Determinants of customer satisfaction in life insurance companies

Business Assignment: Method Assignment ABSTRACT This paper aims to propose and analyze four dimensional quality instruments which is affecting on satisfaction of customers in life insurance companies as well as provide some solutions to satisfy the customer in this industry. It is suggested to investigate the effects of the proposed service quality instruments on customer satisfaction (‘service quality’, ‘Brand quality, ‘Product quality’, and ‘Functional quality’). The proposed framework attempts to provide a blueprint for appropriate course of action (by life insurance service providers) to create a base of satisfied customers through quality services. All mentioned-information from the paper is based on the expectation from 282 potential customers and some existing customers who have at least one policy with particular life insurance companies. Key words: customer satisfaction, customer’s complaints, service, customers, life insurance companies. Dam Xuan Thuy Page Business Assignment: Method Assignment CHAPTER 1: INTRODUCTION Customer behavior is changing rapidly. Technology, and in particular the growth of online and social media, is driving a fundamental shift in customer expectations in terms of how products are marketed, priced, sold and serviced, and how companies are perceived. Customer satisfaction is always a question mark in minds of sellers as it is very difficult to find that what exactly customer wants from the seller. Customers have particular opinions on their purchase or consumption experience from a product or service they use. Nowadays, many organizations are realizing that time have been passed to keep the customers only on price, but need to fulfill their desires, expectations and needs in relation to the service. Though customers are the main concern and precious asset that is why most of the companies are thinking their current and future needs by analyzing customer satisfaction. Life insurance players have started realizing that their business depends on customer satisfaction. Moreover, in today’s competitive environment delivering high quality service is the key for a sustainable competitive advantage. Customer satisfaction does have a positive effect on an organization’s profitability. Success in business is strongly related to the customer satisfaction factor. Customer is the life of a business, means a business cannot be imagined without customer. Therefore, it is really an important element to deal with a great care, otherwise failure in this challenging task can bring disaster which destroys the existence of a company in the market. The more customers are satisfied with products or services offered, the more are chances for any successful business as customer satisfaction leads to repeat purchase, brand loyalty, and positive word of mouth marketing. Customer satisfaction leads to repeat purchases, loyalty and to customer retention (Zairi, 2000). 1.1. Problem statement When the business is much more challenging and competitive, companies benefit is relatively higher from customer satisfaction (Jobber, 2010). Most of the companies Dam Xuan Thuy Page Business Assignment: Method Assignment are shifting from product oriented to service oriented to make their customers satisfied. Companies are paying their attention on customers’ needs and desires to ensure better services to keep customers with them. So, nowadays companies are much more concerned about customer´s expectations and what they are providing to customers. (Kotler and Armstrong 2008, p. 218). As many other financial services, the life insurance industry is facing a rapidly changing market, new technologies, economic uncertainties, fierce competition and more demanding customers and the changing climate has presented an unprecedented set of challenges. Just like companies of other business domains, life insurance also considers their customers as the most important assets. It is not like other fast-moving industry, insurance product is intangible one, this is one of the issues that these companies have to gain trust from the customers. Vietnam's insurance market with recent years has strong growth, increasing diversified products, improving service quality thanks to the political, economic stability, it includes open policy making Vietnam become an attractive market for investors. Actually, life insurance is relatively young in Vietnam market – just for fifteen years. This industry is very potential for exiting companies and new entrances, that’s the reason why many commercial and state banks start to look at this market, some of them has started the joint-venture entity by co-operating with multi-national and experienced financial institutes (e.g: BIDV with Metlife, Viet Tin Bank with Aviva with, etc…). Beside that, some potential new entrances start to build their business by meeting with the Government for a discussion. Life insurance providers increasingly recognize that today's customers who insist on improvements in quality of services have many alternatives