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1 MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY SUMMARY OF PHD THESIS RESEARCHING INTO THE LEVEL OF CUSTOMER SATISFACTION WITH LIFE-INSURANCE COMPANIES IN VIETNAM Major: Business Administration NGUYEN DUC NHAN Hanoi – 2019 MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY SUMMARY OF PHD THESIS RESEARCHING INTO THE LEVEL OF CUSTOMER SATISFACTION WITH LIFE-INSURANCE COMPANIES IN VIETNAM Field of study: Business Major: Business Administration Code: 62.34.01.02 (New code: 9340101) NGUYEN DUC NHAN Supervisor: Assoc Prof Dr Pham Thi Hong Yen Assoc Prof Dr Phan Chi Anh Hanoi – 2019 PUBLISH LIST Determinants of Customer satisfaction and loyalty in Vietnamese Life – Insurance Setting Tạp chí Sustainability tháng 4/2018 Sự hài lòng khách hàng dịch vụ bảo hiểm nhân thọ Tạp chí kinh tế dự báo tháng 8/2016 Các nhân tố ảnh hưởng đến lòng trung thành khách hàng bảo hiểm nhân thọ Bảo Việt Tạp chí Kinh tế dự báo tháng 5/2017 Trust and Customer satisfaction with E-Banking Service: The Case of Sacombank Kỷ yếu hội thảo Baasana tháng 4/2018 Các nhân tố ảnh hưởng đến hài lòng khách hàng sử dụng dịch vụ bảo hiểm nhân thọ Tổng công ty Bảo Việt nhân thọ Tạp chí Kinh tế Châu Á Thái Bình Dương tháng 4/2018 INTRODUCTION The necessity of the research The insurance market is demonstrating an increasingly significant role and position in both the economy and the society It is also contributing to the successful implementation of key solutions in Vietnam’s Socio-economic development strategy for theperiod of 2011-2020 Firstly, the insurance market has contributed to the addition of long-term and stable investment capital for the economy and the consolidation of the economy’s balance of investment and savingsstrengthened macro balances of the economy in investment and savings According to the statistics of insurance companies, around 80% of significant infrastructure construction works and economic works are financially protected by insurance companies in case of insured incidents without relying on the supporting fund for damage from the state budget This contributes to the successful implementation of tight fiscal policy and saves budget spending.Secondly, by the end of 2015, the insurance market has created jobs for more than 400.000 workers with stable income and financial and insurance training Thirdly, along with foreign insurance companies joining the insurance market, the capital contribution of foreign strategic investors to domestic insurance companies not only helps to improve their financial, executive and administration capacitybut also contributes to building the image of a healthy investment environment and attracting foreign investors to other related fields According to the statistics of Insurance Supervisory Authority (Ministry of Finance), as of 31/12/2016, the insurance market has 62 insurance companies (including 29 non-lifeinsurance companies,18 life-insurance companies, 02 reinsurance companies, 13 insurance broker companies) and 01 branch of a foreign non-life insurance company Along with the remarkable development of the insurance industry in general, the Vietnamese life-insurance sector in particular is also growing rapidly.According to data from the Insurance Supervisory Authority (Ministry of Finance), the number of life-insurance companies in Vietnam has increased from 09 companies by the end of 2007 to 18 companies at present with total assets estimated at 171.828 billiondong (as of 31/12/2016) Among them, the shares of total premiums belong to large companies such as BaoViet Life (27.7%), Prudential (24.9%), Manulife (12.5%), Dai-ichi (11.2%), AIA (9.7%), Chubb (3.8%), Generali (3.1%) and Hanwha (2.3%) Despite the potential of the industry and the reality that it is growing rapidly, the number of Vietnamese people participating in life-insurance is very limited.The psychology of risk aversion, restricted awareness and difficulties in accessing specific information about programs, productsand benefits in practice are huge obstaclesthat prevent customers from participating in lifeinsurance services.A majority of customers are often concerned and worried most about how companies handle customers’ benefits when insured events occur Given the demand for development of the Vietnamese insurance industry, researching into customer satisfaction with life-insurance companies in Vietnam is of great importance as it will lay the foundation for improving and innovating insurance products and services as well as improving customer satisfaction towards sustainable development of the industry Originating from the above-mentioned theoretical and practical requirements, I decided to choose“Researching into the level of customer satisfaction with life-insurance companies in Vietnam” as the topic for my doctoral thesis in business administration Research objectives The research focuses on evaluating customer satisfaction withthe service quality, corporate insurancecompanies image, in service Vietnam price, perceived Thereby, the value research of life- proposes recommendations to improve customer satisfaction with life-insurance companies in Vietnam The research performs specific tasks as follows: (1) Developing an analytical framework, measurement scales