessor to get back hi premiums if the holder

outlasts the period. And in case of natural demise of the possessor, the sum that has

been assured is given. And in case of death that is caused by accident the possessor

will get the amount twice of that has been assured.

Tata AIG Life Invest Assure Plus Advantage

The distinctiveness of this policy is that it has flexible insurance plan in which there is

a distinct premium paying tenure, it will also integrate the safety of a life insurance

policy providing and chance of getting substantially superior profits on possessorsinsurance premiums.

Tata AIG Life Health Investor

This policy is about offering a round off advantage on identification of twelve illness

that are critical and a cover in case of unfortunate decease, the policy provides a

100% pay back of premium in a condition if the customer does not claim.

Retirement Planning

Tata AIG Life Easy Retire

This is a policy of instant pension plan with Return of Purchase Price (RoPP), this

plan can be acquire through a single premium expense. The plan offer for pension

payments which is compensated all over the life time of an pensioner.

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Tata AIG Life Apex Pension Plans

This plan will offer a policy guaranteeing the plus potential of the fairness of markets

and protecting the financier interest by providing a good Net Asset Value on maturity.

Tata AIG Life Invest Assure Future Plus

This is an entity that will connect pension plan with a single purpose - to conserve and

increase policy holder’s contentment even after they retire from job. Invest Assure

Future plus is developed as a commissioned to meet retirement resolution in order to

accomplish their needs of money accumulation, expansion and without a doubt

multiplication of the asset.

1.4 Research Questions

When looking at Customer Satisfaction, one tends to wonder about the aspects of

what customer satisfaction entails, and how companies go about setting and makinggoals to achieve maximum customer satisfaction. There are some major questions

that an outsider may yearn to ask when looking into the subjects of Customer

satisfaction. These questions are referred to as research questions in this paper and

can be worded as follows

1. How are customers satisfied who have bought TALIC insurance policies

during the past 10 years?

2. Are price satisfactions and service satisfactions two distinct drivers of

customer satisfaction which hinders loyalty and their relative importance

differ?

3. Does prices satisfaction or service satisfaction stronger influence on

customer’s satisfaction or firm’s performance?

4. To analyze whether it is more profitable for the firm to improve the

satisfaction of existing customers or to create new customers?

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1.5 Research Aim & Objectives

Objective and aim of choosing this topic is to determine the level of satisfaction of

customers with TALIC and also define customer satisfaction as a profitable for both

customer and companies. And other objectives are to examine company’s profitability

who fails to achieve customer satisfaction at some level. So that we carry forward

research in such sense:

• To critically appraise the literature on customer satisfaction.

• To examine level of customer satisfaction who bought policies in the last 10

years with TALIC Ltd.

• To compare the customer’s satisfaction of TALIC Ltd against different

insurance sectors such as LIC India (Life insurance Corporation of India),

Bajaj Allianz, Reliance, Birla sun life insurance etc by filling questionnaire

with TALIC’s customers and other companies customers.

• To identify key factors that influence customer satisfaction with Tata AIG Life

Insurance Company Ltd?

1.6 Purpose of Research:-

The main intention of this study is to investigate the significance and effectiveness of

customer satisfaction level in the TALIC ltd India. The analysis would be made byassessing customer opinion about they receive services with the company through

questionnaire. Data will be collected and analyzed through interviews with

experienced senior line manager. Historical data about company would be collected

and analyzed to find about improvement company has received with improving

customer satisfaction level. In accordance with the outcomes recorded after the

analysis, this study will try to suggest few steps in achieving well progressed

companies performance through increased in customer satisfaction. Another core

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objective is to critically evaluate the literature review of Customer satisfaction. The

main questions are,

Research question Related objective

Q 1- Is there customers are satisfied

by purchasing insurance policies with

TALIC ltd?

Review the literature on measuring

Customer satisfaction and concept to

understand the basic model of

measurement and to identify a model /

method of measuring customer

satisfaction (CS) in the case of TALIC ltd

India?

Q 2- Does increase the level of

customer satisfaction help in

increasing firm’s performance?

Critical analysis of out comes from

research and literature available in order

to evaluate customer satisfaction in the

case of TALIC ltd India.

Q 3- Is there a relationship between

the customer’s satisfaction and the

firm’s productivity?

To evaluate the different literature

available on different related issue, and to

define customer’s satisfaction and

TALIC’s productivity.

Q 4- Analyzing which is more

profitable for the firm among the cost

occurred on the improving customer

satisfaction and one time sales?

To evaluate methods used in the customer

satisfaction company to measure

(a) changes in Customer Satisfaction and

(b) new sales generated

1.7 Scope of Research

The span of my research point outs the edge set for research. This research has been

carried out only for Tata AIG Life insurance corporation ltd level critical study and

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Chapter- Two

2. Literature Review:-

Literature review shares the different views of authors and that will help us to lead

towards a particular conclusion (Cormack 2000). Walsh and Wigens (2003) identify

three main reasons for performing a literature review - To clarify the research

problem, this helps to focus the research idea more clearly. To help in the decisionsregarding development of the methodology, this can give the researcher a good idea

of how the area can be investigated. To improve the understanding of the research

topic, this gives the researchers knowledge and understanding of the theories and

evidence that currently exists.

Both Smith (1997) and Hek (1996) express the opinion that a critical evaluation of the

literature must be included and not merely a descriptive account. They claim that

some discussion of the previous work is needed if the paper is not to appear trivial and

lacking in depth.

The literature review performed by the researchers used mainly journals. Although

journals are frequently used by researchers, not all journals publish original research

(Cormack 2000). Although journals can provide accurate and up to date knowledge,

for the purpose of literature review a wider range of sources could be utilised.

2.1 Referencing

The references used were mainly of a primary source which Tarling et al (1998)

suggests offer more credibility. Many of the items used within the literature review

were also dated; a general timeline for most academic or evidenced-based practice is

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to go back in the literature at least 3 – 5 years, although some research projects

warrant going back 10 years or more.

A search of Customer satisfaction level at TALIC ltd database has revealed several

research articles relevant to this particular topic which although support the findings

of this research, offer more up to date knowledge on the subject.

One of the questions LoBiondo-Wood and Haber (2006) suggest to ask when

critiquing a research article is ‘Does the literature search seem adequate? in view of

the dated literature used and the material being confined to journals, the reader may

conclude that the background information appeared inadequate.

2.2 What is customer satisfaction?:-

As explained by Nigel hill and Jim Alexander (2005) customer

satisfaction can be interpreted as it is the measure of how ones organization total

product or service will perform in accordance with the aspect of customer satisfaction.

. This literature covers the whole course of customer satisfaction extent,

it covers all the aspects of manipulating a assessment to portrayal conclusions and

also includes the formative accomplishment after the survey. And many more

journalism include the subject matter such as customer service, value. This literature

review initiates by investigating some basic perception essentially for customer

satisfaction, such as performance gap, lifetime customer values, retaining the existingcustomer and loyalty.

2.3 Performance gap:-

The performance gap model of service quality developed by Parasuraman,

Berry and Zeithaml in 1985 with the four different gaps between customer

expectation and the performance the firms. But in 2003 Zeithaml come out with the

fifth overall gap which was leading by that four specific gap. The five different

performance gap are describe in the below figure 2.1

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Figure 2.1: Service gaps [source: Nigel hill, Jim Alexander (2006), “Customer

satisfaction and loyalty measurement”, Pg. no.-006]

1.> The promotional gap:- it is the failure of the business organization to

accomplish the prospect fashioned in the mentality of customers, it may be chiefly by

marketing communications. In the impatience to be successful and to persuade

customers by selling the reimbursement of their product or service companies can

very effortlessly form prospect in the minds of customers that will be hard to

accomplish.

2.> The understanding gap: - the gap arise due to the imprecise perceptive of

customer needs and precedence by the managers of the organization. If the

requirements of the customers are not understood, then it is very difficult to sell the

product or the service that is of desired by the customers and thereby creating loss to

the organization. Many associations looking for the dealings of customer satisfaction

achieve this problem by falling to comprise in the survey a section which explains the

importance of the customer.

Gap 1

The

promotional

gap

What is said

about the

services

differs from

the standards

actually

delivered

Gap 2

The

Understandi

ng gap

Managers’

perception of

customers’

expectations

are

inaccurate

Gap 3

The

Procedural

gap

Customers’

expectations

are not

translated into

appropriate

operating

procedures/syst

ems

Gap 4

TheBehavioral

gap

The services

that is

delivered is

different

from the

specification

for the

service

Gap 5

ThePerception

gap

The level of

service

perceived by

customers

differs from

the service

actually

provided

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The Service Quality Gap

The difference between customers’ expectations of a service and

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3.> Procedural gap:- this gap deals that if it is just assumed that the

organization does have a full perceptive of the requirements and desires of customers

it will cause failure to convey customer satisfaction, if it have not interpret

customers’ outlook into suitable working actions and system.

4.> Behavioral gap:- this can be understand as at times organizations have

apparent measures which are well coordinated to customers necessitate and

precedence but even then the organization fails to attain a constantly high intensity of

customer satisfaction this is because employees are unsatisfactorily skilled or not

trained to follow the actions to the letter at all times.

5.> Perception gap:- there may be a possibility that the above stated gaps

does not exist, but then to the customer survey demonstrate an undesirable level of

discontent. It is due to the customer’s sensitivity over the performance of ones

organization may fluctuate from actuality.

A customer having discontentment toward ones organization due to some kind of

misfortune may have a wrong interpretation and it is also undesirable for the

organization, so it takes lot of effort in developing the relation again. This theories of

performance gap is relevant to this research report for analysis how is the

performance of the TALIC in order to satisfied its customer as well as what are the

market targets in relevant to company targets.

2.4 Service profit chain:-

To understand about the service profit chain author Zeithaml (2000 p.73)

explains that, a positive relation was measured in the investigation on the direct

affiliation between quality of service and earnings. In a partial number of studies and

has no special effects in other studies so due to this reason the potency and limitation

of the associations will be discussed. Storbacka, Strandvik and Gronroos (1994

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p.21)dispute regarding the service quality text, a number of hypothesis that have been

made regarding how quality show the way towards enhanced productivity.

The figure above illustrate us about customer relation and service, that if the

service once provided is of excellent quality then the organization is bound to get the

loyal customers that will make the profit of the organization. This is shown in the

figure in the green colour the right hand side of the representation from peripheral

service assessment through to increase the growth and income of the organization.

Further we are going to examine the three significant factors of the Service

Profit Chain and that is significance of value and customer satisfaction other is the

relation between customer satisfaction and loyalty consequently loyalty and

productivity.

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Figure critics about that if the organization offers excellent service quality

then it is obvious for the organization to cover a money-making customer for life. On

the contrary the representation advocates that in order to accomplish a profitable

customer for lifetime for the organization, it necessitates passing throughout the chain

in order to build up from value to prosperity. This theories are used to acknowledge

how the customer are reacting from the services providers as which factors helps

companies to offer better productivity and quality. Thus for this reason this theories

are used in the report for analysis of price satisfaction or services satisfaction in the

market.