and, therefore, may more readily change providers if not satisfied. This is evident from the not so uncommon practice of ‘policy lapses’ readily embraced by dissatisfied policy holders. Due to the intensive competition leading to improved service making customer satisfaction is the top concern of the life insurance companies. Furthermore, a fit financial investment product to the customer’s needs is also very important. This paper is also focused on agent forces, they are called Financial Dam Xuan Thuy Page Business Assignment: Method Assignment Consultant (FC) in life insurance industry, this force is the first one to approach and build the company’s image with the customer as insurance product is invisible one, just based on the trust, relationship and company reputation. Whatever good product, price, however, the representative for the firm and company’s capability are the most important factors that bring the customer to make decision or select the insurance products. Beside the mentioned-factors, customer service staff from some big life insurance companies (e.g. Prudential, Manulife, AIA, Dai-ichi Life) often receive lots of questions and complaints from customers that life insurance companies make very little effort to retain them at the point of lapse, no caring program such as small gifts or congratulation card on special days, level of repeat purchase is very low, and with a few exceptions. Moreover, customers not fully understand the product as well as policy they purchased as they tendency to build relationships with providers who they trust and make it convenient for them. Therefore, some FCs have abused their existing relationship, not provided clearly consultation to the customers before signing the policy. Customers not have enough information about the product they select for themselves or their beloved ones as most of FCs has tendency to introduce positive points of the products/policy than clear mention the terms or conditions which the customer may lose if they not commit to the policy. They not have good impression on FC’s behavior. This leads to the disappointment from the customers with the insurance agent, creates difficult approach for agents with the customer at the first time for an appointment if they not know each other before. This study is to give a chance for life insurance companies listening to the voice of the customer as well as find out the factors affect on customer satisfaction. 1.2. Research objectives The main objective of this study was to identify the determinants of customer satisfaction as well as the key factors affecting the customer satisfaction when they decide to become a policy owner; and provide some solutions to improve the satisfaction of the customer. Specifically, this study was conducted to achieve the three objectives in the following: Dam Xuan Thuy Page Business Assignment: Method Assignment - Identifying the key factors affecting the customer satisfaction in life insurance companies; - Determining level of satisfaction; - Proposing some recommendations to improve the customer satisfaction. 1.3. Research questions The study focus on answering the following question: - What are the key factors affecting the customer satisfaction in life insurance companies? - How we measure the customer satisfaction? - What are the solutions to improve the satisfaction of customers? 1.4. Scope of the Research The object and scope of research are existing and potential customers in Ho Chi Minh City. The potential customers may or may not been a policyholder with any life insurance company. The study focuses on aspects of customer satisfaction. x Time: conduct survey during one month from July 10th to August 15th, 2014. x Space: Expect having 282 respondents. CHAPTER 2: LITERATURE REVIEW AND HYPOTHESES 2.1. Framework of thesis The thesis consists of five sections as the key sections briefing the theory to understand the definition of customer, types of customer, benefit of customer satisfaction; the factors affecting on satisfaction of the customers; measurement of customer satisfaction; and development of customer relationship. This part is also shared some studies and models of customer satisfaction. Dam Xuan Thuy Page Business Assignment: Method Assignment 2.2. Customer Satisfaction 2.2.1. What is customer? Customer can be an individual person or organization. Individual customers purchase products and services for their own users or for others like a gift (Kardes et at. 2008, 8) whereas, “Organizational consumers purchase goods and services in order to produce other goods or services, resell them to other organizations or to individual consumers and help manage and run their organizations”. According to McNearly (1994), the customer can be something else by following below descriptions. These description can be overlooked by some of the organizations even can be treated as being irrelevant. Customer is a person or organization that a marketer believes will benefit from the goods and services offered by the marketer’s organization. As this definition suggests, a customer is not necessarily someone who is currently purchasing from the marketer. In fact, customers may fall into one of three customer groups: existing customers, current customers, potential customers. As a result of competitive market and more intensive nowadays in life insurance industry, customers are searching more information about the products and services. The companies which are meeting up the expectations of the customers are being able to keep them in future business, ability of purchase repeat will be increased. 