Relationship between service quality and customer satisfaction in life insurance services in viet nam

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo - LÊ THỊ BÍCH ĐÀO RELATIONSHIP BETWEEN SERVICE QUALITY AND CUSTOMER SATISFACTION IN LIFE INSURANCE SERVICES IN VIET NAM MASTER OF BUSINESS ADMINISTRATION Ho Chi Minh City – 2012 MINISTRY OF EDUCATION AND TRAINING ACKNOWLEDGEMENT UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo I would like to express my deepest gratitude to my research supervisor, Professor Pham Quoc Hung for his intensive support, valuable suggestions, guidance and encouragement during the course of my study I would like to express my sincere gratitude to all of my teachers at Faculty of Business Administration and Postgraduate Faculty, University of Econimics Hochiminh City for their teaching and guidance during my MBA course LÊ THỊ BÍCH ĐÀO My sincere thanks is extended to Professor Nguyen Dinh Tho, Dr Tran Ha Minh Quan, Dr Nguyen Thi Nguyet Que, Dr Nguyen Thi Mai Trang, Dr Nguyen Van Ngai for their valuable time as members of examination committee Their comments and suggestions were of great value for my study I would also like to avail this opportunity to BETWEEN express my appreciation to Professor RELATIONSHIP SERVICE QUALITY AND CUSTOMER SATISFACTION English and Dr Tran Ha Minh Quan for his support during the course Nguyen Dong Phong, UEH Board of Directors for creating MBA program in IN LIFE INSURANCE SERVICES IN VIET NAM I would like to specially express my thanks to all of my classmates, my friends, and my colleagues for their support and encouragement I sincerely thank the management and staff of AIA Insurance, Prudential, Bao Viet, MAJOR: BUSINESS ADMINISTRATION Dai-ichi life, Manulife, and ACE Life insurance for contributing to this study MAJOR CODE: 60.34.05 Last but not least I must express my gratitude to my beloved parents, my husband Nguyen Ngoc Minh and daughter Minh Anh who have always sacrificed to encourage and support me during these years of study MASTER THESIS SUPERVISOR : PROFESSOR PHẠM QUỐC HÙNG Ho Chi Minh City – 2012 ACKNOWLEDGEMENT I would like to express my deepest gratitude to my research supervisor, Professor Pham Quoc Hung for his intensive support, valuable suggestions, guidance and encouragement during the course of my study I would like to express my sincere gratitude to all of my teachers at Faculty of Business Administration and Postgraduate Faculty, University of Econimics Hochiminh City for their teaching and guidance during my MBA course My sincere thanks is extended to Professor Nguyen Dinh Tho, Dr Tran Ha Minh Quan, Dr Nguyen Thi Nguyet Que, Dr Nguyen Thi Mai Trang, Dr Nguyen Van Ngai for their valuable time as member of examination committee Their comments and suggestions were of great value for my study I would also like to avail this opportunity to express my appreciation to Professor Nguyen Dong Phong, UEH Board of Directors for creating MBA program in English and Dr Tran Ha Minh Quan for his support during the course I would like to specially express my thanks to all of my classmates, my friends, and my colleagues for their support and encouragement I sincerely thank the management and staff of AIA Insurance, Prudential, Bao Viet, Dai-ichi life, Manulife, and ACE Life insurance for contributing to this study Last but not least I must express my gratitude to my beloved parents, my husband Nguyen Ngoc Minh and daughter Minh Anh who have always sacrificed to encourage and support me during these years of study i ABSTRACT The present study investigated the subject of service quality and its relationship to customer satisfaction in the context of life insurance industry service A study of 238 respondents from six leading life insurance in Viet Nam was conducted in Ho Chi Minh City This research, using confirmatory factor analyses, proposes a six dimensional service-quality instrument consisting of assurance, personalized financial planning, competence, corporate image, tangibles and technology in life insurance A paired “t” test and the cross-tabulation procedure were also carried out in this study to examine the relationship between service quality and customer satisfaction The result from this paper confirmed that the two constructs are distinct, but are highly correlated, implying that an increase in one is likely to lead to an increase in another Keywords: Service quality, customer satisfaction, confirmatory factor analysis, measurement, life insurance services ii TABLE OF CONTENTS ACKNOWLEDGEMENT