2.5 Service quality and customer satisfaction relationship:-

Further we are going to see the relation between the service quality and

customer satisfaction, it is critical to customer satisfaction. Service quality can be

interpreted as an assess of potency of the organization, to measure the quality of

service level provided is satisfying customer demands. To provide a good quality of

service is the get way in accomplishing the customer requirements. (Lewis and

Booms (1983) in Ziethalm and Berry 1985 p.42)

As explained by Gronroos (1984 p.37) The eminence of the service is reliant on two

significant inconsistent aspect that is predictable service and apparent service. The

apparent service is the consequence of the customers view of a collection of service

proportions, it can be technical or functional in character . Gronroos also said that to

make clear that In response to attain customer satisfaction, the organization or any

work force management has to equivalent the predictable service and the alleged

service.

The rapport between quality of service being offered by the organization and

customer satisfaction has been printed on by Liljander and Strandvik (1994). The

model furthermore seems that the opinion against the link linking Service quality and

customer satisfaction. As shown below in the figure it depicts how service quality andsatisfaction may not relate with each other directly. It means that even if the quality of

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1. “Tangibles: The manifestation of substantial amenities, paraphernalia, and

human resources, A means distinctive of service commodities is their

intangibility. since the service patron often give the impression of being to

any tangible contamination which possibly will be used as sign of the quality

of the service stipulation.

2. Reliability: The ability of the organization to perform according to the

presumed planned that are set by the organization to give their valuable

customers, it is the reliability that will improve the customer satisfaction.

3. Responsiveness: The keenness to facilitate customers and make available at

the appointed time service by the organization is known as the responsiveness

of the organization. The SERVEQUAL defines it as the requirement of

customer

4. Assurance: The knowledge and courtesy of employee and their ability to

inspire trust and confidence”. It is the degree of trust and confidence that the

customer feels that the service provider is competent to supply the service.

Mostly, this stems from the degree of confidence that the customer has in the

service provider’s staff. The customer will not be satisfied if he/she does not

feel about the competence of the service provider.

5. Empathy: Providing compassionate and individualized concentration toconsumers is the empathy of the organization of to offer better quality of the

service.

The more the service supplier can observe effects from the customer’s point of

observation, the better Geoff Lancaster, Frank Withey 2008

Moreover the objective of SERVQUAL is to determine the breach involving the

intensity of customer expectation of service and their acuity of real paradigm of

service deliverance that is as cording to the definite extent (Parsuraman 1988 cited

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in Jabnoun & Saad 2004). Further we see that when their supposed service is more

than expected service then it is alleged that the quality of the service is satisfactory

(Parsuraman, Gupta & Jain, 2004). However most probably it is not appropriate to

vague such as assurance policy consequently to determine the breach between the

customer satisfaction and the service the examiner utilizes another four proportions in

support of quantifying the relation.

The pro’s of SERVQUAL in service industry was explained by Buttle, 1994 cited in

Jabnoun & Saad 2004

· To weigh up various aspect such as reliability, responsiveness, assurance

and empathy of standard of service quality it is functional tool for calculating

satisfaction and space.

· The tool was found out to be precise in different service circumstances

· It has also been verified that to infer likewise difficulties for assorted reader

its give consistent denotation.

· It has harmonized examination system to assist construe the outcomes.

· Utilization of this mechanism is supportive for customer and employees to

accomplish partial quantity of items.

Regardless of the disagreement in support of SERVQUAL several critic broadly

disparage the purpose of SERVQUAL dimension on a variety of intangible and

working foundation. Several disapproval in opposition to the magnitude narrates to

extrapolative control of the tool, extent of questionnaire, space score and soundness of

the five dimension configuration. (Babakus & Boller, 1992; Cronin & Taylor,

1992, Shepherd & Thorp, 2000; Teas, 1994 SERVQUAL device has subjected to

various quantity of hypothetical and functioning censure. The chief disapproval has

been raise as

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Primary the SERVQUAL range demands extremely large data compilation task. The

design of the tool is extensive questionnaires to determine consumer anticipation and

sensitivity in the direction of performance of organization that will have an impaction

on the organization and customer response. SERVQUAL has been disapproving for

concentrating on the progression of service deliverance relatively subsequent result of

the service encounter. The main staid are apprehensive with the amount of

proportions and steadiness from various circumstances.

Profit Impact of Marketing Strategies research

Due to the impaction of the marketing strategies on the profit of organization

the research initiated with this fact, the study of relation between the quality of service

and profit was then measured. The Profit Impact of Marketing Strategies (PIMS)

cross-sectional business record (Zeithaml, 2000 p.71). The foremost reimbursement

of the PIMS catalog is to facilitate the investigators to examine the brunt of service

quality on economic outcomes subsequent to scheming for the cause of other

variables such as cost. (Zeithaml, 2000 p.71).

One of the most important disapproval of PIMS study is, “professed service

excellence is accounted from the organizations perception to a certain extent than the

customer’s outlook. (Zeithaml 2000 p.74). This model is used to analyze the whole

market strategies of different companies as well as TALIC in the research report.

Customer perceived value model (CPV model)

Another area of theory that service quality encompasses is the value that a

customer derives from an organization. Gronroos (1997) developed a model to

illustrate this:

Fig.2.4

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The nominatives are benefits to the consumer, such as a restaurant meal, which is then

divided by the denominatives. These are the sacrifices a consumer makes, such as

price paid, time and effort. If the consumer believes that they got value out of the

encounter, the relationship moves on to how satisfied they are. This models is used or

implied in this research for looking what are the customer expectation which

satisfaction gives customer more influenced as hinder to fall in that categories so the

model was used in TALIC Company for further analysis of behavior of customer

Defection analysis

Defections analysis shows that continuous enhancement in service eminence is

not a expenditure but a speculation in a purchaser who create more turnover than the

margin on a on one occasion deal (Reicheld and Sasser 1990 p.107). Figure. 3

below, shows that as defection rates are lowered from 20% to 10%, “the average life

span of its relationship with a customer doubles from five years to ten and the value of

that customer more than doubles” (Reicheld and Sasser 1990 p.107). The link

between defections analysis also stems all the way through to profitability, as shown

by MBNA America “a 5% improvement in defection rates increases its average

customer value by more than 125%” (Reicheld and Sasser 1990 p.107).

Fig.2.5

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(Reicheld and Sasser 1990)

Basic Model

The fundamental representation depicts the expansion and utilization of

consumer satisfaction questionnaires. The framework materializes as shown in figure

and demonstrates the development in all-purpose. Each stage of the course includes

explicit steps, with each of them considering the significant constituent in the

perceptive of consumers beliefs.

Step-1

Determine

customer

requirements.

Step-2

Develop and

evaluate

questionnaire.

Step-3

Use

Questionnaire

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STEP-1 In the first step of the procedure identification of the customers

requirements or excellence dimensions is carried out. The imperative distinctiveness

of a goods or services is determined. The step not only recognizes the eminence of

product and services and quality proportions, however also discovers precise pattern

of these dimensions.

Here the examiner comprise acquaintance of customer necessities for the two main

cause. First is to offer a enhanced perceptive of the customers characterization the of

services and products. And secondly awareness of customer requirements resolve

facilitates the expansion of the customer satisfaction questionnaire. The questions in

the questionnaire are supposed to determine the relation between customers

satisfaction and the service provided to them.

STEP-2 the second step is to build up the questionnaire. This step is criticaland contains various definite components. The main objective of the idea of

questionnaire is to facilitate the estimation of definite information.

STEP-3 here the utilization of the customer satisfaction questionnaires is

depicted. every utilization permits us to acquire precise information about the

customer’s opinion. The practice of this step permits us to know about customer

satisfaction and loyalty customer further evaluating the customer satisfaction. The

methods or process steps are implied to carry out the research in the company as

which things satisfied as what are their requirements and how the company uses it

resources to satisfy the customer more better.

6.> Dominant model

The foremost representation in customer satisfaction investigation is

foundation on the disconfirmation of opportunity archetype (Oliver, 1980; 1997).

According to Matzler representation satisfaction is produced in the course of a

cognitive assessment of supposed presentation with purchase prospect. Supposed

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presentation can be greater than that is expected, ensuing in optimistic substantiation,

or if it is inferior than it is supposed to be desired expectations than this will cause a

loss in the business., with the success of product or the service provided by the

organization advocates towards the assessment results in temperate contentment or

unconcern ( Oliver & DeSarbo, 1988). The rapport involving the enhanced

performance and customer’s satisfaction on the whole usually has be well thought-out

as linear and symmetric.

The study shows that there is strong aspect of relationship that is getting utter

complicated. The current examination shows the customer satisfaction and it states

that service or product characteristic is related to the three main aspects impact on

customer satisfaction that is fundamental issue, performance feature, and anticipation

feature (Anderson & Mittal, 2000 Matzler & Hinterhuber, 1998; Oliver, 1997;

Kano, 1984).

So the researcher as well experiments with Kano’s model of customer

satisfaction (Kano, 1984). As explained by to Kano’s the structure or model of

customer satisfaction disagree that the affiliation between contentment and on the

whole fulfillment can be asymmetric, depending on the category of product or service

it is given power. This form of customer satisfaction Is considered to be the

fundamental aspects, the essential factors of the aspect is that the requirement that the

customers discontentment, apparently the customer satisfaction should not be

satisfied. Is a minimum requirement that is to be accomplished? Anticipation feature

are the aspect that amplify customer satisfaction if communicate but do not cause

dissatisfaction in case if it is t purchase. Anticipation feature astonish the customer

and produce ‘‘delight’’. Performance of the organization draws towards satisfaction

provided that the performance of the organization is enhanced.

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2.7 Types of Loyalty

As explained by Jim Alexander, Nigel Hill loyalty is of numerous form, a lot

of reasons. The correct denotation of the declaration loyalty is involving very little

commitment, loyalty or obligation. Monopoly loyalty is a tremendous instance,

anywhere the customers have small or no alternative, and the loyalty of the customer

is fixed. Incentivzed loyalty has probably been the mainly highlighted by the

marketing approach in current years. It is probable to have an impaction on consumer

who is not paying their possessed funds, recurrent business brochures can be taken for

interpretation.. Habitual Loyalty might be the largest part that is regular form of

reiterates trade.

So as far as the types are considered doesn't matter what the loyalty type is and

the relationship of the customer, there will be dissimilar level of customer loyalty andthese differences are depicted in the literature as shown in the figure in ladder form .

Figure espouses the tree loom as this graphically corresponds to the archetypal extend

of customer from first to last levels. The measure of customer loyalty can be as shown

(Figure: level of customer loyalty ladder)

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• Suspects take into account all the customers who are in requirement of the

product or service type in the market. Suspects are almost not sentient towards

the product or service they are buying rather they are in fondness or

purchasing.