2.2.2. Types of customers There are lots of classification methods to differentiate types of customers. For instance, the two principal categories are divided as external customers and internal customers (Grigoroudis & Siskos, 2010, 9). 2.2.2. External customers: refers to the customers in a marketplace who are paying for the final products and services. 2.2.3. Internal customers: refers to the customers within the organization who get the output directly from the company or even from the suppliers. Dam Xuan Thuy Page Business Assignment: Method Assignment 2.3. Definition of customer satisfaction Customer satisfaction measures how well the expectations of a customer concerning a product or service provided by the company have been met. When customers are satisfied, they will continue their business and will not try to find out another one. This is the business strategic matter, is called customer satisfaction. According to Chuck, customer satisfaction is the fulfillment of the customer’s enjoyment attained when products or services meet their needs and expectations (Chuck 1998, 3). Tse and Wilton (1988) elaborated hunt definition where they said “customer satisfaction is a process of consumer’s response to the evaluation of the perceived discrepancy between prior expectations and the actual performance of the product as perceived after its consumption”. According to Kotler, customer satisfaction is the response with pleasure or disappointment for the performance of certain product or service related to individual expectations (Kotler 2008, 36). “A customer is satisfied once his/her needs, real or perceived are met or exceeded” (Gerson 1993,13). Another author (Hunt, 1977) defines customer satisfaction as a process of evaluation rendered that the experience was at least as good as it was supposed to be. Customer satisfaction is the most important element of marketing. In order to achieve, enhance and maximize customer satisfaction requires a lot of tangible and intangible resources. Moreover, customer satisfaction is the key determinant of success in the service industry (Bigne JE, Sanchez, 2009 and Bruhn M. Georgi D., 2011). Satisfaction is only achieved when the needs and expectations of customers are met or exceed. Obviously, customer is vital of the company, the growth of the life insurance companies depend on the number of customers called policy owners. Focusing on the customer’s perceptions of service quality as it helps in developing strategies that lead to customer satisfaction, especially in the this industry where they are looking at the life time value of the customer base rather Dam Xuan Thuy Page Business Assignment: Method Assignment than focusing on the cost of transactions. Some researchers argued that service quality is the antecedent of customer satisfaction. Everyone is trying to improve quality of its products. Thus, an analysis of service quality perceptions from customers’ perspective is of paramount importance in the today’s competitive environment. So, the present study is an attempt to identify the determinants of customer satisfaction in life insurance companies, determining affect factors and how to improve the level of satisfaction. Many empirical studies have shown that customer satisfaction secures future revenues (Bolton, 1998; Fornell, 1992), reduces future transactions costs (Reichheld and Sasser, 1990), decreases price elasticity (Anderson, 1996), and minimizes the likelihood of customers defecting if quality falters (Anderson and Sullivan, 1993). Customer satisfaction is regarded as customers can get more benefits than their cost (Liu and Yen, 2010). Shamsuzzaman, Md. (2012) to determined the customer satisfaction levels of National life Insurance Company limited (NLICL), Khulna branch and to recommend suggestions. Shahzan Khan (March 2013) emphasized the role of relation base marketing contribution towards customer value which leads customer satisfaction. Relation base marketing is social process between seller and buyer. The value added services can further be enriched with help of relation base marketing. Norsk Kundebarometer showed in the automobile industry, out of 76% customers who were satisfied, 78% were also loyal (Kristensen et al., 1998). Thus since the cost of attracting new customers are higher than the cost of keeping the current customers, satisfaction and loyalty. Timm (1990) stated that an average company loses 20% of its customers annually due to the dissatisfaction. Reichheld and Sasser (1990) found that as customer loss decreased by 5%, profitability increased by 35% to 85% depending