Measuring Customer Satisfaction on Life Insurance Products ( Case Study: Lagos State, Nigeria )
Subject Areas : General Management
1 - Department of Actuarial Science and Insurance, Faculty Business Administration, University of Lagos, Akoka, Yaba, Lagos, Nigeria
2 - Department of Actuarial Science and Insurance, Faculty Business Administration, University of Lagos, Akoka, Yaba, Lagos, Nigeria
Keywords: Insurance product, Descriptive analysis, Mean score, Product attribute and Likert s,
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 of combating 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 more policy 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 policyholders generally are not satisfied with the Life insurance products based on the attributes attached to each of the product.