• Prospects prospective patrons who might have been known or are attracted

towards the organization but have not yet purchased

• Customers are the buyers of the products and services from the organization.

• Clients are the recur patrons who have an attachment with the organization

and are loyal to the organization may be due to the supremacy of the service or

the product..

• Advocates are the clients who are in favor of the organization with the

impaction of the service and product and they promote the organization.

• Partners form a healthy customer- supplier relationship which is persistent as

both parties see business as equally advantageous.

2.8 The Relationship between Satisfaction and Loyalty:-

Here we are going to learn about the relation between loyalty and satisfaction of the

customer an organization, Oliver (1997 p.13) characterize satisfaction as felling of

the consumer’s accomplishment reaction. It is a decision to facilitate a product or

service mark, provided by the organization is being satisfactorily accomplishing the

customer’s requirements.

“The existing contentment exemplar is in foundation on the supposition that

customer’s measures are based on their insight of excellence of the service or product

and it gives them contentment, it gives a feeling that the customers are getting to

perform and desire, and that a faithful consumer is more lucrative than a less

dedicated customer. (Storbacka, Strandvik and Gronroos 1994 p.21). Hill and

Alexander (2006 p.1) disagree that, “it is fetching conventional that there is a well-

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built link among satisfaction, retention and profitability of the customers. Griffin

(2002 p.191), says that “customers whose troubles and complaints have been rectified

efficiently turn out to be your most faithful customers. As shown exceeding, there are

further more literature that is in concern with the customer satisfaction and

performance.

Though it’s judgment of author Keiningham 2005; there is a strong linkage between

the satisfaction and loyalty of the customers. He says that the connection is not simple

and it is not linear. He also states that the connection among satisfaction and loyalty

of customer, we need to think on the relations of the satisfaction and loyalty of the

customer as if the existing customers are well nurtured then the new customers are

bound to get attracted.

Jones and Sasser (1995), give explanation about the competition in the market and the

impaction of that aspect on the relation with the customers. The figure downwards

reveals the sharp curvature showing absolutely content customers; it shows the level

of satisfaction. There could be other side of the coin in this testimony that from this

explore, the contentment extent range may perhaps be seen as a feeble sculpt to

calculate satisfaction, as ‘4’ on the satisfaction range can be out looked as inconsistent

.

.Reichheld (2003) explains that a lesser trustworthy customer has even less

dependable revenue of determining faithfulness through conservative customer-

satisfaction actions. The research shows that contentment has a deficient in a

constantly confirmable relationship to definite customer behavior and growth.

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A finding by Xerox has devastated the conservative insight, their study depicted that

the customers who were absolutely satisfied were six times more expected to

repurchase Xerox products than its contended patrons. Only pleasing consumers who

can make choices according to their requirements is not adequate to built loyalty

The author says that only those customers who are fully satisfied with the

organization are loyal towards it.

Fig. 2.6

Jones and Sasser (1995)

With all the critics customer satisfaction has a considerable role in retaining the

customers, the realism is that it is not possible to please each and every customers, it

also depends on the requirements and mind set of customer and, most awful of all is it

is difficult to retain every contented customer (Woo and Fock 2004). Griffin (2002 )

also says that only satisfying single-handedly is not adequate to make a loyalcustomer .

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Fig.-2.6

Attitude Loyalty depends on the mentality of the consumer, and trustworthiness

happen when a customer has an emotional or psychosomatic affection to a business.

(Bowen and Chen 2001) explains that the customers who are excessively loyal to the

organization are sometimes harmful for the organization and also some time

beneficial as they may believe extremely of a business and advocate it to friends

excluding themselves as expensive for them.

Where as behavioral loyalty is set on the basis of computable behavior and further

elongated term (Hobbs and Rowley 2008). It is focused additionally towards

recurrent repeat acquisition rather than a strong affecting connection to the product or

service (Uncles, Dowling and Hammond 2003).

To develop loyalty amongst the customer behavior, the customer should provide with

excellent service that will bring favorable outcomes. As explained by Heskett et al

(2008) it stated that constancy consequences is straight from customer contentment.

On the other hand, Palmer, McMahon-Beattie, and Beggs (2000) express their view

in contradiction that loyalty which is the consequence of recurring behavior is weak.

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Keiningham, Wallard (2005) disagree that it is incorrect to take for granted that

recurring purchase is n equality with loyalty.

2.10 Relationship between loyalty, behavior and customer satisfaction:-

Dick and Basu (1994) argue that loyalty is viewed in stipulations of the power of

association connecting attitude and behavior and also that factual constancy have to

consist of both attitudinal and behavioral elements. Griffin (2002) also disagrees to

affection to a business (attitude) and recur purchase (behavior) is crucial for constancy

or loyalty. on the other hand, Keiningham, (2005 p.144) dispute to the fact for

numerous corporation the preponderance of consumers who would be well thought-

out equally attitudinally and behaviorally dedicated would not be advantageous.

Fig-2.7

Jones and Sasser (1995)

The replica classify customer according to satisfaction, loyalty and behavior.

The model can be associated to the loyalty – profitability association by assessing the

group. It can be squabble with the intention of in the longer relationship with the

organization, terrorists be able to influence customers and prospective customers

associations with an association in the course of passing on their bad incident. While

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Jones and Sasser (995 p.96) explains that the amongst the most loyal customer who

is wholly contented and remain recurring to the organization providing him the

service, satisfying with the relationship in the as Griffin (2002 p.5) states that profit

depends on the loyalty of the customer, like if the customer remains loyal for a long

time then it is boon to get advantage further which will reverse of it if the customer is

not loyal.

A company can collect from the single customer; missionary are those

customers that are so contended and loyal that they do anything for the promotion of

the company. It is believed that it is the customer’s loyalty or the effect of the

customers that helps the organization increment of the productivity. (Reichheld 2003

Page-49).

The mercenary is a purchaser who confronts the satisfaction-loyalty rules eventhough with the complete satisfaction it seems that the loyalty is being lacking in the

company client relationship (Jones and Sasser 1995 p.97). Thus it disagrees against

the satisfaction-loyalty relationship in the (SPC). For instance the hostages are

persons who have occurrence of the nastiest so this aspects the corporation has to

propose and must acknowledge i(Jones and Sasser 1995 p.97).(Keiningham, et al

2005 p.89) said that the hostages are normally called as the loyal one.

In verdict of what produce a detainee customer the literature has hesitate

winning a solution point which once more have establish a weakness in the SPC, so

even though a customer is neither contented nor of one owns free determination

trustworthy Keiningham, (2005 p.7) goes on top of disagree that the authentic

remedy is to know about the customer an to provide him with he best of the survive

that a company can provide him.

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Number of authors has studied about the relationship between the customer

satisfaction and loyalty with the organization that will yield enhanced productivity for

the organization. (Storbacka, Strandvik and Gronroos 1994 p.34). (Hill and

Alexander 2006 p.19) recommend the notion of loyalty is entrenched in the precedent,

put emphasis on uniqueness such as commitment, obligation, compulsion and

commitment. It is completely improbable for most money-making venture to look

forward to their customers to encompass such approach towards the organization.

According to (Keiningham, et al 2005 p.16), the enthusiastic method in which

administration has sanctioned the potentials of patron constancy can hardly be

comprehended. Keiningham (2005 p.28) goes against disagreement that the

consequences are obvious that it is very difficult to maintain the customer loyalty

even though time and money is spend on them.

2.11 Summary of literature:-

Numerous studies have been made on the fact of service quality and its

outcomes in accordance to enhanced productivity and also enhanced customer

satisfaction. The associations in the service profit chain had depicted results that

showed positive effect on the customer satisfaction on the reception of superior

service. It has shown the effect of profitable customer and to a level a beneficial

consumer for lifetime. Helgesen (2006 ) has explained about the affirmative

affiliation among customer satisfaction and loyalty, also give the impression to be a

optimistic liaison involving the enhancement customer loyalty and customer

profitability. Even as Bolton (1998 )\ has shared his views that customers that are in

long relationship with the organization are having privileged preceding increasing

satisfaction evaluation and it is less with that with the customers who are not in long

term relationship.

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on the other hand, as concerning the ‘for life’ component of the declaration to

the affiliation involving service quality and productivity has a limitation number of

studies made on it and it is not necessary that the customer may be thought of as a

beneficial customer for the entire life of business. Keiningham, 2005 gives an idea

about the conventional promotion has only in recent times revealed the conception of

lifetime customers and their values accordingly.

To know the level of the satisfaction among the customers the examiners has

to take into consideration of all the designs that has been so far name to measure the

customer satisfaction. But among them the foremost model for determining the

customer satisfaction is the dominant model of customer satisfaction.

Te model is having the foundation of the disconfirmation of the requirements

or the desires of the archetype (Oliver, 1980). In accordance with this K. Matzler

framework is satisfaction is fashioned through knowledge that is formed according to

the hypothesis and also with the experience of supposed presentation with pre-

purchase anticipation.

The apparent performance can be superior than as it was expected that gives a

positive outcome for the organization, that is the satisfaction and if it is in

contradiction then it is the discontentment among the customer. If the expectation of

the service or goods provider is fulfilled that is the service has attain fair response in

the market tenth outcome is considered as the moderate satisfaction. Oliver &

DeSarbo, 1988). The association flanked by attribute-level performance and largely

satisfaction is measured as linear and symmetric. There are proofs of the linear and

the symmetric aspects which complex relation. The latest study also showed that the

customer satisfaction falls on different categories like basic factor, factor of

performance and excitement factor. (Anderson & Mittal, 2000; Gale, 1994;

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Johnston, 1995; Matzler 1996; Matzler & Hinterhuber, 1998; Oliver, 1997;

Kano, 1984).

2.12Theoretical Frameworks:-

Below shown table indicates research question and related literature review.

Research question:

How are customers satisfied who have

bought TALIC insurance policies during

the past 10 years?

Relevant theories from literature

review:

In this the performance gap

theories is used because this wouldallowed us to know how the TALIC had

performed in satisfying its customer as

what level of the gap is measured

between the customer expected and

customer provided services

According to author, Kotler

(1997) describes customer satisfaction in

general terms is “It is a feeling of

happiness or dissatisfaction of a person

resulting from comparing a product’s

supposed performance (or outcome) in

relation to his or her expectations.”

Parsuraman et al states that

the goal of SERVQUAL is to measure

gap between customer expected level of

service and their perception of actual

standard of service delivery on the

basis of defined dimensions. In this

Research question:

Does prices satisfaction or service

satisfaction stronger influence

customer’s loyalty or firm’s

performance?


review:

In this there are different models suchas product marketing strategies and

CPV that is consumer perceived value

which is been focused so that one can

analyzed how the satisfaction of

customer are been review.

