Abstract:
Modern societies belief life insurance scheme, which is designed to be backbone of man survival, ensure financial security and offers readymade source of long term capital financing for the infrastructural project is capable ofcombating the besetting problem of man so that life can be made easy and continuous. The dramatic increase in competition within the insurance sector and the needs of insurance by people has concurrently resulted in morepolicy options being available in Nigeria market. The different types and attributes of life insurance plans are to provide quality in the products, so as to satisfy human wants. This study is carried out to measure the buyers'trade-offs among multi-attributed products and services (utilities) that are derived from purchasing a particular life insurance plan using descriptive statistical analysis (Mean Score). The result show that the policyholdersgenerally are not satisfied with the Life insurance products based on the attributes attached to each of the product
Machine summary:
This study is carried out to measure the buyers'trade-offs among multi-attributed products and services (utilities) that are derived from purchasing a particular life insurance plan using descriptive statistical analysis (Mean Score).
Measurement of customer satisfaction assist the decision makers, policy-holders or the potential investors to measure preferences at individual level, estimate psychological trade- offs that consumers make when evaluating several attributes together and also use to make comparison among the various policies being offered by the insurance companies and the probabilities of selecting a product from a set of mutually exclusive alternative.
This research work is therefore carried out to measure the policyholder’s satisfaction level and attitude towards life insurance plan and also identified customer improvement measures in order to have a view about the changing needs by policyholder.
(2007), Cadotte and Turgeon (1988), Cox and Dale (2001), Dabholkar (1996), Doll and Torkzadeh (1988), Kuhlemeyer and Allen (1999) and Ndubusi and Chan (2005).
Table 1: Mean score values of customer satisfaction on life insurance products Customer Satisfaction per attribute Attributes Product Plan er te Low price: How satisfied are you with the following characteristics of life/annuity/pension plan you currently own or intend to own?
Good customer services : How satisfied are you with the following characteristics of life/annuity/pension plan you currently own or intend to own?
Good customer services : How satisfied are you with the following characteristics of life/annuity/pension plan you currently own or intend to own?
Keywords:
Insurance product
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Descriptive analysis
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Mean score
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Product attribute and Likert scale
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Life Insurance Products Case Study
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Nigeria
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Pension Plan Group Term Assurance
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Term Assurance Plan Whole Life
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Assurance Plan Whole Life Assurance
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Term Assurance Plan
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Group Term Assurance Plan
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Plan
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