i ABSTRACT ii TABLE OF CONTENTS iii LIST OF FIGURES iv LIST OF TABLES vi CHAPTER 1: INTRODUCTION 1.1 BACKGROUND 1.2 RESEARCH PROBLEMS 1.3 RESEARCH OBJECTIVES 1.4 RESEARCH METHODOLOGY AND SCOPE 1.5 STRUCTURE OF THE STUDY CHAPTER 2: LITERATURE REVIEW 10 2.1 INTRODUCTION 10 2.2 SERVICE QUALITY 10 2.3 CUSTOMER SATISFACTION 13 2.4 THE LINK BETWEEN SERVICE QUALITY AND CUSTOMER SATISFACTION .14 2.5 LIFE INSURANCE IN VIET NAM 16 2.6 HYPOTHESIS AND EMPIRICAL MODEL 19 CHAPTER 3: METHODOLOGY 22 3.1 INTRODUCTION 22 3.2 RESEARCH DESIGN 22 3.3 VARIABLES MEASUREMENT 22 3.3.1 Scale to measure service quality 22 3.3.2 Scale to measure customer satisfaction 25 3.4 PILOT TEST 26 3.5 MAIN SURVEY 27 3.5.1 Brand selection 27 3.5.2 Sampling 27 3.5.3 Sample size 28 3.5.4 Survey method 28 3.5.5 Data analysis techniques 28 3.6 SUMMARY 29 CHAPTER 4: EMPIRICAL RESULTS OF THE RESEARCH 30 4.1 INTRODUCTION 30 4.2 CHARACTERISTICS OF RESEARCH SAMPLES 30 4.3 SCALES ASSESSMENT 33 4.3.1 RELIABILITY TESTING 33 4.3.2 CONFIRMATORY FACTOR ANALYSIS (CFA) 33 iii 4.3.3 CUSTOMER SATISFACTION WITH SERVICE QUALITY CHAPTER 5: CONCLUSIONS, RECOMMENDATIONS AND LIMITATIONS 5.1 INTRODUCTION 5.2 CONCLUSIONS 5.3 RECOMMENDATIONS 5.4 LIMITATIONS REFERENCES APPENDIX APPENDIX APPENDIX APPENDIX 43 51 51 51 53 54 56 59 62 63 64 iv LIST OF FIGURES Figure 2.1: Research model 21 Figure 3.1: Research Process 23 Figure 4.1: Confirmatory factor analysis (CFA) – the initial model 36 Figure 4.2: CFA modified model 40 v LIST OF TABLES Table 4.1 : Response frequency of each brand 31 Table 4.2 : Demographic characteristics of the respondents 31 Table 4.3 : Skew and Kurtosis Values of Variables 32 Table 4.4 : Reliability of the measurement instrument 34 Table 4.5 : Modification Indices (Group number - Default model) 37 Table 4.6 : Standardized Regression Weights of variables (factor loadings) 39 Table 4.7 : CFA results – Construct loadings 41 Table 4.8 : Correlations matrix of variables 43 Table 4.9 : Matrices Correlations 64 Table 4.10: Results of paired “t” test 44 Table 4.11: Correlation between customer satisfaction and service quality 45 Table 12: Cross-tabulation results between service quality and customer satisfaction with respect to assurance 46 Table 13: Cross-tabulation results between service quality and customer satisfaction with respect to personalized financial planning 47 Table 14: Cross-tabulation results between service quality and customer satisfaction with respect to competence 47 Table 4.15: Cross-tabulation results between service quality and customer satisfaction with respect to tangibles 48 Table 4.16: Cross-tabulation results between service quality and customer satisfaction with respect to corporate image 48 Table 4.17: Cross-tabulation results between service quality and customer satisfaction with respect to technology 49 Table 4.18: Degree of complete agreement and complete disagreement between service quality and customer satisfaction 49 Table 4.19: Summary of the hypotheses testing results 50 vi Service Quality and Customer Satisfaction CHAPTER 1: INTRODUCTION 1.1 BACKGROUND Service quality and customer satisfaction have long been recognized as playing a crucial role for success and survival in today’s competitive market They are two core concepts and crux of the marketing theory and practice (Spreng and Mackoy, 1996) A basic agreement emanating from the wide range of literature on service quality and customer satisfaction is that service quality and customer satisfaction are conceptually distinct but closely related constructs (Parasuraman et al., 1994; Dabholkar, 1995; Shemwell et al., 1998; G.S Sureshchandar, 2002) Customer satisfaction is considered a prerequisite for customer retention and loyalty, and obviously helps in realizing economic goals like profitability, market share, return on investment, etc (Scheuing, 1995; Reichheld, 1996; Hackl and Westlund, 2000) Service quality has been described as a form of attitude -a longrun overall evaluation, and service quality and attitude constructs are viewed as similar (Parasuraman et al., 1988; Zeithaml, 1988; Bitner et al., 1990; Bolton and Drew, 1991a, b; Cronin and Taylor, 1992; Bitner and Hubert, 1994) Perceptions of service quality could occur at multiple levels in an organization -e.g with the core service, physical environment, interaction with the service providers, etc (Bitner and Hubert, 1994) Besides that, the customer's overall satisfaction with the services of the organization is based on all the encounters or experiences of the customers with