Title of the paper : A Comparative study on Public & Private life insurance Companies in India.

Author : Muthulakshmi K Mohammad Naveeth A Education Institution : M.com (1st year students) : Sri Krishna Arts & Science College, Suguna puram, Kuniamuthur(po) Coimbatore-641048 Contact Details : Muthulakshmi Kannan #6a, karunya lay out, Kattabomman nagar, Papanaicken Palayam, Tirupur-641607 Tamilnadu , India. Mobile no. E-mail : +91-9344145482 : sreemuthulakshmi.k@gmail.com

A COMPARATIVE STUDY OF PUBLIC & PRIVATE LIFE INSURANCE COMPANIES IN INDIA Abstract
Today India is one of the fastest growing economies of the world. It is now Asia's third largest economy and has made inroads into the global top 10 in terms of Gross Domestic Product (GDP). The insurance industry has contributed significantly in India's growth story in the recent years. The contours of insurance business have been changing across the globe and the rippling effect of the same can be observed in the Indian market as well. Insurance Industry is a growthoriented industry. In India too, the industry has started to reveal the potential after liberalization and privatization of the sector. The liberalization of life insurance industry in India has caused companies to face many new challenges in their relationship with customer in order to survive. Life insurance is a professional service which is characterized by high involvement of the consumers, due to the importance of tailoring specific need, the variability of the products available, the complexity involved in policies and processes and ultimately the need to involve the consumer in every aspect of the transaction. Life insurance companies deals in intangible products, with the entry of private players, the competition becoming intense. In order to satisfy the customers, every company is trying to implement creations and innovative product characteristics to attract the customers. Taking into consideration the long-term customer relationships, customer satisfaction and retention are turning into the crucial factors for success of life insurance companies. One of the ways for achieving high customer satisfaction and gaining the loyalty of customers is to offer high quality services on time. In this research paper an attempt is made to analyze the performance and compare the level of customer satisfaction of public and private life insurance companies in India. This research has also endeavors to develop an efficient model of service quality and to suggest new strategies to make the product offerings more effective and efficient.

Keywords: Life insurance, Liberalization, customer satisfaction, service quality, performance.