Reicheld and Sasser developed

defections analysis which shows that

“continuous improvement in service

quality is not a cost but an investment

in a customer who generates more

profit than the margin on a one-time

sale”.

Research into customer satisfaction

suggests that service or product

attributes fall into three categories with

a different impact on customer satisfaction: basic factors, performance

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research researcher use dominant model

satisfaction is formed through a cognitive

comparison of perceived performance

with pre-purchase expectations.

Perceived performance can be greater

than expectations, resulting in positive

confirmation (satisfaction), or lower than

expectations, resulting in negative

disconfirmation (dissatisfaction). If the

product performs as expected, the

comparison results in moderate

satisfaction or indifference (simple

confirmation, see Oliver & DeSarbo,

1988)

factors, and excitement factors.

Therefore, Kano’s model of customer

satisfaction (Kano, 1984) argues that

the relationship between attribute-level

satisfaction and overall satisfaction can

be asymmetric, depending on the type

of product or service attribute.

Research structure for

“The level of Customer Satisfaction in Life Insurance Industries –With a case of Tata

AIG Life Insurance Company Ltd in India.”

Research question:

Are price satisfaction and service

satisfaction two distinct drivers of

customer loyalty and does their relativeimportance differ?


review:

Heskett, Sasser and Schlesinger

found that a, “5 percent increase in

customer loyalty could produce profit

increases of from 25 percent to 85

Research question:

Analyzing which is more profitable for

the firm among the cost occurred on

the improving customer satisfactionand one time sales?


review:

In this basic models are used so that

would review how the customers are

satisfied with improving the services

in timely basis.

Zineldin argues that, “Indeed

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percent” “While the relative importance

of these effect varies from industry to

industry, the end result is that longer term

customers generate increasing profits”.

However, Keiningham, et al

argues that, “for many companies, the

majority of customers who would be

considered both attitudinally and

behaviorally loyal would not be profitable”.

Several studies have shown

empirically that price and quality

perceptions influence value perceptions

(Bolton & Drew, 1991; Ralston, 2003),

concluding that price perceptions have an

important influence on customer value

and managers should actively manage

their customer’s price perceptions.

Fornell et al. (1996), for instance,

investigate the impact of price and

perceived quality on overall satisfaction

in various industries. In each of the

sectors examined, price plays an

important role

there is a positive impact of customer

loyalty and retention on company

profitability.” Whilst keingingham, et

al states simply that, “Loyalty does not

equal profitability”.

Reicheld and Sasser state that

“As a customer’s relationship with the

company lengthens, profits rise.”

Reichheld also states that “Companiescan boost profits by almost 100% by

retaining just 5% more of their

customers.” for measuring cost of new

generate customer researcher includes

the cost of marketing, various attractive

schemes and advertising etc. where as

for customer retention researcher focus

on the loyalty of the customer by

analyzing response of questionnaire.

Chapter- Three

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The Research Methodology:-

3.1 Introduction

The main aim behind this particular research is that only to find out about the TALIC

ltd that in this firm there is a need giving preference to customer’s satisfaction and

due to this firm performance shows improvement. Here in the following paragraph

different research techniques explanation is given which is required for this

dissertation and for the data collection showed different ways like primary data and

how, from where and when this data is collected is explained. The data has been

collected from different group of people in different ways. Here the discussion of

different research philosophies and methods is done. Here the analysis of different

methods has been done and from that the most appropriate methods has been taken for

the research. The list of questionnaire has been created for getting the research clear

idea and to know about the views of different group of people. For testing the

hypotheses, for getting the goal of the objectives, make a conclusion and finally for

recommending the list of question has been developed. For achieving the main

objectives of this research is the aim of this research methodology. There are gaps

found in the literature review which are searched by using the research methodology.

3.2 The Methodology:

For doing the research work there available different types of methods but

seeing to our research work, we will be concern to two type of research they are

quantitative and qualitative research. Having gone through both of these

research’s we will discussed one in depth which we will use for this research

work.

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In short the Qualitative research can be defined as a research which is less

purely scientifically. In this research there is one-one procedure that is the

researcher can directly put the queries to the person no third person is involved

in it. There are list of questions which are asked to the individual mostly for

biasing the feeling and then come the requirement of information and judging

the individual. (Saunders, M., Lewis, P. & Thornhill, A. 2009) Mostly seeing for

explaining the hypotheses, different approaches, views and motivation the Qualitative

data is used. For quantitative research the qualitative research is a first step.

For providing the following the Qualitative research helps a lot they are:

• For the query arise answers is obtained.

• For the question there is scientific answer

• Data gathering.

• Conclusion can be done which were not available. For finding the views,

behaviors, standards and social contexts of the people the qualitative research

is beneficial.

By using the qualitative methodology there are obtained different benefits they are:

The benefits of using qualitative methodology are as follows

• It shows the behavior, idea, judgment, passion and relationships of individuals.

•

It is used in the examination of the factors such as social custom,socioeconomic position, gender function, civilization, and religious

conviction.

• It also has the advantage of dealing with open ended question and with

individual estimation of the examiner.

• The most important thing is that it is flexible that is it can be linked and

preferences.

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The different method of accomplishing the qualitative research is

Participant observation; it is the most appropriate for gathering information on

the behavioural aspects

In-depth interviews , it is also an effective way of acquiring the information

bsed on interview and facts, perspective, and indulgent,.

Focus groups it gives an aid to know the behaviour of group in accord tospecific consideration.

Quantitative approach it is the technique where the examiner largely relate positive

declaration for accomplishing the study which includes reason and produce

philosophy, lessening to exact erratic and proposition and difficulty, the use of total

and inspection.

The virtues of utilization of quantitative study are

• Makes possible in explore in area where enormous quantity of information is

in requirement.

• It offers suppleness to the investigator.

• It also assists in appropriate assessment of the consequences of the two or

more groups of data.

The various range of procedure of carrying out the quantitative research is

questionnaire, focus group, consultation and spectator involvement.

The questionnaire is the best process to have a preference for this research. Since

in questionnaire difficulty are put together and can be of numerous choice questions,

(Saunders, M., Lewis, P. & Thornhill, A. 2009).

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In this research reports which focus on the quantitative study approach as well

as qualitative approach which is taken for the investigation for outcomes. (Patton,

M. Q. 2001).

A questionnaire set is design to get the information which is useful in the

study from groups. For easy accessibility of statistics and speedy attain of user

groups, the questionnaire was planned and 50 customers were chosen indiscriminately

from TALIC ltd they were requested to respond the questions further this questions

would be analyzed for reaching up to appropriate result . Ranganath 2008 the

questionnaire had subject which the participant had to answer on the features like

completely satisfied, contented, discontented or completely disappointed. In the

incomplete and mis-interpreted answer of the respondents would be ignored just to

maintain the level of accuracy in research. In addition to this even the interview

would be organized for top executives so a balance of all the level of management of

company is maintained. The Interviewing jury comprised of 10 managers and 4 areamangers and their views which was in accordance to the customer satisfaction in

TALIC ltd.

Quantitative approaches vs. Qualitative approaches

Fig-3.1

Quantitative approaches Qualitative approaches

'Simple' numeric data 'Complex' rich data

Measurement Meaning

Explanation Understanding

Prediction Interpretation

Generalize able account Contextual account

Representative population sample Purposive/representative perspective sample

Hypothesis-testing Exploratory

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Claims objectivity Accepts subjectivity

Closed system (experimental control) Open system(ecological validity)

Source: http://www.psy.dmu.ac.uk/michael/qual_aims.htm [Accessed on 24th

September 2010]

3.3 Research approach

The research approach used in this study is of two types that is the inductive and the

deductive approach. The deductive approach is as of inward bound at exact from the

universal or to articulate that it is a top-down approach. This theory may leadto the

poin of interest.and te we consider it to the more specific postulates (Patton, 2001)

Inductive approach is the contrary approach of the deductive approach. In the

inductive approach the common from the definite is used. It follows bottom to top.

The inductive approach provides worry to situational characteristic that defines

definite behaviours in relation to the common conditions. As stated by Charles, C.

1995 advocate the vision that, anywhere the point of a explore occupy the necessity to

be acquainted with what is going on, why and how it is going on, and then the

inductive associate will have to build sagacity of interview statistics. According to

Charles, C. 1995 put into notice that the inductive approach is proficient of ascertain

different observation of observable fact as a product of a mixture of technique to

create the data.

Here in this study of customer satisfaction we are concerned towards inductive

methods as we are dealing with the definite case of TALIC Ltd. and with an aim to

provide a rational conclusion of customer satisfaction in delivering enhanced

productivity. (Gill, J. & Johnson, 2002).

Figure: Deductive (Top down approach)

Fig3.2

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Sources: http://www.socialresearchmethods.net/kb/dedind.php //[Accessed 24-

September -2010]

Figure: Inductive (Bottom up approach)

Fig3.3

Sources: http://www.socialresearchmethods.net/kb/dedind.php //[Accessed 24-

September -2010]

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THEORY

TENTATIVE HYPOTHESIS

OBSERVATION

PATTERN

THEORY

HYPOTHESIS

CONFRMATION

OBSERVATION

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3.4 Research Philosophy

The three chief factors those are significant for the research philosophy and the

factors that are beneficial and unwanted for the research philosophy for the proposed

priority of the actual method to carry out the research. The factors are as follows

• The methods that are going to be implemented in the study should be precise

and also the statics that is collected should be in relation to the subject of

research

• To opt for the foremost suitable technique for carrying out the examination

and clearance of the fewer valuable ones

• The study should be design that it should go with to the research plan and

purpose.

The research done on the managerial aspects, the study requires the selection of thehypothesis that is the positivist and phenomenological philosophy. A positivist

viewpoint is feature which spotlight on essentials and makes a supposition and then

verifies the developed postulates. The notions that are developed by the examiner are

autonomous and also the viewpoints can be objectionable. Whereas in the

phenomenological viewpoint the consideration are based on samples and the matters

that are relevant in the study, so that will give the information from the data and a

rational outcome. (Gill, J. & Johnson, P. 2002)

The report of research focus on case of company as there is different information

collected while observing the company and reaching up to appropriate conclusion in

subject. In this phenomenological philosophy of research is used as because this

research holds the subject which is been analyzed by taking a case or example and

then conclusion are drawn from it.

3.5 Research Strategy

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The research strategy is the technique that is going to be implemented in the

examination of the interested subject and also the strategy should match all the

consideration that is required in the research method. The research strategy should be

simple and very comprehensive that will give a rational result from the examination.

The other important factor to be consider in the research strategy ids that the strategy

should be very systematic and should follow all the scientific approaches or technical

approaches that are been designed by the experts and also taking the reference of the

journalism given by the managerial experts.). The principal research strategy in order

to gain information from people, survey will take place in the research.

Basically research method is a logical method to analyze the constraints and to arrive

at a conclusion; survey is a methodical means of accumulating the required data from

sample of larger population.