on the industry. Previous researchers have given significant importance to customer satisfaction. Satisfaction can be defined as a features or characteristics that can full the either a need or want of a consumer in better way than competitors. Kamal Gulati, Arvind Kumar, V. Ravi (2012) measured the difference between customers’ perceptions and expectations based on five generic dimensions. Parasuraman et al. According Dam Xuan Thuy Page Business Assignment: Method Assignment to Hansemark and Albinson (2004) “satisfaction is an overall customer attitude towards a service provider, or an emotional reaction to the difference between what customers anticipate and what they receive, regarding the fulfillment of some needs, goals or desire“. Customer loyalty on the other hand refers to a deeply held commitment to re-buy a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior (Oliver, 1997). There are many definition of customer satisfaction, however, the satisfaction always link with following elements: x Attitude toward the service providers; x Customer’s expectation of the ability to meet its expectation; x Value of service and results of the service implementation x Intent of willing to continue using the service. 2.4. Benefits of customer satisfaction Customer satisfaction will keep company business growing as they are buying more products at a time. Along with these activities they are also referring the company to their family members, friends and others. When the customers satisfy, then the referrals are increased, and switching to competitor is reduced, the company’s revenue and profit are increased. In life insurance companies, the first policy is just to start the journey of building relationship, there are many potential customers who are their relatives, friends or colleagues. These potential customers will evaluate the company’s service before they join as a policy owner. When the customer are satisfied, the opportunities of further relationships are increased in the future. Forrester (2014) once again found a high correlation between customer experience and consumers’ loyalty to a company. Firms with high Customer Experience Index (CXi) scores have more customers who purchase again, don’t switch to competitors, and recommend the company. Dam Xuan Thuy Page Business Assignment: Method Assignment Customer satisfaction will bring the company to achieve the target. Customer satisfaction has a positive effect on an organization’s profitability. Customer satisfaction leads to repeat purchases, loyalty and to customer retention (Zairi, 2000). Reduced price sensitivity Reduced switching to competitors Increased profits Increased repeat purchase Increased referrals Figure 1: The benefits of customer satisfaction 2.5. The factors affecting on satisfaction of the customers From literature review, there are many factors that affect customer satisfaction. Such factors include friendly employees, courteous employees, knowledgeable employees, helpful employees, service quality, (Hokanson, 1995). From the studies carried out in many countries, factors like: service quality, and perceived value, are the key constructs affecting the customer’s satisfaction with mobile services. Studies also point out that customer satisfaction results ultimately in trust, price tolerance, and customer loyalty. Therefore, building customer relationship is a backbone for all organizations in general, and companies in life insurance industries in particular. Issues like: customer satisfaction, service quality, customer perception, customer loyalty, are the main concerns of the nowadays in Dam Xuan Thuy Page 10 Business Assignment: Method Assignment CHAPTER VI: CONCLUSION AND RECOMMENDATIONS This study introduces the concept of customer satisfaction, factors affecting on customer satisfaction, and how to measure it as it is the best way to serve customers by asking them what makes them satisfied with a service. The result showed that the proposed factors are affecting on customer satisfaction. Through this question, any kind of suggestions or recommendations were asked to write down. Most of the respondents did not write any addition, but few of them filled up the answer script. Thus, this study has focused to formulate customer satisfaction policy. Finally, it can be summarized that life insurance companies should take necessary steps regarding the identified most important factors and apply marketing techniques to improve their customer satisfaction so that they can maximize benefit and can cove more market shared by regarding better service and product. In life insurance industry, in order to compete with others existing and entrance, beside the relationship development method, the company must: ƒ Improving the quality of services and products; ƒ Handling well customer complaints; ƒ Ensuring customers receive and understand all terms and conditions before becoming a policy owner by regularly refreshing the procedures of insurance consulting and joining with financial consultant to meet with the customers, listen to them during the discussion