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Factors that Increase Insurance Customer Satisfaction in Palestine Presentation Transcript:
1.Factors that Increase Insurance Customer Satisfaction in Palestine
2.Literature review
Trust and integrity have found to be essential in selling insurance (Slattery, 1989).
Beeson (2010) stated that responding to customer complaints consumes significant resources because they are time intensive.
A study conducted by the Development Innovations Group in 2009 revealed that:
There are no clear rules for insurance companies to handle complaints in the West Bank.
Insurers are not required to advise their customers to complain to the PCMA.
Insurance companies comply with the Insurance Law related to keeping records of their consumers.
3.The quality of after sales services lead to customer loyalty (Taylor, 2001).
Previous studies of Wells & Stafford (1995), confirmed widespread customer dissatisfaction in insurance industry, from poor service design & delivery.
National Association of Life Underwriters found other important factors for customer satisfaction such as:
financial stability of the company,
reputation of the insurer,
agent integrity and
the quality of information and
guidance from the agent.
4.Problem Statement
Based on our review of previous studies, the problem statement of our study is:
What are the factors that can increase customer satisfaction from insurance services?
5.Theoretical FRAMEWORK
Independent variables:
A clear & understandable Palestinian Law.
PCMA defends insurance consumer rights.
Existence of a consumer complaint unit.
High number of Insurance coverage services.
Font size used in the documents of insurance companies
Competitive prices.
Time to pay insurance compensation.
Discrimination among consumers.
Follow up with consumers
Raising awareness among consumers.
True advertising
Employee treatment to consumers
Social responsibility of insurance companies
Honesty of employees
Previous experience with insurance companies
6.Theoretical FRAMEWORK
7.Methodology
Our population consists of the Palestinian insurance customers in the West Bank and Gaza.
We distributed 45 questionnaires on a sample of insurance customers in Ramallah, Nablus and Hebron.
44 were answered and one not answered.
We analyzed the data through SPSS.
8.SPSS Analysis
9.By looking at the results it is clear that sig = 0.039 > .05 without using the sex, education, career, and living area variables; which implies that the null hypotheses is rejected and there is a significant relationship between the dependent and independent variables. And when using the other variables the sig becomes 0.78 which is > 0.05 and this accepts the null hypotheses which means these variables are not significant variables.
10.Based on the above Coefficient analysis, we conclude that only 8 variables out of 15 affect the dependent variable (customer satisfaction). These variables are:
Variable 3: The existence of a consumer complaint unit.
Variable 4: High number of Insurance coverage services.
Variable 6: Insurance service competitive prices
Variable 7: Time to pay insurance compensation
Variable 9: Follow up with consumers
Variable 10: Providing brochures and raising awareness among consumers
Variable 11: True advertising
Variable 14: Honesty of insurance company employees
The other seven variables have no relationship with the dependent variable.
Variable 1: The existence of a clear and understandable Palestinian Insurance Law.
Variable 2: PCMA defends insurance consumer rights.
Variable 5: The font size used in the documents of insurance companies
Variable 8: Discrimination among consumers.
Variable 12: Employee treatment to consumers
Variable 13: social responsibility of insurance companies
Variable 15: previous experience with insurance companies
11.CONCLUSIONS
Accept the null hypothesis for variables 1,2, 5, 8, 12, 13 and 15 and therefore:
No relation exists between a clear Insurance Law and Customer satisfaction.
No relation exists between defending consumer rights by PCMA and customer satisfaction.
No relation exists between the existence of a clear font size used in the documents of insurance co. and customer satisfaction.
No relation exists between discrimination among consumers and customer satisfaction.
No relation exists between employee treatment to consumers and customer satisfaction.
No relation exists between social responsibility of insurance co.s & customer satisfaction.
No relation exists between prior experience with insurance co. and customer satisfaction.
Reject the null hypothesis for variables 3, 4, 6, 7, 9, 10, 11 and 14 and therefore:
The existence of a consumer compliant unit increases customer satisfaction.
Following up with consumers increases customer satisfaction.
Short time to pay consumer compensation increases customer satisfaction.
The existence of competitive prices increases customer satisfaction.
The existence of a high number of insurance services increases customer satisfaction.
Raising awareness among consumers increases customer satisfaction
True advertising increases customer satisfaction
Honesty of insurance company employees increases customer satisfaction.
12.RECOMMENDATIONS
In order to achieve customer satisfaction insurance co. should focus on :
The existence of a consumer complaint unit.
High number of insurance coverage services.
Insurance service competitive prices
Time to pay insurance compensation
Follow up with consumers
Providing brochures and raising awareness among consumers
True advertising
Honesty of insurance company employees
The above issues will achieve customer satisfaction and, therefore, customers will be loyal to insurance companies and increase their profits.
On the other hand, we recommend insurance companies not to concentrate on:
The existence of a clear and understandable Palestinian Insurance Law.