Grove (2004) elaborates on the samples; it shows the importance of collecting thedata from large population in concern to differentiate between information acquisition

in universal and with help to survey method. Statistical data is used to describe the

particular characteristic..

The information can be collected by

• Primary information by just soliciting people in general.

• Also it can be collected by personal interview and with the record of the

questions and answers to the samples selected.

• It can also be collected by taking sample from desired field and collecting

information from them.

One major apprehension revealed by Denscombe (2007) is that survey approach is a

ingredient of research stratagem therefore it is improper to consider it as a research

method. Survey is normally \proffered for the collection of information from a mass

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of people selected for the data collection. Some of the pros and cons of survey method

illustrated in below table 3.2.

Advantages Disadvantages

• Decrease the intensity of mistake

take place by confusion because of

normalize questionnaire.

• Survey is not as much of

expensive and simple to govern.

• Accurate question can be placed

in front of target consultation in

study.

•

Strength of survey can becalculated by the use of statistical

technique.

• configuration of survey is still

doubtful whether it’s open or close

finished question

• Some time dependent may not

provide accurate information.

• Lack of inspiration may depress

contestant to present their reaction.

• Lack of reaction is happens for the

reason that of diverse feature of samplewhether its casual sample.

in this report of research the strategies planned out is through using the both primary

as well as non primary sources so there would be different information obtained from

cenus, survey, company’s annual report, or even the pervious research data just to

support the primary data collected through questionnaire and interview. This

strategies are depend on interest of researcher, or investigator who wants to focus on

more collecting the information from Annual general meeting, or annual report or

other news and reports of TATA and AIG (TALIC) company.

3.6 Sampling

A famous quote from Cervantes states, “By a small sample we may judge the

whole piece.” Most of our everyday experiences with sampling are not scientific.

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However, our satisfaction with the results of our decisions, based on sampling,

depends on how representative they are. In research the goal is to assess target

segments efficiently and effectively by designing and executing representative sample

plans.

Sampling consist obtaining information from a portion of a larger group or

population. While making estimates from a sample of a larger population has the

advantages of lower cost, speed, and efficiency, it is not without risk. However,

fortunately for researchers, this risk can be set very low by using probability-

sampling methods and appropriate estimating techniques, and by taking a sufficiently

larger sample. In below figure states the relation between the research population and

research sample

Fig3.4

.

[Source: http://www.qualitydigest.com/IQedit/Images/Articles%20and%20Columns/

August%2010/ouellette/fig1.gif]

So the issue of getting information from large population of TALIC ltd customers and

from different department of marketing, finance and human resource who engagedand involved in increasing customer satisfaction. Their responses in questionnaire will

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like A, B, C1, C2, D, and E, that shows or explain the social background of

the people involved and random samples are usually taken from each group.

2.> Quota Sample: Quota sample ensures that the proportions in a sample

show the whole market. Quota sample can be selected from a relatively small

geographical area, they are cost-effective in gathering data and refusals or

non-returns can be replaced by anyone else who suits the characteristics of

quota sample.

3.> Judgment Sample: In this type of sample researchers select the sample

based on who they think will most like show the views of the group to be

interviewed and it is used where large companies dominate the market in

industrial research.

4.> Convenience Sampling: Convenience sampling means there is no sample

design. The sample is chosen on the basis of who can be contacted easily and

it is similar to an interviewer questioning people met on the street or in an area

in a town closed to traffic.

5.> Random Sampling: - Random sampling is done by picking a selection of

people in random from the whole population or the college to be researched

using a questionnaire. For example pick the entire student in college to have

an equal chance of being selected. Then later use statistical methods bycalculating how many need to be interviewed so that my findings reflect the

views of the entire population.

The most useful method or technique which should apply in this report is the random

sample because it is easier and most suitable to research my findings in order to get an

accurate or appropriate data.

3.8 Sources of research data

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a.> Primary research

Primary data are those kind of information that is been collected buy soliciting the

mass of the people in different manner. These are the first hand data means it can be

understood that this data are directly collected from the source and further more it can

not be altered as it is collected directly from the source in concern. The data can also

be collected from sources and trace of events and business annual report, video, audio

recording.

The different methods are as follows

• Face to face interviews: - this method gives the information by interviewing

the personnel selected for the data acquisition for research. It is verbally done

and cannot be altered by the examiner.

• Telephone interviews: - it is an easy approach of interviewing the

participants as the examiner can contact him on telephone.

• Online surveys: - interviewer this is a modern approach of interviewing tyhe

candidates, its very easy and the data collection method becomes less tedious,

the questions can be asked through e-mails and voice chatting.

• Questionnaires: - it is the systematic method of collection of data, a set of

questions are designed for the research intention and the participants are

solicited to answer the questions.

• Advantages of primary data

1) Specific Research Issues – the primary data has an advantage that it gives

specific research information and as it is directly collected from the participants

there are no chances that anyone can change the information. These are the

original dates, means it is not collected from any other source like news paper of any media.

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2) Greater Control – it gives a superior control over the information that is been

collected and it helps the examiner to focus on definite aspects. Also the control

on the information is higher.

3) Efficient Spending for Information - the expenditure in the collection of the

primary data is efficient in contrary to the secondary data as the unwanted

information expenditure is eliminated in this method.

4) Proprietary Information – the data accumulation by the examiner by means of

primary research is their personal and is normally not shared. The data collected

can be kept confidential and that will not allow the rivals to access the

information.

Disadvantage of primary data

1) Cost – the disadvantage of the primary data is that the expense of the method

increases as different means is used for the collecting of the data, which is not

in that of the secondary data collection.

2) Time Consuming – the collection of information in primary data collection is

more time consuming as it depends on the person being interviewed; it is done

according to the availability of the person. Also the information has to go from

the start point to the end for the investigation sop it consumes more time.

3) Not Always Feasible – Some survey task although prospective in contributing

information that might demonstrate importance whereas it may also happens

that sometimes the information so collected are not of important, it depends on

how the participant provides the researcher with value information, as whatever

information is given by the participant is undoubtly recorded and the further

research is carried out on the basis of the information.

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b.> Secondary research

The secondary data are the data that are collected from the numerous sources that are

providing the information regarding the company, it can be any media, like business

magazine that provide the general corporate information and also from the website of

the company on internet, mostly the company provides the information on their

websites about the companies profile, their various features ranging from financial

report to training and development, review of their employees , feedback, so a lot of

information can be collected from the companies website itself, also there are news

paper and other sources, so the process of collection of data from these sources is

called secondary data.

The secondary data are easy to access and also the quality of data collected is superior

than that of the primary data.

Saunders (2000) has acknowledged that there is benefit and drawback of secondarydata collected works. The benefit is that it saves time and funds for the data collection

from secondary resources. It is unremarkable and can be acquire fast and without

difficulty.

It is also reasonable to carry out a swot and permits the data to be evaluated and

despair easily. Ultimately it is possible to get a result that is not expected from the

data collection. It is constructive former to primary investigation being demeanour. It

is also feasible for any examiner or researcher to recheck secondary data orientation.

The difficulty is that the information could be composed for a different function than

mine and data may be deceptive or may possibly be offered in a configure not well-

matched to the intention.

Advantages of secondary data

1) Simplicity of contract.

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The collection of secondary data is easy as the sources for the acquisition of

information is available in plenty of sources.,

2) Low cost to obtain

The cost of the secondary data collection is very less as compared to that of

the primary data.

3) Clarification of research question

It might assist in make simpler the research query of the researcher. Secondary

study is more often than not used prior to primary research to aid sort out the

study center.

4) May answer research question

It usually assists frequently to center the enormous level of primary research.

Disadvantage of secondary data

1) Quality of research

As seen the primary research is self governed and it cannot be altered

manually originators of the primary research are largely self governed and

forbidden by the marketers. The examiner requires to get adequate steps to

appreciably approximate the potency and stability of the data endow within.

2) Not specific to the requirements’

The secondary data at times are not incorporated in a outline that properly

convene the examiner necessities.

3) imperfect information/ limited information

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The secondary data are limited data or the it can be said that the data that is

been collected are not sufficient for the research, as it is collected from the

various source it faces some barriers.

4) Not timely

It is possible for the secondary data that they might have not updated. So the

data required with the current year may not available or the data are not

uploaded.

The investigation job is basis on equally the primary as well as secondary data.

Primary data is composed on the root of the questionnaire given to the 50 customers

of the business and in addition on the basis of the consultation demeanor on the 10

managers and 4 area mangers. Secondary data breakdown was completed in the

journal assessment where the answer of preceding study were examined and also datafrom company sources.

3.9 Research Reliability

Reliability can be expressed as the degree of steadiness with which the device trial the

features it is intended to quantify. The questionnaire which was responded by the 50

customers of TALIC Ltd. demonstrated uniformity in their response. It can be

enhanced by dropping dimension errors like researcher preconceived notion. Here it

was no examiner predetermined conception in the examination of the questionnaire as

the respondent had to select as of the four alternative of completely satisfied, satisfied,

dissatisfied or totally dissatisfied. The examiner immediately explores this effect he

did not considered his notions about the outcomes. Isolation and discretion was

preserving equally in the questionnaire and as well in the interrogation. (Joppe 2000)

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3.7 Research validity

Validity can be expressed as the amount to which the mechanism trial what it is

projected to quantify. Together satisfied and peripheral soundness was preserve.

Content validity is the level to which the device characterizes the facet under study

and external validity refer to the level to which the explore result can be

comprehensive to cases outer the model. Content validity was sustained as the

problem in the questionnaire was designed in an easy method so that it possibly will

be tacit by each of the respondents. External validity was keep up as all the

respondents take part in the examination to complete the study (Joppe 2000).

3.10 Ethical considerations

The study upholds not just adeptness and meticulousness, other than also

honesty and fidelity. The permission of the human resources was taken previous to the

survey was carry out. No names were inquired secrecy was retain and yet discretion

of the reaction was preserved. The ethical standard of self fortitude was keep as the

human resources willingly contented to partake in the examination. Scientific

consideration was also maintained in the survey as it is the part of the research

methodology to maintain the technical approach.

Chapter- four

Research findings & The Data Analysis:-

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customers will be providing or filling up it according to the best of their knowledge

based on truth.

On the initial stage, in the questionnaire 5-point rating scale was used which shows

your opinion in the form of partially/totally assure or not and normal reaction. The

other aspects like loyalty, satisfaction and price were also measured with 2-point

measuring scale describing partially, totally satisfied or dissatisfied and regular reply.

The Demographic Aspects:

when we talk about demographical aspects straight way the following items will start

blinking in our mind like population variables such as sex, age, level of income, death

and birth rate, average size of family or age at marriage, marital status, religion,

profession etc. in fact the ballots are collection of these demographic features which

have association with the whole population. Here researcher includes only the Age,

sex and no. of year’s respondents concern with the TALIC ltd India.