with customer; Providing training to ensure the agent (FC) has ability to assess products to meet the financial goals and needs of the customer. Moreover, agent (FC) should build trust from the customer; According to the results of theoretical research of customer satisfaction, some suggestion solutions to improve the customer satisfaction such as concentrating in four dimensions of service in order: service quality, functional quality, bran quality and technical quality: Dam Xuan Thuy Page 56 Business Assignment: Method Assignment - Considering long-term relationships development, customer satisfaction should be treated as construct of overall assessment, influenced by service quality including complaint handling, understand what the firm needs to to engage the customers in the long-term by educating and empowering them to understand how products work and think for themselves on how it can be used to reach their goals. - Setting up procedures of customer complaint handlings and conducting market research to improve products. It is very important to create financial or investment products which is met customer’s needs and fit with their financial plan in which all customer’s needs are defined from early stages. - Regularly conduct customer satisfaction survey to learn from them what the firm or company needs to improve and understand customer’s needs in order to meet their requirement and maintain the relationship. - Providing the best solutions to the customer such as e-application form (both purchase new policy and claim request). Customer can track their policy an other information e.g.: profits, cash-out time, etc…from the company website with granted username and password. - Simplify all forms, letters and guidance or procedures sending or serving the customers to ensure they easily to catch-up and know clearly what they need to to make up their own for a purchase. - Introducing new products to buy the customer’s needs, interests and topics our products address (e.g.: education, protection, wealth and retirement). - Well-manage media in order to ensure there is no “evil tidings” which is affected or destroyed on the company image. Customer sometimes does not understand full insight story, some news can bring negative thinking from them to the company. Following to local statistics, Asia countries are potential market of life insurance companies, lots of amount of customer are quiet. This is a great opportunity for the Dam Xuan Thuy Page 57 Business Assignment: Method Assignment company if it improves, modifies and manages its different strategies by customer relationship management even though it is facing extensive competition from the new entrants and the other insurance companies established. If the business strategies make customers satisfied by differentiation, then it can increase number of customers. 6.1. Recommendation for Increasing Customer Retention Most of life insurance companies in Vietnam are using the paper based application form while a maximum amount of local people are connected with internet, so online business is a demand of time. If they can impose online system besides existing system, then customers can run their business from home instead of coming physically to office. It is very important to update and diversify the business strategies to meet up the customer’s demand. Through this network and information technology, a good relationship can be maintained and reached to potential customers as well. Customers is supported to view or run the financial balance sheet from home in order to track their contributions. The companies can implement premium collection at home although small amount of premium if the customers not use credit card or are not able to come to the office. Loyalty and good attitude on new and potential customers act as vital factors for customer retention. The companies can apply special programs for repeat purchase or loyal customers. Beside that, some thank you programs should be applied like sending customers birthday cards, thank you note on mature policy date to encourage them to come again and create nice impression for their introduction to family members, friends/colleagues. 6.2. Recommendation for Building Customer trustworthiness For the sake of business success, the companies should take the complaints positively (depends on the communication from the companies or the representative to the customers), making them think that the companies solve problem with care so that customer can feel company´s feelings to customers by sharing with them even it is not mentioned in the policy. Dam Xuan Thuy Proper implementation of customer Page 58 Business Assignment: Method Assignment expectations management program, service outcome management program, internal marketing program, physical environment and physical resource management program, information technology management program, this is key steps to build customer trustworthiness. It includes “perceived” trust, safety, and “measurable” handling of paperwork. Pay attention to the training of employees and agents (FCs), investing