and a set of criteria for assessing customer satisfaction in accordance with theoretical basis and based on inheritance and acceptance of previous research findings about customer satisfaction (2) Using the analytical framework, measurement scales and the set of criteria to assess customer satisfaction with life-insurance companies in Vietnam (3) Proposing and recommending some solutions to improve products and services with the aim to assisting life-insurance companies in Vietnam to improve customer satisfaction Research subjects and scope  Research subjects The main research subjects of this doctoral thesis include the degree of influence of several factors (corporate image, service price, service quality, perceived value) on customer satisfaction and the evaluation of customer satisfaction with such factors  Research scope -Scope of content: The doctoral thesis focuses on theoretical and practical basis of customer satisfaction withCorporate image, Service quality, Service price, and Perceived value of life-insurance companies in Vietnam  Corporate image refers to the brand reputation and prestige of a company and its level of corporate social responsibility  Service quality refers to the dimensions of tangibles,reliability, empathy, assurance and responsiveness  Service price refers to the costs that customers have to pay for purchasing insurance products  Perceived value referstothe level of customers’ perception of the insurance provisions, the indemnity and the value of insurance products - Spatial scope: The dotoralthesis conducted a survey with 1,476 customers who have bought and used life-insurance products of the following companies: BaoViet Life, Prudential Vietnam, Manulife Vietnam, Dai-ichi Vietnam, AIA Vietnam, CHUBB Vietnam and Hanwha Life Vietnam - Time scope: data collected by surveys, interviews conducted between January, 2015 to December, 2016 Research questions To clarify the research contents, the doctoral thesis needs to answer the following questions: Question 1: What are the factors that affect customer satisfaction with lifeinsurance companies in Vietnam? Question 2: What are the analytical framework,measurement scales and set of criteria to assess customer satisfaction with life-insurance companies in Vietnam? Question 3: What are the strengths and limitations in customer satisfaction with life-insurance companies in Vietnam? What are the causes of these limitations? Question 4: What are the solutions to improve customer satisfaction with lifeinsurance companies in Vietnam? Structure of the thesis To present the whole research contents, the doctoral thesis is divided into main sections as follows: (1) Introduction (2) Chapter 1: Literature review on customer satisfaction (3) Chapter 2: Theoretical issues on customer satisfaction with life-insurance companies (4) Chapter 3: Methodology for studying customer satisfcation with lifeinsurance companies in Vietnam (5) Chapter 4: Research findings (6) Chapter 5: Implications and recommendations on solutions to improve customer satisfaction with life-insurance in Vietnam (7) Conclusion CHAPTER 1: LITERATURE REVIEW ON CUSTOMERSATISFACTION 1.1 Literature review on foreign studies 1.1.1 Customer satisfaction The term “customer satisfaction” has attracted the attention of many scholars, researchers and administrators not only because of its importance in business strategies but also because it has become the target that every business activity is heading towards in a fiercely competitive market Therefore, there have been a great deal of studies on customer satisfaction, and thus a wide range of different views and approaches to customer satisfaction as well as models to measure customer satisfaction have been provided 1.1.2 Customer satisfaction with insurance companies Research into customer satisfaction with insurance companies has been conducted in many countries, most of which focuses on customer satisfaction with service quality Based on data collected from 600 insurance clients, Ker-Tah Hsu's study (2011) showed that the corporate social responsibility of insurance companies would contribute to improving customer satisfaction as well as prestige and image of thecompanies Araceli Picon et al (2013) proposed a new model for analyzing the relationship between customer satisfaction and loyalty through collecting 785 questionnaires from 74 insurance companies Research by Alawni Mohammed Saad et al (2016) on the quality of insurance services in Saudi Arabia showed that there was a relationship between service quality and customer satisfaction and loyalty to insurance services 1.2 Literature review on domestic studies 1.2.1 Customer satisfaction In Vietnam, based on the inheritance of views on customer satisfaction drawn from foreign research andmodels of customer satisfaction indexsuch as CSI, ACSI and ECSI, Vietnam Customer Satisfaction Index (VCSI) has been developed.Similar to the customer satisfaction models mentioned above, VCSI model also includes causal variables and outcome variables VCSI model consists of seven variables including 04 causal variables, namely (1)brand image, (2) expected quality, (3) perceived quality, (4) perceived value The intermediate variable is (5) customer satisfaction Two outcome variables are (6) complaints