The Antecedents of Customer Loyalty: An Empirical Investigation in Life Insurance Context
Alok Kumar Rai, Srivastava Medha
Keywords:
customer loyalty, service quality, customer satisfaction, relative importance, life insurance
Abstract:
The present paper seeks to offer the most decipherable and widely applicable antecedents of
customer loyalty. It explores the extant literature on customer loyalty and brings out seven variables
which are responsible for formation of customer loyalty. Further, the relative importance
of these variables has been ascertained through Multiple Regression Analysis which revealed
that service quality and commitment are the strongest predictors of customer loyalty in the
Indian life insurance industry. The paper also attempts to assess the loyalty status of life insurance
customers in India and draw a comparison between public and private sector life insurance
companies in order to provide significant insights to the life insurance companies that may
assist them in devising better loyalty practices. The findings suggest that Indian customers do
care about the public sector status of a financial service provider as it entails a sense of security
and stability and thus creates a difference between customer loyalty of public sector life insurer
and that of private sector life insurer. The paper holds significant implications for academicians
interested in dynamics of customer loyalty as well as the marketers of life insurance services who
are concerned with customer relationships.
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10.7441/joc.2013.02.10
Alok K. R., Srivastava M. (2013). The Antecedents of Customer Loyalty: An Empirical Investigation in Life Insurance Context. Journal of Competitiveness, 5 (2), 139-163 https://doi.org/10.7441/joc.2013.02.10
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