Perceptions of Investors on the Service Quality of Reliance Life Insurance: A Study in the West Godavari District of Andhra Pradesh

Abstract

The early history of insurance in India can be traced back to the Vedas. The Sanskrit term 'Yogakshema' (meaning well being), the name of Life Insurance Corporation of India's corporate headquarters, is found in the Rig Veda. Some form of 'community insurance' was practiced by the Aryans around 1000 BC. The family system prevalent in India was an important form of social cooperation. Life insurance in its modern form came to India from England. Recognizing the global trend, most of the foreign insurance companies have preferred to form joint ventures with Indian companies. Banks, financial institutions, and non-banking finance companies (NBFCs) are permitted to enter the insurance sector. The introduction of private players in the industry has added colors in the dull industry. There are many reputed companies in the market which provide the Insurance for living being and non-living beings. The initiatives taken by the private players are very competitive and have given immense competition to one time monopoly of the market leader LIC. Since the advent of the private players in the market, the industry has seen new and innovative steps taken by the players in this sector. The new players have concentrated on providing a new variety of services and improved the service quality of the insurance. Reliance General Insurance is India's fastest growing general insurance company and is among the top three private sector insurers and is concentrating on the service quality for its investors. In this context, an attempt has been made to evaluate and analyze the perceptions of investors on "Service Quality" of Reliance Life Insurance Company Ltd.