and (7) customer loyalty The difference between VCSI model and other CSI models is the different relationships between latent variables 1.2.2 Customer satisfaction with insurance companies Most of the existing domestic research into customer satisfaction in the field of insurance has just reached two points: (1) studying customer satisfaction with the service quality of insurance companies Within this research topic, most domestic studies usedeither the SERVQUAL or the SERVPERF model to assess customer satisfaction; (2) new studies are limited to a number of master's theses in business administration while there is a lack ofofficial academic research 1.3 Research gaps Around the world, studying customer satisfaction is a research topic that attracts a great deal of interest from scholars and is an important field of 11 CHAPTER 2: THEORETICAL ISSUES ON CUSTOMER SATISFACTION WITH LIFE-INSURANCE COMPANIES 2.1 Theories of customer satisfaction 2.1.1 The concept of customer satisfactionhàilòngthỏamãn Currently, in the world as well as in Vietnam, the concept of customer satisfaction has often been mentioned as an important factor affecting the competitiveness of companies compared to its competitors However, in fact, based on customer satisfaction studies, there are quite a number of different views on customer satisfaction It can be seen that authorshave different starting points when defining the concept of customer satisfaction but they share a common view which is to associate this concept with customers’attitude and sentiments, or more specifically their satisfaction with the capacity of service providers to meet their expectation 2.1.2 Factors affecting customer satisfaction 2.1.2.1 Service quality The SERVQUAL model (Parasuraman, 1988) is widely used and has shown its suitability for application in assessing the service quality of a variety of services such as finance, banking, dining and hotels The service quality model of Parasuraman et al (1988) shows the overall picture of service quality and consists of five components, namely reliability, responsiveness, assurance, empathy and tangibles 2.1.2.2 Service price Price is a form of monetary expression of the value of goods and services Prices are determined based on the value in use and perception of customers about the products and services they use Customers not necessarily buy products or services of the highest quality but they will buy products or services that bring them the most satisfaction Consequently, factors such as 12 customer perception of price and cost (cost of use) not affect the service quality but will influence customer satisfaction 2.1.2.3 Corporate image Corporate image is defined as "the impression of a company in the minds of customers" (Boyle, 1997) or "the result of the interaction from experiences, impressions, beliefs, feelings and knowledge that customers have with the company/organization"(Worcester, 1997) According to Fombrun (1996), corporate image can also be understood as “the image that customers attach with the company through receiving messages” Corporate image often connects customers’ memory with the company/organization (Keller & Aaker, 1992) 2.1.2.4 Perceived value Perceived value is considered as the customer’s overall evaluation of the value of a product or service based on the perception of what is received and what is given (Sweeney et al., 1997; Zeithalm et al., 1988) On the other hand, perceived value could be one of the most important measurements to create competitive advantages (Parasuraman, 1997) Studies by Crosby & Stephens (1987) and Furman (2010) show that perceived value is regarded as the determinant of customer satisfaction 2.2 Analytical framework and research hypotheses The review of domestic and foreign studies shows thatit is necessary to develop scales to measure customer satisfaction with life-insurance companies in Vietnam by providing adjustments and supplementsto such measurement scales based on the inheritance and addition of scientific approaches to measure customer satisfaction and service quality that have been verified in the past, based on theoretical and empirical research experience on customer satisfaction in general and customer satisfaction with service quality in 13 particular (especially, the approaches of ACSI, ECSI and Parasuraman et al., 1988) Figure 2.1: Analytical framework for the research Research hypotheses  H1: Corporate image has a positive impact oncustomers’Perceived value of life-insurance companies in Vietnam  H2:Service quality has a positive impact on customers’Perceived value of life-insurance companies in Vietnam  H3: Service price has a positive impact on customers’Perceived value of lifeinsurance companies in Vietnam  H4: Corporate image has a positive impact on customer satisfaction with lifeinsurance companies in Vietnam  H5:Service quality has a positive impact on customer satisfaction with lifeinsurance companies in Vietnam  H6: Service price has a positive impact on customer satisfaction with lifeinsurance companies in Vietnam  H7: Perceived value has a positive impact on customer satisfaction with lifeinsurance companies in Vietnam  H8: Customer satisfaction has a positive impact on customer loyalty to lifeinsurance companies in Vietnam 14  H9: Customer satisfaction has a negative impact on customers’ complaintsagainstlife-insurance companies in Vietnam  H10: Customer satisfaction has a positive impact on customer loyalty to lifeinsurance companies in Vietnam 15 CHAPTER 3: METHODOLOGY FOR STUDYING CUSTOMER SATISFACTION WITH LIFE-INSURANCE COMPANIES IN VIETNAM 3.1 Research methodology 3.1.1 Data collection methods  Secondary data: studying domestic and foreign documents on customer satisfaction assessment models, focusing on service quality measurement models within the past 10 years such as FTSQ, SERVQUAL, SERVPERF, ACSI and ECSI to identify gaps in research oncustomer satisfaction in the lifeinsurance sector, learning about noticeable findings of domestic and foreign research on assessing customer satisfaction with life-insurance companies  Primary data:  In-depth interviews: subject groups Group consists of 15 people who are experts, managers and researchers on customer satisfaction in the field of lifeinsurance Group consists of 15 people who are clients aged from 20 to 60 and have been clients of life-insurance for companies for many years  Surveys: This was conducted by field-survey method using a questionnaire The questionnaire is based on the inheritance of customer satisfaction scale fromthe ACSI and ECSI models, and then adjusted and supplemented based on qualitative research to fit the context of life-insurance in Vietnam.Subsequently, the survey was conducted by field-survey method using the questionnaire designed based on the inheritance of customer satisfaction measurement scale that had been used in large-scale surveysand then adapted to fit the question type in Kano model (Kano et al., 1984) 3.1.2 Data analysis method To analyze data after collection, the author used Excel to analyze the results of data collection through in-depth interviews The results will be analyzed based on the frequency of appearance of words and phrases 16 For data analysis collected from surveys with detailed questionnaire, the author applied SPSS 22.0 and AMOS 10 to analyze the level of customer satisfaction with life-insurance companies in Vietnam To analyze data collected from the Kano questionnaire, the author combines two responses of each observation variable into the Kano evaluation matrix to determine which property in Kano model that the response of the client attributes to 3.2 Research process Study theories Develop an analytical framework, hypotheses and expected measurement scales Desk review Discussion, expert interview Adjustment Preliminary survey Small-scale survey/Point survey Complete the measurement scales Large-scale investigation/ Broad survey Quantitative research Reliability analysis Assertive factor analysis Correlation analysis Path analysis and multiple regression Difference test (ANOVA) Broad survey Figure3.1:Ma in research Study secondary documentsIn-depth interviews stages CHAPTER4: Analysis and Evaluation RESEARCH FINDINGS 4.1 Collecting data from broad study Table 4.1 Information about subjects of survey in broad study 17 Total Sample size Gender Age 1476 Male 590 Female 886 Under 29 60 From30 to under 40 560 From 40 to under 50 487 50+ 369 Occupation Workers and unskilled 162 workers White-collar workers 557 Students 49 Housewives 280 Freelancers and other 428 professions Monthly Under million 353 personal From million to under 103 income million From million to under 12 240 million From 12 million to under 460 16 million 16 million and above 320 Source: Synthesized by the author 4.2 Data analysis 4.2.1 ANOVA analysis of customer satisfaction by life-insurance companies in Vietnam Analysis results show some similarities and differences as follows: 18  There is a noticeable difference in the level of customer satisfaction in terms ofcorporate image between Prudential Vietnam, Hanwha Life Vietnam and CHUBB Vietnam.According to the analysis, the level of customer satisfaction for Prudential Vietnam, BaoViet Life, Manulife Vietnam and AIA Vietnam is higher than that of Hanwha Life Vietnam and CHUBB Vietnam  There is a remarkable difference in the level of customer satisfaction in terms of Perceived value between Prudential Vietnam and Hanwha Life Vietnam; between Manulife Vietnam and CHUBB Vietnam Life Insurance Company Limited  There is noteable difference in customer loyalty between BaoViet Life and Hanwha Life Vietnam  There is no significant difference in the level of customer satisfaction in terms of Service quality, Service price and customers’ Complaints 4.2.2 Verification of research hypotheses Table4.2 Verification results of research hypotheses Hypotheses Results H1: Corporate image has a positive impact on customers’ Perceived value of life-insurance Unaccepted companies in Vietnam H2: Service quality has a positive impact on customers’ Perceived value of life-insurance Accepted companies in Vietnam H3: Service price has a positive impact on customers’ Perceived value of life-insurance Unaccepted companies in Vietnam H4: Corporate image has a positive impact on customer satisfaction companies in Vietnam with life-insurance Accepted 19 Hypotheses Results H5: Service quality has a positive impact on customer satisfaction with life-insurance Accepted companies in Vietnam H6: Service price has a positive impact on customer