that organization Similar to service quality, customer satisfaction can occur at multiple levels in an organization, e.g satisfaction with the contact person, satisfaction with the core service and satisfaction with the company In today's world of intense competition, the key to sustainable competitive advantage lies in delivering high quality service that will in turn result in satisfied customers (Shemwell et al., 1998) Page Service Quality and Customer Satisfaction The life insurance industry like many other financial services industries is facing a rapidly changing market, new technologies, economic uncertainties, fierce competition and more demanding customers has presented an unprecedented set of challenges Like other business domains, life insurance providers have started realizing that their business depends on customer service and customer satisfaction With liberalization and internationalization in insurance, service quality has become an important means of differentiation and path to achieve business success Such differentiation based on service quality can be a key source of competitiveness for insurance companies With the increasing demands of customer, insurance sector has become competitive Customers are becoming increasingly aware of their expectations, and demand higher standards of services, as technology is enabling them to make comparisons quickly and accurately Their perceptions and expectations are continually evolving and they may readily change providers if they are not satisfied with service quality they receive This makes difficult for service providers to measure and manage services effectively Therefore, the life insurance providers need to reconfigure their strategy and business to sustain or improve their competitive advantage Moreover, they need to consider how to create a satisfied customer base that will not be eroded even in the face of fierce competition The trend of insurance companies shifting from a product-focused view to a customer-focused one has been developing recently as insurance products become increasingly hard to differentiate in fiercely competitive markets Insurance companies in the world are consequently directing their strategies towards increasing customer satisfaction and loyalty through improved service quality Numerous researchers have made theoretical and empirical contribution to the study of relationship service quality and customer satisfaction in various industries (like banking, healthcare, education etc) However, the area of life insurance is not adequately researched In addition, the causal relationships between service quality and customer satisfaction have been examined by a number of studies, but mainly at the level of aggregate constructs The conclusions that the two constructs are Page Service Quality and Customer Satisfaction To summarize, the service quality and customer satisfaction are two distinct constructs and have a great dependency between them These results have shown that people whose perception of service quality is low have low satisfaction levels, people whose perception of service quality is medium have medium satisfaction levels, and those who have ranked the service quality as high are highly satisfied with the services Results of testing the Hypotheses have been shown in table 19 Table 4.19 Summary of the hypotheses testing results Hypotheses Confirmed H1: There is significant difference between service quality and customer satisfaction with respect to assurance YES H2: There is significant difference between service quality and customer satisfaction with respect to personalized financial planning YES H3: There is significant difference between service quality and customer satisfaction with respect to competence YES H4: There is significant difference between service quality and customer satisfaction with respect to tangibles YES H5: There is significant difference between service quality and customer satisfaction with respect to corporate image YES H6: There is significant difference between service quality and customer satisfaction with respect to technology YES Page 50 Service Quality and Customer Satisfaction CHAPTER 5: CONCLUSIONS, RECOMMENDATIONS AND LIMITATIONS 5.1 INTRODUCTION Chapter particularly discussed about the results of the research This chapter presents main conclusions and recommendations based on the results of the previous chapters, as well as the limitations of this study 5.2 CONCLUSIONS The main purposes of this study were to focus on understanding the determinants