Age group No. of respondent Percentage

(%)

18-22 11 18.18

22-25 21 35.35

25-30 15 25.25

Above 30 13 22.22

Total 60 100

Table 4.1 Age of the respondents

Table 4.1illustrate the time since Customer attached to TALIC ltd which

highest percentage of sample group is customer between 1-3 years and followed by 3-

5 years concern with the organization. Even above data indicates very reasonablenumber of customer concern with organization who been working more than 5 years.

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So the mixes of attachment length suggest those respondents are well familiar with

organization.

Figure 4.1 Age of the respondents

No. of years concern

with the organization

No. of

respondent

Percentage

(%)

less than one year 8 14.14

1-3 years 24 39.39

3-5 years 17 29.29

Above 5 years 11 18.18

Total 60 100

Table 4.2 No. of year’s customer concern with the organization

Table 4.2 illustrate the time since Customer attached to TALIC ltd which

highest percentage of sample group is customer between 1-3 years and followed by 3-

5 years concern with the organization. Even above data indicates very reasonable

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number of customer concern with organization who been working more than 5 years.

So the mixes of attachment length suggest those respondents are well familiar with

organization.

Figure 4.2 No. of year’s customer concern with the organization

Respondent's

Gender No. of respondent

Percentage

(%)

Male 42 69.69

Female 18 31.31

Total 60 100

Table 4.3 illustrate the sexual orientation of respondent group of male is 69.69%

where as women are 31.31% which is in ratio of 2:1. This 100% response by sex

represent from the overall 60 response received combined of 42 male and 18 female.

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This statement was made to customers to information whether customers

believe it should be the similar service they showed in TALIC ltd marketing. So

ultimately view will give idea whether there were held any promotional gap within

the service quality and customer satisfaction.

Response Response rate Percentage (%)

totally satisfied 47 78.57

partially satisfied 13 21.43

Average 0 0

partially dissatisfied 0 0

totally dissatisfied 0 0

Total 60 100

Table 4.4 Explanation of the respondents rate on there were not any promotional

gap held in service quality and satisfaction.

Table 4.4 indicates that about 78.57% of customers respond totally satisfied as

they got the service quality which they shows in TALIC’s promotional activities

adoption option and 21.43% respond that they satisfied to question out of 100%. So

its show the number of customer gives idea about priority toward there were not any

gap between the service quality and companies marketing activities. This aloneresponse doesn’t help to get concrete conclusion so to get same response it will

further asked to different questions about service quality provide by the company and

their level of satisfaction. Which will gives idea how efficiently researcher measures

different gap in the service quality and customer satisfaction.

Statement -2 Can your policies which would offered by the company’s

executives is as per your requirement.

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This statement was asked to customer to get information from customers

whether currently offered and they bought policies enough efficient to their

requirement or not. So straight forward answer will be achieve and if answer come

like average means they are not satisfied in policies which they bought with TALIC.

So, actual impact on employee’s offers will be measures which are not desirable by

any organization.




Average 4 7.14



Total 60 100

Table 4.5 No. of respondents response on their policies which would offered by

the TALIC’s executives is as per their requirements.

In table 4.5, there are 71.43% respondents who totally satisfied and 21.43%

partially satisfied to statement that the TALIC employees provide. There is only

7.14% is average about the effectiveness of that policies for them. From view point of this data researcher can conclude that there were not any understanding gap held

between customer and TALIC employees.

Statement -3 Just give rates for helpfulness of employees for electing or

selecting particular policies?

The aim behind putting this question to customers is vital importance to even

know their view about their own fillings regarding their needs and priorities from the

TALIC employees. By taking response from this statement researcher can measures

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the staffs are insufficiently / sufficiently trained or disciplined to follow the

procedures to the letter at all times.




Average 0 0



Total 60 100

Table 4.6 No. of respondent’s response for helpfulness of employees for electing

or selecting particular policies

Table 4.6 indicates the out of 60 responses, 85.71% totally satisfied that TALIC

employees are sufficiently trained or disciplined and follow all the procedure. In

addition the 14.29% response of customer is to partially satisfy with statement even.

Responses indicate that the customers view about the TALIC ltd employees and its

impact personal performance. So we show finally that the employees are well

disciplined and trained to follow up the events. So it describes there were not held any

procedural gap between the TALIC ltd and its customers.

Statement -4 Just give rates for friendliness of employee’s behavior with you

when you purchasing policies.

It’s very important for organization that to know about the employee’s

behavior with the staff because they are only the representative who put the company

in the front of customer. Manager should keep monitoring disciplinary and

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sufficiently training level within staff because it may effect the customer satisfaction

and make behavioral gap among the quality of services and also satisfaction of the

customers.




Average 13 21.43

partially dissatisfied 17 28.57

Totally dissatisfied 0 0

Total 60 100

Table 4.7 No. of respondent’s response for friendliness of employee’s behavior.

In the table 4.7 indicates the friendliness of employee’s behavior of TALIC ltd

business environment is almost customers totally satisfied and partially satisfied are

respectively 35.71% and 14.29%. There is a 28.57% customer not satisfied to

statement whereas almost 21.43% average about the fact. There also some partially

dissatisfied shown and some respondent are average create a doubt that it might be

possible after certain level friendliness of employee’s behavior not effective enough.

This little dissatisfied may turn in big issue if organization doesn’t resolve

misconception or behavioral gap from mind of respondent.

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Statement -5 how is your perception on the performance of TALIC ltd?

This particular statement made to get direct response in relation to get answer

about the perception of Customers on TALIC ltd because of it is possible that the

other gaps like behavioral, procedural, understanding and promotional gap do not

exist but your customer survey still shows an unacceptable level of dissatisfaction.

This is because customer’s perception of the performance of your organization may

differ from reality.




Average 9 14.29


Totally dissatisfied 4 7.14

Total 60 100

Table 4.8 No. of respondents perception on the performance of TALIC ltd.

In the table shown 4.8 there is 35.71% respondent are just partially satisfied

and 21.43% are totally satisfied on their overall perception on the company. There

also 21.43% partially dissatisfied and 14.29% are average on the matter where only

7.14% totally dissatisfied. Very mix of responses presented by respondents about their

perception on the company. The reason might be because a customer who was upset

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by offhand, unhelpful service sometime in the past will form an attitude that your

organization is uncaring.

Statement -6 Give your response for service satisfaction with the service

provide by the TALIC ltd.

This statement was made in order get response from customer about their servicesatisfaction on services they got from the TALIC ltd. So, the statement describes the

service satisfaction of customer after bought the insurance policy with TALIC ltd.



partially satisfied 30 50

average 4 7.14



total 60 100

Table 4.9 respondents’ response for service satisfaction with the service provide

by the TALIC ltd.

Table 4.9 indicates that almost 50% just partially satisfied and 35.72% totally

satisfied to overall service quality provide by the TALIC ltd. whereas only 7.14%

manager average and partially satisfied. This most positive response about the

customers’ overall satisfaction is good for organization for increasing firm’s

performance as well as market shares.

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Statement -7 have you satisfied with the price of the insurance policy offered

by the TALIC ltd?

This statement made in order to get brief idea about the price satisfaction of the

customer. Researcher did not include the price satisfaction and service satisfaction in

overall satisfaction because the variables ‘‘price satisfaction’’ and ‘‘service

satisfaction’’ have been measured with a single item and as researcher cannot assume

that over all-item measure is error-free.




average 0 0



total 60 100

Table 4.10 shows respondents’ response for price satisfaction with the service

provide by the TALIC ltd.

In the table 4.10 85.71% customers are totally satisfied with the statement that say

TALIC ltd offer very contemptible price rather than other companies and 14.29%

customers view are partially satisfied. So over all, all customers of TALIC ltd aresatisfying with the price offer by the company. This particular statement was made in

order to get idea about the one variable of overall satisfaction is a price of a product.

This response rate shows those customers are highly positive attitudes towards their

price satisfaction with TALIC ltd rather than other organization.

Statement -8 just give your response on your intention to purchase another

product from the companies.

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This statement will indicate what actual percentage of customer belief whether it is

intentional to repurchase product from the similar company. Response will also

indicate deep knowledge of customers about their loyalty with the company and it is

significance in comprehensive point of view.




Average 4 7.14



total 60 100

Table 4.11 shows respondents’ response on their intention to purchase another

product the company.

In table 4.11 shows percentage of customer response on their intention to purchase

another product the company. There is huge difference in each option but still 42.86%

partially satisfied and 21.43% totally satisfied whereas 28.57% dissatisfied and only

7.14% average whether it’s should be considered figure for respondents intense to

repurchase. Where most view shown in table suggests that customers’ intention to

purchase another product with the company but then also few customers are not ready

to purchase another product with TALIC ltd. There should proper consultation needed

from management side for making loyal customer who are profitable for life.

Presently in recessionary interlude every organization lowering down the price of

their product and services but assessment should be made in reflection to long term

loyal customer. Here when come to increase maximum customer satisfaction are

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helping hand to organization in building strong sales force with loyal customers which

will be core competency for future growth of organization.

Statement -9 just give your response on your recommendation of TALIC ltd

to others.

This statement shows the response of the respondents on their recommendation of TALIC ltd to others. This statement made another tools for measuring customer

loyalty with the company. Responses will indicate the at what extent customer loyal

with the firms.


totally satisfied 0 0


average 9 15.56


Totally dissatisfied 28 46.67

total 60 100

Table 4.12 shows respondents’ response on their recommendation for purchase

insurance policy of TALIC ltd to others

Table 4.12 indicates respondent’s response on their recommendation for

purchase insurance policy of TALIC ltd to other Where actually 46.67% customer

totally dissatisfied and further 26.67% partially dissatisfied with recommend the

TALIC ltd’s product to others so researcher can put these customers into a

suspects person in level of loyalty as mention in literature review. Only 11.11%

partially satisfied saying that they try to recommend TALIC’s product to their

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relatives, friends and families. The response indicates there were only 11.11%

customer out of total are loyal with the company and company put these customer

into an Advocate level in ladder of loyalty level. Where as 15.56% people are not

quite sure about recommendation of TALIC’s product to their friends, families

and relatives.

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Analysis of data collected through Interview

Interviews conducted with managers of TALIC ltd India indicated that Customer

satisfaction and customer retention are requirements in the company can be identified

by observing performance gap. Majority of managers showed enhancing organization

performance is one of the strong objectives for customer retention and satisfaction.

Results indicated that long term goal of the company is to increase sales, to increase

market share and to increase profit. If customer is well satisfied it improves customer

retention. Good customer retention enhances efficiency. Consequently if satisfied

customers, happy customer. If customer are happy then they are retain and shows to

repurchase another product which offer by the company. If happy customers, more

profit. Result indicated that complete customer satisfaction makes profitable and

loyal customer for life. They feel to go ahead and to commit the company for their

development which results in improved performance of company. Manager’s

response matched with literature, according to finding customer satisfaction has positive impact on organization in terms of increased efficiency, increased customer

loyalty, increased market share, increased sales, and increased profit; motivate staff,

growth and development, commitment. Customer satisfaction also helps in building

structured and succession plan within company. According to findings motive,

characteristics of individual, organizational goals, idea of outcome are strong step

company take into account while designing their strategy as a maximized customer

satisfaction. Company found effectiveness of customer satisfaction by feedback,

company output and timely review.