in infrastructure and equipment of modern management systems to employees and agents to ensure they are well-trained and worked in a professionals environment. CHAPTER 7: LIMITATION OF THIS RESEARCH 7.1. Limitation of research model There are many factors affecting on satisfaction of the customer, not within the four dimensions have been mentioned from this research, they can be price, empathy, responsiveness, etc . If talking on the price, it is very difficult to compare in details the price of life insurance products due to the method calculation of management fee. In addition, the insurance product’s management costs are distributed in different methods which leading to the different charge in the first years at the life insurance companies. This research has not been covered of the journey after the of satisfaction which would reach to the highest level. This would be the loyalty of the customer and willing to maintain a long-term relationship with the agent or the company. 7.2. Limitation of time During the preparation of this research, time and cost are also limited. I worked only nearly six weeks for distributing and collecting the questionnaires. And last but not least, every terminology related to life insurance industry was not well Dam Xuan Thuy Page 59 Business Assignment: Method Assignment known to me. However, I tried my best to learn from my friends, colleagues and agents who I know. Dam Xuan Thuy Page 60 Business Assignment: Method Assignment APPENDIX I: STRUCTURED QUESTIONAIRE (In English only) Dear Sir/Madam, In order to explore the customer satisfaction in the life insurance including the company, the product, the service quality, please help us by taking a few minutes to tell us about the service that you have received so far or you expect to receive from life insurance companies. We would appreciate your time you spend to fill in these questionnaires. Thank you. Should you have any question or comment, please contact Dam Xuan Thuy, surveyor at the email dxthuy@yahoo.com.vn. I- CUSTOMER SATISFACTION Strongly Disagree Neutral Agree disagree Questions 1- Service quality of life insurance companies is very good Strongly Agree 2- Customer complaint handling is rather well in life insurance industry 3- Employee or agent insurance contacts customer at the convenient time 4- I find out the customers are taken care on special occasions (birthday, policy anniversary, claim benefit, etc…) 5- Hot line service, frequent customer calls, premium remind Dam Xuan Thuy Page 61 Business Assignment: Method Assignment Strongly Neutral Agree disagree Questions 6- Disagree Strongly Agree It is easy to find related information from the company’s websites 7- Do you buy insurance product from well-know and long commitment with the customer? 8- You have tendency to select the company with physical facilities which is visually appealing 9- Do you like to visit the company’s premise before making decision? 10- Are you willing to introduce your selected financial plan to your relatives or friends? 11- Do you spend time to compare financial plans to find the suit one for your? 12- I fully understand the features and benefits of the financial plan I bought or will buy. 13- I will select financial plans which fit my needs 14- Do you like long-term financial plan? Will you prefer investment plan instead of traditional plan? Dam Xuan Thuy Page 62 Business Assignment: Method Assignment Strongly Disagree Neutral Agree disagree Questions 15- Financial Consultant (FC) is Strongly Agree has 19- Financial consultant adhere to well-trained 16- Financial consultant designs and consults the financial plan which suit to your future plan 17- Financial consultant has enough information about you (marital status, income, current status, etc…) age, before suggesting the suitable financial plan 18- Financial consultant professional appearance professional standard of conduct 20- Will you select the companies which provide services at the time they promise? 21- Will you select the companies which to respond to customer requests promptly? Dam Xuan Thuy Page 63 Business Assignment: Method Assignment Strongly Disagree Neutral Agree disagree Questions Strongly Agree 22- Will you select the companies which care of customer during and after the policy has been signed? 23- Will you select the companies which give sympathetic and reassuring? 24- I prefer the company with technology investment ( can check the sum assure at home, claim onsite, etc…) Any suggestion of service, product, employee quality to meet customer satisfaction, please comment below. II- PERSONAL INFORMATION 1- Gender … Male … Female 2- Marital Status … Single Dam Xuan Thuy … Married Page 64 Business Assignment: Method Assignment 3- Age … From 18 – 23 … From 41 - 55 … From 24 - 30 … > 55 … From 31 - 40 4- Income … < million / month … From – 15 million / month … > 16 million / month Thank you! 