of service quality and investigate the relationship between service quality and customer satisfaction in life insurance services in Viet Nam An exploratory qualitative study was undertaken to better understand the key dimensions of service quality A cross-sectional data of six leading life insurers is study in this paper For assessing service quality, this research used research techniques of reliability analyses and confirmatory factor analyses From that, this paper proposes a six dimensional service-quality instrument comprising of assurance, personalized financial planning, competence, corporate image, tangibles and technology in life insurance The assurance factor has five elements, they are trained and well-informed agents (ASS_1), approaching from customer’s point of view (ASS_2), trusting agents when explaining policies (ASS_3), clarity in explaining policy’s terms and conditions (ASS_4), and understanding intimately specific needs (ASS_5) The personalized financial planning has four items, consist of flexible payment schedule (PER_1), availability of flexible product solution (PER_2), provisions for convertibility of products (PER_3), and supplementary services (PER_4) There are five items in the competence factor, including staff dependable in handling customer’ s problems (COM_1), efficient staff (COM_2), easy access to Page 51 Service Quality and Customer Satisfaction information (COM_3), prompt and efficient grievance handling mechanism (COM_4), and prompt and hassle free claims settlement (COM_5) The tangibles dimension has four variables, including adequate no of branches (TAN_1), accessible location of the branch (TAN_2), good ambience of the branch (TAN_3), and possessing good certification and credentials (TAN_4) Similarly, there are three items in the corporate image component, consist of innovativeness in introducing new products (COR_1), courteous agents (COR_2), and procedure is simple and less time-consuming when purchasing a policy (COR_4) Finally, the technology factor has three items, including easy online transaction (TEC_1), prompt complaint handling, online (TEC_2), and proactive information through e-mail or SMS (TEC_3) The cross-tabulation and a paired “t” test procedure were also carried out in this study to measure customer satisfaction and check the relationship between service quality and customer satisfaction The result from this paper shows that people whose perception of service quality is poor have poor satisfaction levels, people whose perception of service quality is medium have medium satisfaction levels, and those who have ranked the service quality as high are highly satisfied with the services of the organization Therefore, service quality and customer satisfaction are two different constructs and they are closely related, that an increase in one is likely to lead to a rise in the other This study shows that service quality and customer satisfaction are two different constructs, which customers are capable of distinguishing Service quality is more abstract than customer satisfaction and likely to be influenced by variables such as advertising and other forms of communication Service providers must therefore view service quality and customer satisfaction separately Therefore, qualityimprovement initiatives by the management should not just focus on improving customer satisfaction but also target on improving the customer perceptions of overall service quality by taking the above variables into consideration The service providers should try to continuously improve both service quality and customer satisfaction In this era of intense competition, satisfying customers may not be Page 52 Service Quality and Customer Satisfaction sufficient The veritable gains of a quality revolution come only from customer delight, which again to a very great extent depends on the customer's perceptions of overall service quality 5.3 RECOMMENDATIONS The life insurance policyholders have primarily defined assurance in terms of well trained and informed agents, who understand intimately specific needs, approach from customer’s point of view show clarity in explaining policy’s terms and conditions and thereby inspire trust and confidence Therefore, it is imperative for the service providers to provide adequate training to their agents to improve their customer interaction skills and knowledge The competence factor appeared to play an important role in influencing the overall service quality as expected by the customer The service providers accorded