The font size used in the documents of insurance companies
Social responsibility of insurance companies
Factors that Increase Insurance Customer Satisfaction in Palestine Presentation Transcript:
1.Factors that Increase Insurance Customer Satisfaction in Palestine
2.Literature review
Trust and integrity have found to be essential in selling insurance (Slattery, 1989).
Beeson (2010) stated that responding to customer complaints consumes significant resources because they are time intensive.
A study conducted by the Development Innovations Group in 2009 revealed that:
There are no clear rules for insurance companies to handle complaints in the West Bank.
Insurers are not required to advise their customers to complain to the PCMA.
Insurance companies comply with the Insurance Law related to keeping records of their consumers.
3.The quality of after sales services lead to customer loyalty (Taylor, 2001).
Previous studies of Wells & Stafford (1995), confirmed widespread customer dissatisfaction in insurance industry, from poor service design & delivery.
National Association of Life Underwriters found other important factors for customer satisfaction such as:
financial stability of the company,
reputation of the insurer,
agent integrity and
the quality of information and
guidance from the agent.
4.Problem Statement
Based on our review of previous studies, the problem statement of our study is:
What are the factors that can increase customer satisfaction from insurance services?
5.Theoretical FRAMEWORK
Independent variables:
A clear & understandable Palestinian Law.
PCMA defends insurance consumer rights.
Existence of a consumer complaint unit.
High number of Insurance coverage services.
Font size used in the documents of insurance companies
Competitive prices.
Time to pay insurance compensation.
Discrimination among consumers.
Follow up with consumers
Raising awareness among consumers.
True advertising
Employee treatment to consumers
Social responsibility of insurance companies
Honesty of employees
Previous experience with insurance companies
6.Theoretical FRAMEWORK
7.Methodology
Our population consists of the Palestinian insurance customers in the West Bank and Gaza.
We distributed 45 questionnaires on a sample of insurance customers in Ramallah, Nablus and Hebron.
44 were answered and one not answered.
We analyzed the data through SPSS.
8.SPSS Analysis
9.By looking at the results it is clear that sig = 0.039 > .05 without using the sex, education, career, and living area variables; which implies that the null hypotheses is rejected and there is a significant relationship between the dependent and independent variables. And when using the other variables the sig becomes 0.78 which is > 0.05 and this accepts the null hypotheses which means these variables are not significant variables.
10.Based on the above Coefficient analysis, we conclude that only 8 variables out of 15 affect the dependent variable (customer satisfaction). These variables are:
Variable 3: The existence of a consumer complaint unit.
Variable 4: High number of Insurance coverage services.
Variable 6: Insurance service competitive prices
Variable 7: Time to pay insurance compensation
Variable 9: Follow up with consumers
Variable 10: Providing brochures and raising awareness among consumers
Variable 11: True advertising
Variable 14: Honesty of insurance company employees
The other seven variables have no relationship with the dependent variable.
Variable 1: The existence of a clear and understandable Palestinian Insurance Law.
Variable 2: PCMA defends insurance consumer rights.
Variable 5: The font size used in the documents of insurance companies
Variable 8: Discrimination among consumers.
Variable 12: Employee treatment to consumers
Variable 13: social responsibility of insurance companies
Variable 15: previous experience with insurance companies
11.CONCLUSIONS
Accept the null hypothesis for variables 1,2, 5, 8, 12, 13 and 15 and therefore:
No relation exists between a clear Insurance Law and Customer satisfaction.
No relation exists between defending consumer rights by PCMA and customer satisfaction.
No relation exists between the existence of a clear font size used in the documents of insurance co. and customer satisfaction.
No relation exists between discrimination among consumers and customer satisfaction.
No relation exists between employee treatment to consumers and customer satisfaction.
No relation exists between social responsibility of insurance co.s & customer satisfaction.
No relation exists between prior experience with insurance co. and customer satisfaction.
Reject the null hypothesis for variables 3, 4, 6, 7, 9, 10, 11 and 14 and therefore:
The existence of a consumer compliant unit increases customer satisfaction.
Following up with consumers increases customer satisfaction.
Short time to pay consumer compensation increases customer satisfaction.
The existence of competitive prices increases customer satisfaction.
The existence of a high number of insurance services increases customer satisfaction.
Raising awareness among consumers increases customer satisfaction
True advertising increases customer satisfaction
Honesty of insurance company employees increases customer satisfaction.
12.RECOMMENDATIONS
In order to achieve customer satisfaction insurance co. should focus on :
The existence of a consumer complaint unit.
High number of insurance coverage services.
Insurance service competitive prices
Time to pay insurance compensation
Follow up with consumers
Providing brochures and raising awareness among consumers
True advertising
Honesty of insurance company employees
The above issues will achieve customer satisfaction and, therefore, customers will be loyal to insurance companies and increase their profits.
On the other hand, we recommend insurance companies not to concentrate on:
The existence of a clear and understandable Palestinian Insurance Law.
The font size used in the documents of insurance companies
Social responsibility of insurance companies
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