4.3 SECONDARY DATA ANALYSIS

Customer satisfaction at TALIC ltd INDIA

TALIC ltd is now part of the India’s most successful insurance sector company.

The TALIC is brand is one of the most respected in the India because it is a stream of

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the Indian business father Jamsedji Tata. TALIC ltd is fast growing Insurance policies

business with almost maximum market capture after Life Insurance Corporation of

India. Customer satisfaction and customer retention as a strategy is provided to build

capability within TALIC ltd and to develop customer retention to undertake as a

profitable for a life, and bring high performance of the firms. There is a well

structured plan for retaining customers who wants to buying different policies with

TALIC ltd India. There is Trainee manager program designed for the employees that

gives knowledge and teaches how to maximize customer satisfaction. TALIC ltd

encourages learning culture that gives satisfactory opportunities to employees to be

motivated and progress. After purchase services, offer different schemes, customer

care, increased relationship, ensure for value of their money, give maximize return on

investments are given equally importance in TALIC ltd. below diagram describes the

profits of TALIC ltd after they adopt the strategy of maximize customer satisfaction.

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TALIC’s profit by year (Rs. In ten million)

TALIC ltd was running in loss in 2004, company incorporated new action plans,

started emphasizing more on maximize satisfaction program for their customer in

2005. Rs.150 million spent on customer relationship management program for the

company. Company started operating in profit in 2006 and TALIC ltd became number

second after Life Corporation of India, improving good insurance company in the

India. In 2006 sale grew 15 %. In 2007 TALIC ltd generated profit of Rs.1000 million

and built stronger financial condition. It continued to growth of sales and profit in

2008. In 2009 growth and sales took over Rs.2 billion. Profit increased by 41 % to

Rs.1357 million.

4.4 CONCLUSION

In this chapter, primary data collected through questionnaire and interviews, is

discussed. Questionnaire and interviews were conducted at TALIC ltd India.

Secondary data collected from the company and articles are presented. Result from

both data supports that there is significant contribution of customer satisfaction and

retention strategy for enhanced organizational performance.

4.5 Analysis of Research Objective

The objective of a research project summarizes what is to be achieved by the

study. Analysis of research objective is most important because this carry out the

justification of the whole research questions. By analyzing the literature review and

primary data which we describe above researcher can justified the research question.

By this specific manner carry synergy in research and finding tangible conclusion

about customer satisfaction.

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How are customers satisfied who have bought TALIC insurance policies during

the past 10 years?

As researcher define customer satisfaction as a measure how your organization’s total

product perform in relation to a set of customer satisfaction. There are many different

kind of strategy and policies are adapted by the firms, to achieved maximum market

share as well as high level of market share. TALIC ltd adopt the strategy of Maximize

customer satisfaction as describe in the secondary data collection. So, Customer

satisfaction and customer retention as a strategy is provided to build capability within

TALIC ltd and to develop customer retention to undertake as a profitable for a life,

and bring high performance of the firms. As shows their profit index after 2005 they

company incorporated new action plans, started emphasizing more on maximize

satisfaction program for their customer in 2005.they spent more on customer

relationship management program for the company. Company started operating in

profit in 2006 and TALIC ltd became number second after Life Corporation of India,improving good insurance company in the India. As their profit increased sharply

after adopting this strategy and grow their profit and reached at 41%.

From the customer point of view side, majority of customer are totally or

partially satisfied with the TALIC ltd which researcher found from the gathering

primary data. These data gathered by the questionnaire which describe above and

questionnaire develop by used of the performance gap model of service quality

developed by Parasuraman, Berry and Zeithaml in 1985 with their five different gaps

between service quality and customer satisfaction and also with the SERVQAL model

that will help the examiner to know about the gap that is being commenced in the

customer relationship with the organization, and also the also to ensure the level of

satisfaction with the expected service with that the actual service being provided

(Parsuraman et al. 1988 cited in Jabnoun & Saad 2004). But presumably this is

not relevant to intangibles such as insurance policy so, researcher using another four

dimensions for measure the gap between customers expected level of service and their perception of actual standard of service delivery. The gaps are measures with the

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asking different questions to the customer within the questionnaire. In which

researcher found there were not any promotional gap, understanding gap and

procedural gap occurred between the service quality offered by the TALIC ltd and

customer satisfaction by giving maximum response on totally satisfied and partially

satisfied which researcher found in table 4.4, table 4.5 and table 4.6 respectively. But

in two gaps such as behavioral gap and perceptional gap of overall Performance gap

analysis researcher found the mix response responses presented by respondents about

their perception and employees behavior on the company. Reasons behind that some

partially dissatisfied shown and some respondent are average create a doubt that it

might be possible after certain level friendliness of employee’s behavior not effective

enough which we can shows in table 4.7 where as the overall performance of the

TALIC ltd Very mix of responses presented by respondents about their perception on

the company. The reason might be because a customer who was upset by offhand,

unhelpful service sometime in the past will form an attitude that your organization is

uncaring. By improving the service quality and putting maximum milestone in

performance will helpful for improvement in these two performance gap.

Are price satisfaction and service satisfaction two distinct drivers of customer

loyalty and does their relative importance differ?

The consequences of this study demonstrate that the comparative importance

of service proportions for generally examination contentment fluctuate from their

significance for price satisfaction. These consequences also recommend that

consumers use diverse suspicion when they figure assessment of the taken as a whole

service and the price. but four service magnitude robustly manipulate service

satisfaction their contact on price satisfaction is minor. Assurance subdivision has a

stronger blow on price contentment than on service contentment.

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The second attractive judgment was that cost contentment has a stronger brunt

on loyalty than service satisfaction which is in contradiction to the early findings. It

give the impression, to facilitate that at least in the case of assurance policies, cost is

more vital than superiority of service.

For an instance a TALIC ltd executive needs to augment the customer loyalty

it be supposed to recognize what are the factors that will drive the customer loyalty,

and whether allegiance is obsessed extra sturdily by cost satisfaction or driven by

service contentment.. Thus for the pragmatic approach it is important to know the

quality of the service being served to the customers and which are that factors that

will boost the loyalty whether it is than cost consideration or the service quality which

is going to affect.. If, for example, the performance of a specific service dimension

has a low impact on service satisfaction one would accept a lower performance of that

service dimension. If the service aspect yet has a soaring brunt on cost fulfillment and

loyalty.

To analyze whether it is more profitable for the firm to improve the satisfaction

of existing customers or to create new customers?

The relation with customer helps the organization in gaining profit and increase

productivity (Reicheld and Sasser 1990 p.105). Reichheld (1990 p.105) also states

that the management of the organization can enhance earnings by more or less 100%

by retaining just 5% supplementary of their customers. A factor which determines

whether or not a relationship is maintained between a consumer and a service is

whether or not. The customer retention and grasping loyalty can help to improve

business. Companies are expected to increase their spending on customer satisfaction

year by year. Management tends to regard customer retention as an operating expense

rather than an investment (Marshall, et al., 1995)

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Retention of customer is continuously growing; there is approximately

expense of Rs.30 billion on formal way of customer retention each year. Studies by

economists found effects of customer satisfaction programs financed on overall firm’s

profit. For example, take a case Survey of 1379 customers under adoption of different

organizational strategy such as attract new customer and retention of customer in

West Virginia was conducted and concluded for the retention earning and amount of

time employed got increased. Also Survey was conducted for a national sample of

1200 customers of former companies who adopt customer retention strategy and

matched them with 1024 customers of different companies who mainly generate new

customer. Researcher calculated approximately $10 per week earnings increases

through Customer retention strategy Campbell J. (1971). As researcher found in the

secondary data that there was increasing profit sharply after they adopt customer

satisfaction / retention as a strategy. If TALIC ltd did not expense on the customer

satisfaction then at each year they try to attract new customer for that they need to

invest more amount on marketing and advertising. Whereas if one time they invest in

the customer satisfaction than they will improve their performance by retaining those

customer.

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CHAPTER FIVE

Findings and conclusion

This chapter will analyze findings of previous chapter with reference to purpose of study. It includes limitations encountered in process of research, it will discuss

conclusion as well.

As stated in first chapter of introduction, the objectives of study were

• To critically appraise the literature on customer satisfaction.

• To examine level of customer satisfaction who bought policies in the last 10

years with TALIC Ltd.

• To identify key factors that influence customer satisfaction with Tata AIG Life

Insurance Company Ltd?

• The cost satisfaction and service satisfaction distinctive drivers for customer

loyalty and to know about their importance

For this purpose the researcher explored and reviewed literature on ‘customer

satisfaction’, ‘customer loyalty’ and ‘organizational performance’. Review shows,

according to (Pauwee, 2004) maximize customer satisfaction and retention lead to

increases sales and consequently more investment in customer relationship

management results in higher profit. It results into higher productivity and profit

across all types of organizations. It has positive impact on different company

dimensions ranging from product quality to market shares. It has a positive impact onthe organizational performance and improves the perception of the organization and

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hence contributes positively to its performance. Research conducted for TALIC ltd‘s

historical data also supports the finding of literature. There has obviously been a

bunch of studies completed on the topic of service excellence and its association to

prosperity. The acquaintances in the service profit chain comprise of how provided

that superior service quality be able to direct to embryonic a money-spinning client,

and to a degree, a lucrative customer for life. Helgesen (2006 p.261) explains in his

study that it give the impression to be a optimistic association among customer

satisfaction and customer loyalty, and he also compares the relation and says that

there is an affirmative connection between customer loyalty and customer

profitability. At the same time as studied and interpreted by Bolton (1998), explains

that, the company gives the first priority to those customers who are in relation to the

organization for a very long time and also they get privilege of getting superior

service.

From the questionnaire survey being conducted on 60 customers of

TALIC India Ltd. and also from the secondary data followings were the findings

Researcher found from primary data analysis that 78.57% of customers

respond totally satisfied as they got the service quality which they shows in TALIC’s

promotional activities adoption option and 21.43% respond that they satisfied (table

4.4). So its show the number of customer gives idea about priority toward there were

not any promotional breach involving the quality of service and companies marketing

activities. Like the same way researcher was not any understand breach and technical

breach between the service quality and customer satisfaction by get maximum

response on totally satisfaction such as 71.43% & 85.71 % respectively (table 4.5 &

table 4.6).