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Internet and other sources - http://www.emeraldinsight.com/doi/abs/10.1108/02652329610151340 - http://thuvienbaohiem.com/thuc-trang-dai-ly-bao-hiem-nhan-tho-tai-thitruong-bao-hiem-viet-nam--bid2.html Dam Xuan Thuy Page 70 Business Assignment: Method Assignment - https://www.sc.com/vn/personal-banking/insurance/life-insurance/choosingthe-right-policy/vn/ - https://www.manulife.com.vn - https://www.prudential.com.vn - https://www.aia.com.vn - https://www.acegroup.com.vn - https://www.prevoir.com.vn - https://www.baoviet.com.vn - https://www.hanwa.co.jp Dam Xuan Thuy Page 71 [...]... quality of goods and services The brand should be going into the customer' s mind and their word of mouth ii) Economic benefits brought by brand - Increasing sales and revenue; - Tightening the loyalty of customers - Increasing profits and income for business; - Expanding and maintaining market - Attracting labor and employment - Increasing production and sales of goods - Increasing the value of product... Dai-ichi Life Founded in 1902 in the form of a life insurance company ("Assurance") first mutual in Japan, The Dai-ichi Life Insurance Company, Limited ("Dai-ichi Life" ) is one of the leading life insurance company in Japan and around the world with total assets of $ 366.4 billion and total revenue of 42.3 billion dollars (as of March 31st, 2014) With over 100 years of experience in the life insurance industry... AIA, Malulife, Dai-ichi Life Vietnam , ACE Life, it also sees "hard as… recruiting insurance agents" In order to penetrate fast and be effective to the insurance industry in Vietnam are a direct marketing, and word of mouth marketing Working style and appearance of insurance agents or FCs are also a factor affecting the recruitment of insurance companies In practical, many FCs consider this kind of job... market in Asia, a market with population of 87 billion people and only 10% of them having life insurance contract, while at least 30% of families in Vietnam is capable of participating insurance based on their stable income Dam Xuan Thuy Page 15 Business Assignment: Method Assignment 3.2 Necessity of life insurance Individual’s safety needs is eternal in our society Through our life, people always find... the number of direct complaints by phone, email or even at premise; number of product support problem calls; number of returned products and the reason of returning The criteria for the measurement of customer satisfaction must be defined by the customer (Fecikova, 2004) From life insurance companies, measurement of customer satisfaction is the repeat of purchasing insurance products or introduction... Xuan Thuy Page 28 Business Assignment: Method Assignment As a member of Hanwha Group, Hanwha Life Insurance (previously known as Korea Life Insurance) , was established in 1946, is a life insurance company has the oldest history in the Korean market Hanwha Life Insurance has grown rapidly to become one of the company's life insurance market leader South Korea with total assets of $ 80 billion and is... of the insurance agent is so short, and retention together with development of agents is not easy According to the statistic, agent retention in Vietnam is under 10%, therefore, maintaining an agent is vital, because the cost of training an agent is high Recruiting insurance agents become extremely difficult not only for the new insurance companies in Viet Nam but also to the existing in the industry... changing needs of residents and businesses in Asia The approach is based on establishing and maintaining personal relationships help AIA become a part of life in the communities where AIA activities And the Group continues to protect its customers against the risk that they unfortunately encounter in life Officially operating in Vietnam since February 2000, within 14 years, AIA Vietnam has been trying to build... companies concentrate in hiring to meet the recruitment target or cope with training time which is not enough time as regulated by the Ministry of Finance In some countries, FCs are go through the training process in advising financial plan to their clients instead of selling insurance products only This profession is not focused properly in Vietnam market Dam Xuan Thuy Page 34 Business Assignment: Method... out life insurance for people with middle income in France Prévoir is one of the most robust coverage of France, one of the leading insurers of affordability, method prudent management of the Group's long-term priorities for investment in bonds In 1996, the Group began Prévoir expanded internationally with the establishment of its first branch in Portugal In 2000, a second branch was established in . existing customers who have at least one policy with particular life insurance companies. Key words: customer satisfaction, customer s complaints, service, customers, life insurance companies. Business. key factors affecting the customer satisfaction in life insurance companies; - Determining level of satisfaction; - Proposing some recommendations to improve the customer satisfaction. 1.3 the determinants of customer satisfaction in life insurance companies, determining affect factors and how to improve the level of satisfaction. Many empirical studies have shown that customer