the priority to ‘efficient claims settlement’ and need to focus on promptness in ‘grievance handling' This implies that life insurance providers should invest in empowering the agents and employees with adequate resources so that they can take prompt actions Customers of life insurance policies look for personalized services and constant support in financial planning, e.g flexible payment schedule, flexible product solution, provisions for convertibility of products and supplementary services etc So, service providers should encourage the agents to assume wider roles, that of financial consultants The corporate image is the fourth factor of the service quality dimensions In this case, it is imperative for the service providers to focus on having courteous agents who represent a financially stable company, on being innovative in introducing new products, and in general proving to be value for money in the long run In the hierarchical preference structure of service quality instrument, tangibles and technology dimensions are at the lowest place, but these factors may also contributes towards satisfaction/dissatisfaction with the services Page 53 Service Quality and Customer Satisfaction Regarding tangibles, it is required that service providers should have good certification and credentials and adequate number of accessible branches This is more important than investing large sums of money for creating magnificent structures alone There is need, therefore for insurers to rethink their strategies in this aspect Technology is the last dimension in this study In this case, service providers should focus on ensuring ease of online transaction, prompt complaint handling, online and availability of proactive information through e-mail or SMS 5.4 LIMITATIONS The limitations of this study are restrictions in the research scope There are only six life insurers in Ho Chi Minh City and 238 respondents for all of them are used as cross-sectional data in the study Samples were selected by the convenience method This is the least reliable form of non-probability sampling Moreover, the sample consists of individual customers only, all of companies buying life insurance policies for staffs have not been investigated in this study Further research in the future might examine these limitations Cross-sectional studies that measure service expectations at one point in time may understate or overstate true service expectations, depending on whether customers had a positive or negative experience with the service provider Future studies in this area should also measure changes in service quality expectations over time in order to have a better understanding of how perceptions about service quality relate to satisfaction and loyalty This is because service expectations and perceptions are known to be affected by customers’ immediate reaction to specific service encounters The study examined the relationships between the various aspects of service quality and customer satisfaction within the field service context However, affective outcome constructs such as perceived value, customer loyalty, intent to purchase, or Page 54 Service Quality and Customer Satisfaction intent to recommend, were not specified or examined These remain fruitful areas for future research This study is only stopped as an academic research It shows us the six dimensions of service quality and the relationship between service quality and customer satisfaction in the life insurance services Based on this research, researchers and corporate managers can be continue to implement more research, in order to evaluate more precisely about the relationship between service quality and customer satisfaction in life insurance sector in Vietnam Page 55 Service Quality and Customer Satisfaction REFERENCES 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customer perceived service quality for life insurance services: an empirical investigation International Business Research, (3), pp 171-186, Available: www.ccsenet.org/ibr Zeithaml, V.A (1988) Consumer perceptions of price, quality, and value: a means-end model and synthesis of evidence Journal of Marketing, Vol 52, pp 2-22 Zhu, F.X., Wymer, W and Chen, I (2002) IT-based services and service quality in consumer banking International Journal of Service Industry Management, 13(1):69 –90 http://avi.org.vn/News/Item/1014/202/vi-VN/Default.aspx, Tổng quan thị trường bảo hiểm việt Nam năm 2010 http://avi.org.vn/News/Item/1524/202/vi-VN/Default.aspx, Tổng quan thị trường bảo hiểm việt Nam