Even researcher found some negative impact of the employees’ behavior on

customer satisfaction. Because there also some partially dissatisfied shown and some

respondent are average create a doubt that it might be possible after certain level

friendliness of employee’s behavior not effective enough. This little dissatisfied mayturn in big issue if organization doesn’t resolve misconception or behavioral gap from

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mind of respondent. Even though Very mix of responses presented by respondents

about their perception on the company. The cause might be for the reason that a

customer who was displease by the bad service that is provided by the organization,

will create an impression that the organization is least concern about their customers.

Researcher did not include the price satisfaction and service satisfaction in

overall satisfaction because the unpredictable price agreement and also with that of

service contentment have been calculated with a single item and as researcher cannot

assume that it is measured every time and also it is without any mistake . In which

researcher found majority positive response about the customers’ overall satisfaction

with TALIC ltd is good for organization for increasing firm’s performance as well as

market shares. On another variable “price satisfaction” researcher got 85.71%

customers are totally satisfied with the statement that say TALIC ltd offer very

contemptible price rather than other companies and 14.29% customers view are

partially satisfied (table 4.10). Over all customers of TALIC ltd are satisfying with the price offer by the company. So, researcher can conclude that customers are mostly

satisfied with the price satisfaction in insurance product rather than service quality

satisfaction.

Where ever researcher conclude on loyalty that customer response on their

intention to purchase another product the company. There is huge difference in each

option but still 42.86% partially satisfied and 21.43% totally satisfied whereas 28.57%

dissatisfied and only 7.14% average whether it’s should be considered figure for

respondents intense to repurchase (table 4.11). Where most view suggests that

customers’ intention to purchase another product with the company but then also few

customers are not ready to purchase another product with TALIC ltd. for the

recommendation of TALIC product to other relatives, friends and family by customer,

response indicates there were only 11.11% customer out of total are loyal with the

company and company put these customer into an Advocate level in ladder of loyalty

level. Where as 15.56% people are not quite sure about recommendation of TALIC’s product to their friends, families and relatives. So researcher can conclude the overall

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response generates on loyalty by the customer for intense to purchase another product

or recommend the product to others are not at as much as satisfactory level.

5.2 Recommendation:

Even though from the financial report of TALIC ltd’s performance shows

comparatively good up word movement in profit, research has found out the vitalissue which should be resolved with reasonable recommendation. After executing

such wide research in organization it’s very important to get solution of certain issue

found is necessary. Here is some reasonable recommendation made to resolve the

issue found during the research at TALIC ltd.

As research identified one more general issue with TALIC ltd’s customer

satisfaction strategy have some negative impact of the employees’ behaviour on

customer satisfaction. Because there also some partially dissatisfied shown and some

respondent are average create a doubt that it might be possible after certain level

friendliness of employee’s behaviour not effective enough. This little dissatisfied may

turn in big issue if organization doesn’t resolve misconception or behavioural gap

from mind of respondent. So, company try to proper monitoring and monthly follow

up by HR department of organisation will be significance move to get every staff

under training programs and learn them to improve their behaviour. This important

issue can be resolve from the action even suggested before by identifying proper

individual erudition technique. That will improve level of interest of employee in

training which directly result in improvement of individual behaviour which lead

overall customer satisfaction.

There research also indicates that customer satisfaction strategy adopted by

TALIC ltd is as effective as it should be. Where TALIC ltd aimed to provide

outstanding customer service in India insurance retail market but company doesn’t get

enough loyal customers as they needs. So whenever TALIC ltd come to increase

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maximum customer satisfaction are helping hand to organization in building strong

sales force with loyal customers which will be core competency for future growth of

organization.

5.3 Limitation of Study:

o There was very limited time duration available to carry out such bigresearch topic. Because of that detail study left behind and it lead to reduce

the scope of actual study in concentrating on time limit.

o More detail study would have given opportunity to study level of customer

satisfaction of TALIC ltd more closely. More close study might have given

more trustable conclusion which can be applicable in real situation.

o Research questionnaire has generated only response from 60 customers so

end finding can not be generalised to whole company from whole

population.

o During the research, closed ended questionnaire executed which has

indirectly decreased the flexibility to respondent give answer.

o Research carried out with even standard question because of time

constrains but personal interview would be better to understand each

respondent view deeply to get more concrete fact from research.

o There was very less secondary data available in market to get hand on

company policy and strategy on customer satisfaction.

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Even though this research has highlighted some complicated issue in

organization, there can be further study carried out in order to get more in depth

knowledge of some missing part because of research limitation. This further study will

give organization opportunity to really get most things correctly and win market.

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CHAPTER SIX

6.0 Reflection Report:

Economic recessionary period has created such huge chaos whether it job market or

personal business. Moon (1999) stated reflection simply as process of learning and

representation of that learning. This dissertation is my strong determination and

diehard effort to achieve success in my career. This particular report would be better

to give idea about what I have learnt from dissertation and how it will give me unique

opportunity in highly competitive and dynamic world. This dissertation will be

different experience to take my career prospective next level.

Keogh and Walker (1985) also stated that reflection report writing is a way of putting

some newly developed skill from past experience. Richards, Lockhart (1994), presentsuch unique view that reflection report is presenting a little evidence in written form

about the feature of situation. So it all about how I finished my dissertation and what I

learnt from whole process will be dictates in this reflection report.

6.1 Selection of Research Topic:

As the journey of MBA was moving further, we all been asked individually to choose

interested topic for the dissertation. Again the challenge was not just choosing topic

but thing that matter most is choosing the topic develops special skill and

qualification in me. Another thing was getting the topic that has information available

easily in order to get hand on topic. The option left in front of me was the

organization where I was work, TALIC ltd India. Before I moved any further with

topic, I decided to get permission from management about carrying out research on

organization and got all support from management people.

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Later on after careful investigation I found in one article where TALIC ltd got more

benefited for its customer satisfaction strategy. So it was main aspect of choosing this

topic for my dissertation but after reviewing many articles, I came to know there in

“can every organization increase performance by maximize customer satisfaction or

customer retention. So there was also another reason behind choosing this topic was

to know importance and it real implication and get more deep understanding about

customer satisfaction in business world.

6.2 Critically Reviewing Literature:

Just deciding topic was first step toward dissertation but thing interest most me was

the reviewing related literature about customer satisfaction. Reviewing literature was

a different task for me because this was my first big literature review in my career.

Literature reviews also help me to get hand on customer satisfaction. Literature

review helps me to understand basic concept, theory and how its link logically.

Critically reviewing whole theory and concept about customer satisfaction also help

me to develop a new skill in me. Literature review has improved my basic

understanding that will definitely help me further in job future.

6.3 Formation of Research Methodology:

After completing critical literature review on customer satisfaction, the next step was

to create research methodology to get research question and objective answer

systematically. Research methodology is logical way to get end information from

different sources. There were two options left whether analysis carried out by

deductive or inductive approach. But the topic selected was directly related to

organization and it was better to adopt deductive approach to get best result from

research. Research methodology also help to get as much data from different sources

within limited time, where many student struggle to get proper arrangement. Research

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methodology also distinguishes data and information in two forms one is primary data

collection and secondary data. It helps to collect separate information for maintaining

quality of report.

6.4 Designing the Questionnaire:

As conceptual framework formed from literature review and research methodology

but the challenging task was to get most feasible information. This information

categorized in primary data and secondary data. There secondary data was easily

available but to reach the pin point of customer satisfactions in TALIC ltd primary

data was required. There was questionnaire formed in order to get direct view from

customer. Questionnaire is most easy and less costly ways to collect information. It

was very help full to me in creating such different skill of formulating question and

interacting with respondent practically in real life situation. Every act from my side

was well monitored by my tutor to get most things goes on correct path.

6.5 Data Tabulation and Analysis:

Data tabulation was immense important to present collected responses from

questionnaire in one easily understandable form and even there statistical calculation

also carried out to get percentage on particular response. There simple Microsoft word

and excel were used to get all data in similar form. As customer satisfaction data

collected questionnaire were analyzed with some literature review to give more

detailed and logical view about response. This all step by step process helps me to

improve by skill which will directly help in further career to present myself to

management board.

Once I finished with tabulating data, analysis of data in accordance to question was

important part. During data analysis core part was to give an idea reader about why particular question been asked, what reply received from respondent, how similar

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response with theoretical and conceptual frame work and what unique about response

even. So there were lot many things to manage at a time will develop skill for

workplace.

6.6 Report Writing:

Every move in dissertation needed to write in logical structure and professional

manner to give broad view to situation. This dissertation was very helpful in

identifying all related information I must gather before reach to any kind of

conclusions. I have developed much new skill with broad understanding on particular

topic. There was challenge ahead me on writing dissertation with more profession

manner with good vocabulary; I have improved that particular area significantly. This

report also helps me to write most area as per research based view rather than writing

personal perception and self belief. So report writing being a core and most vital job

for me that has been completed.

6.7 Conclusion:

This research was really helpful in developing such different skills, which will be

dominating skill in my career development. It not only development of skill but doing

a work that recognized value in education career is core part. This research has

developed a strong communications skill that will be important for me to present on

workplace in near future. This research carried out will give me such unique position

as fresh graduate in current highly competitive market. After all developing all this

different skill, it will definitely give new start in my life. So writing a dissertation was

an exercise which led me to get practical experience considering most theoretical and

conceptual aspect of customer satisfaction.

References

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1. Andreassen, T.W and Olsen, L.L (2008) ‘The impact of customers’ perception

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11. Helgesen, O (2006). Are loyal Customers Profitable? Customer Satisfaction,

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24. Martyn Denscombe (2007), “The good research guide: for small-scale social

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38. Storbacka, K., Strandvik, T., Gronroos, C., (1994). Managing Customer

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Appendix-a

Questionnaire

Demographic factors

Sex

[ ] male [ ] female

Age group

[ ] 18 - 22 [ ] 22 - 25

[ ] 25 - 30 [ ] above 30

No. of year’s customer concern with the organization

[ ] less than one year [ ] 1 - 3 years

[ ] 3 - 5 years [ ] above 5 years

Statement -1 as you inspired for purchasing product by some benefits showing by

the marketing advertise but you fulfill your needs with this product.

[ ] totally satisfied [ ] partially satisfied

[ ] Average

[ ] partially dissatisfied [ ] totally dissatisfied

Statement -2 Can your policies which would offered by the company’s executives

is as per your requirement.

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[ ] Average


Statement -3 Just give rates for helpfulness of employees for electing or selecting

particular policies?


[ ] Average


Statement -4 Just give rates for friendliness of employee’s behavior with you

when you purchasing policies.


[ ] Average


Statement -5 how is your perception on the performance of TALIC ltd?


[ ] Average


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Statement -6 Give your response for service satisfaction with the service provide

by the TALIC ltd.


[ ] Average


Statement -7 have you satisfied with the price of the insurance policy offered by

the TALIC ltd?


[ ] Average


Statement -8 just give your response on your intention to purchase another

product from the companies.


[ ] Average


Statement -9 just give your response on your recommendation of TALIC ltd to

others.


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[ ] Average


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