satisfaction with life-insurance Unaccepted companies in Vietnam H7: Perceived value has a positive impact on customer satisfaction with life-insurance Accepted companies in Vietnam H8: Customer satisfaction has a positive impact on customer loyalty to life-insurance Accepted companies in Vietnam H9: Customer satisfaction has a negative impact on customers’ complaints against life- Accepted insurance companies in Vietnam H10: Customer satisfaction has a positive impact on customer loyalty to life-insurance Accepted companies in Vietnam Source: Synthesized by the author 4.2.3.General assessment of the perception of service quality, customer satisfaction and loyalty Table 4.3: Customers’ perception Minimu Maximu Mean Standar m value m value value d deviation Corporate image 1,00 5,00 4,10 0,68 20 Service quality 1,00 5,00 3,14 0,73 Service price 1,00 5,00 3,52 0,75 Perceived value 1,00 5,00 3,45 0,82 Customer satisfaction 1,00 5,00 3,52 0,75 Customers’ complaints 1,00 5,00 3,20 0,68 Customers’ loyalty 1,00 5,00 3,56 0,82 Source: Results of surveys conducted by the author In general, customers’ perception of factors such as Perceived value, Customer satisfaction and Customer loyalty are fairly uniform ranging from 3.50 upwards The factor of Corporate image currently received highest appreciation from customers, valued at 4.10, which means customers are relatively satisfied with the reputation, prestige, brand and the level of corporate social responsibility of life-insurance companies in Vietnam In contrast, the factor of Service quality factor is currently recorded at 3.14, the lowest among the elements included in the measurement scales, which indicates that customers are not satisfied with this factor CHAPTER5: IMPLICATIONS AND RECOMMENDATIONS ON SOLUTIONS TO IMPROVE CUSTOMER SATISFACTION WITH LIFE-INSURANCE IN VIETNAM 5.1 Some implications for improving customer satisfaction with lifeinsurance companies in Vietnam To formulate recommendations for improving customer satisfaction, the author uses the Kano model to identify/classify attributes in the measurement scales forcustomer satisfaction among life-insurance companies in Vietnam and combines this with the results of regression analysis and customers’ perception assessmentpresented in Chapter 4.This classification is very useful as it creates 21 the premise for life-insurance companies in Vietnam to enhance their products/services in order to improve customer satisfaction Based on the results of multiple regression analysis, Kano classification and assessment of customers’ perception of factors in the customer satisfaction measurement scales, some comments and recommendations for life-insurance companies in Vietnam toimprove customer satisfaction are summarized as follows: Firstly, in order to maintain customer satisfaction, life-insurance companies in Vietnam need to focus on CLD 1, CLD 2, CLD 3, CLD and PNA Among these factors, companies should give priority to improving the quality of CLD 2, CLD and PNA as at present customers’ perception of these factors is relatively low with values recorded at 2.82, 3.01 and 3.17, respectively Secondly, in order to improve and boost customer satisfaction, life-insurance companies in Vietnam need to constantly enhance the quality of HAN 1, HAN 2, HAN 4, CLD 5, CLD 6, GIA 3, GIA 4, GIA 5, PNA 1, PNA 2, PNA andPNA Among these factors, according to the results of multiple regression analysis, the HAN, CLD and GTI factor groups have a positive impact on customer satisfaction while the PNA factor negatively influences customer satisfaction Thirdly, in order to differentiate with the aim to improve their competitiveness, life-insurance companies in Vietnam need to study/consider and select factors such as HAN 3, GIA and GTI In order to differentiate their products and services, insurance companies should always show their creativity, innovation and pioneering (HAN 3) or offer many attractive rewards and promotions to customer (GIA 6) or design flexible insurance policies (GTI 2) 5.2 Some solutions to improve customer satisfaction with life-insurance companies in Vietnam 22 5.2.1 Group of solutions for human resource development in the field of insurance  Goals and directions to develop the human resources for the insurance market until 2020  Completing legal regulations  Effectively design insurance training programs  Completing the recruitment process and personnel treatment 5.2.2 Group of solutions to improve the images of life-insurance companies Insurance is a type of service andinsurance products are intangible goods, so the impression and perception of corporate image have an important meaning to customers.Any moves related to the image and prestige of the company can directly affect their business activities Therefore, the building of public trust in the brand of the company always plays a very important role PR activities can help companies to build their understanding, long-term and widespread trust among every subject of the public 5.2.3 Group of solutions to complete processes in life-insurance companies To enhance customer satisfaction, life-insurance companies should develop processes and forms for approving policies/handling insurance benefits as well asprocesses to respond to customers’ complaints/problems Simultaneously, it is necessary to clearly announcesuch processes and formsto customers for their convenience as well as to help themunderstand the procedures and steps needed to follow On the other hand, the development and completion of processes and forms will also facilitate insurance counselors when communicating to customers as well as help them to understand how to handle customers’ problems in the quickest and most effective way 5.2.4 Group of solutions to improve service quality and bring satisfaction to customers Firstly, life-insurance companies should focus on compiling provisions in insurance policies so as they are clear and easy to understand for customers 23 Secondly, based on the full equipment of knowledge and skills to their counselors in combination with the completion of procedures and guidance documents for customers, insurance companies should always implement accurately what they have committed with customers and provide customer service as quickly as possible Thirdly, life-insurance companies should conduct surveys regularly to listen to customers’ feedback,study customers’ claims/complaints, organize seminars to provide knowledge of insurance products and services as well as to acknowledge comments, needs and expectations of customers Fourthly, life-insurance companies should diversify their insurance offerings such as online sales, sales through counselors and cross-selling 5.2.5 Group of solutions to differentiate insurance products and services and improve competitiveness of life-insurance companies With regard to creativity, innovation and pioneering, life-insurance companies in Vietnam should conduct research to innovate in four directions includinginnovation in insurance products and services, innovation in people, innovation in the process of providing services and innovation in marketing methods 24 CONCLUSION 6.1 Summary of main acquired results  Literature review: about 100 international and national research papers have been synthesized and analyzed Their similarities and differences as well as the trends in measuring customer satisfaction in general and customer satisfaction in the field of insurance in particular have been pointed out  Developing an appropriate analyticalframework to perform research objectives and answer research questions Hypotheses have been developed and verified through empirical analysis, which indicates thesuitability of the analytical framework, and research questions have been fully addressed  Building the measurement scales for customer satisfaction with lifeinsurance companies in Vietnam The scales are based onan analytical framework commonly used in the world with adjustments to suit the typical circumstances and characteristics of insurance business in Vietnam 6.2 Contributions of the research 6.2.1 Scientific contributions Research has synthesized the theories of customer satisfaction, factors affecting customer satisfaction, customer satisfaction assessment models and customer satisfaction with life-insurance companies Customer satisfaction should be detailed and localized when being assessed in specific areas In the field of life-insurance, customer satisfaction is made up of a number of elements that need to be assessed comprehensively based on the following factors: Corporate image, Service price, Service quality, Perceived value, Customer satisfaction, Customers’ complaints, and Customer loyalty Research results presented in this doctoral thesis are suitable with the theoretical framework and with domestic and foreign studies such as 25 Gronrooset al (1984), Nguyen Thanh Trung (2006), Paromita Goswami (2007), Affiaine Ahmad and Zalina Sungip (2008), Ker – Tah Hsu (2011), Duodu and Amankwah (2011), Tran Thi Thuy Duong (2012), Alok Kumar Rai & Srivastava Medha (2013), Araceli Picon et al (2013), Hossein Vazifehdust et al (2013) and Shamsher Singh et al (2014) 6.2.2 Practical contributions The researchshows some of the signs in customers’ cognition and behavior as follows: a) There are some notable differences in customers’ perception of Corporate image, Perceived value of each life-insurance company in Vietnam b) There are similarities in customers’ perception of the service quality, service price and customers’ complaints for life-insurance companies c) Observations of cognition and behaviour in this research provide lifeinsurance companies with some orientations to maintain and improve in order to boost customer satisfaction and loyalty 6.3 Limitations of the doctoral thesis and recommendations for further research Despite the remarkable results mentioned above, the doctoral thesis cannot avoid certain limitations which need to be supplemented and completed by further research The first issue relates to the research subjects and methods In this study, the author focuses on measuring/evaluating customer satisfaction from the perspective of customers outside the companies The second issue relates to the scope and methodology for survey and data collection Due to time and budget constraints, this research can only measure customer satisfaction with 07 life-insurance companies in Vietnam ... in Vietnamese Life – Insurance Setting Tạp chí Sustainability tháng 4/2018 Sự hài lòng khách 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