năm 2011 http://avi.org.vn http://www.vneconomy.com.vn Page 58 Service Quality and Customer Satisfaction APPENDIX QUESTIONNAIRE FOR SERVICE QUALITY (VIETNAMESE VERSION) Xin chào anh/chị Bảng câu hỏi thực khuôn khổ luận văn tốt nghiệp Cao học, chuyên ngành Quản Trị Kinh Doanh trường Đại học Kinh Tế TP Hồ Chí Minh Mục đích đề tài nghiên cứu mối quan hệ chất lượng dịch vụ hài lòng khách hàng lĩnh vực bảo hiểm nhân thọ Việt Nam Thông tin anh/chị hữu ích cho nghiên cứu Chúng xin bảo đảm thông tin cung cấp tuyệt đối giữ bí mật Xin chân thành cảm ơn Trong trình tham gia bảo hiểm nhân thọ, anh/chị vui lịng cho biết mức độ đồng ý hay khơng đồng ý anh/chị nội dung sau cách đánh dấu “X” vào lựa chọn thích hợp cho nội dung: Hồn tồn Khơng đồng ý ▼ Nội dung Hoàn toàn đồng ý ▼ Đại lý Công ty bảo hiểm [X] đào tạo có kiến thức tốt Cơng ty bảo hiểm [X] ln thăm dị ý kiến từ khách hàng Tôi tin tưởng đại lý việc giải thích sách Cơng ty bảo hiểm [X] rõ ràng việc giải thích điều khoản, điều kiện hợp đồng Nhân viên đại lý Công ty bảo hiểm [X] hiểu tường tận nhu cầu cụ thể Công ty bảo hiểm [X] có lịch trình tốn linh hoạt Cơng ty bảo hiểm [X] có giải pháp sản phẩm linh hoạt Cơng ty bảo hiểm [X] có quy định việc chuyển đổi loại sản phẩm Cơng ty bảo hiểm [X] có dịch vụ bổ sung 10 Nhân viên Công ty bảo hiểm [X] đáng tin cậy việc xử lý vấn đề 11 Nhân viên Công ty bảo hiểm [X] có lực 12 Tơi dễ dàng truy cập thơng tin từ Công ty bảo hiểm [X] 13 Công ty bảo hiểm [X] có chế xử lý khiếu nại nhanh chóng hiệu 14 Cơng ty bảo hiểm [X] giải yêu bồi thường nhanh chóng miễn phí 15 Cơng ty bảo hiểm [X] có đầy đủ chi nhánh Page 59 Service Quality and Customer Satisfaction 16 Vị trí chi nhánh Cơng ty bảo hiểm [X] tiếp cận 17 Môi trường chi nhánh Công ty bảo hiểm [X] thỏa mái 18 Cơng ty bảo hiểm [X] có thông tin giấy chứng nhận tốt 19 Công ty bảo hiểm [X] có tính sáng tạo việc giới thiệu sản phẩm 20 Đại lý Công ty bảo hiểm [X] lịch sự, thân thiện với 21 Công ty bảo hiểm [X] mang lại cho giá trị xứng đáng với đồng tiền bỏ 22 Thủ tục mua hợp đồng từ Công ty bảo hiểm [X] đơn giản tốn thời gian 23 Cơng ty bảo hiểm [X] có tài ổn định 24 Tôi dễ dàng giao dịch trực tuyến với Công ty bảo hiểm [X] 25 Công ty bảo hiểm [X] xử lý trực tuyến nhanh chóng khiếu nại 26 Công ty bảo hiểm [X] chủ động thông tin cho qua email tin nhắn SMS Anh/chị tham gia bảo hiểm bao lâu? Dưới tháng tháng-> năm Từ -> năm Trên năm Anh/chị vui lòng cho biết Công ty bảo hiểm anh/chị tham gia: Khu vực anh chị sinh sống: TP Hồ Chí Minh Tỉnh khác: Giới tính anh/chị là: Nữ Nam Độ tuổi anh/chị : Dưới 25 tuổi Từ 25 – 45 tuổi Từ 46 – 60 tuổi Trên 60 tuổi Vị trí anh/chị Cơng ty: Nhân viên Chuyên viên Lãnh đạo, cán quản lý Khác Trình độ học vấn anh/chị PTTH Trung cấp, cao đẳng Đại học Trên đại học Khác Email anh chị: Xin chân thành cảm ơn anh/chị Page 60 Service Quality and Customer Satisfaction QUESTIONNAIRE FOR CUSTOMER SATISFACTION Trong trình tham gia bảo hiểm nhân thọ, anh/chị vui lịng cho biết mức độ hài lịng hay khơng hài long anh/chị nội dung sau cách đánh dấu “X” vào lựa chọn thích hợp cho nội dung: Hồn tồn Khơng hài lịng ▼ Nội dung Hồn tồn Hài lịng ▼ Đại lý Công ty bảo hiểm [X] đào tạo có kiến thức tốt Cơng ty bảo hiểm [X] ln thăm dị ý kiến từ khách hàng Tôi tin tưởng đại lý việc giải thích sách Cơng ty bảo hiểm [X] rõ ràng việc giải thích điều khoản, điều kiện hợp đồng Nhân viên đại lý Công ty bảo hiểm [X] hiểu tường tận nhu cầu cụ thể tơi Cơng ty bảo hiểm [X] có lịch trình tốn linh hoạt Cơng ty bảo hiểm [X] có giải pháp sản phẩm linh hoạt Cơng ty bảo hiểm [X] có quy định việc chuyển đổi loại sản phẩm Công ty bảo hiểm [X] có dịch vụ bổ sung 10 Nhân viên Công ty bảo hiểm [X] đáng tin cậy việc xử lý vấn đề 11 Nhân viên Cơng ty bảo hiểm [X] có lực 12 Tôi dễ dàng truy cập thông tin từ Công ty bảo hiểm [X] 13 Công ty bảo hiểm [X] có chế xử lý khiếu nại nhanh chóng hiệu 14 Công ty bảo hiểm [X] giải u bồi thường nhanh chóng miễn phí 15 Cơng ty bảo hiểm [X] có đầy đủ chi nhánh 16 Vị trí chi nhánh Cơng ty bảo hiểm [X] tiếp cận 17 Mơi trường chi nhánh Công ty bảo hiểm [X] thỏa mái 18 Cơng ty bảo hiểm [X] có thơng tin giấy chứng nhận tốt 19 Công ty bảo hiểm [X] có tính sáng tạo việc giới thiệu sản phẩm 20 Đại lý Công ty bảo hiểm [X] lịch sự, thân thiện với 21 Công ty bảo hiểm [X] mang lại cho giá trị xứng đáng với đồng tiền bỏ 22 Thủ tục mua hợp đồng từ Công ty bảo hiểm [X] đơn giản tốn thời gian 23 Cơng ty bảo hiểm [X] có tài ổn định 24 Tôi dễ dàng giao dịch trực tuyến với Công ty bảo hiểm [X] 25 Công ty bảo hiểm [X] xử lý trực tuyến nhanh chóng khiếu nại tơi 26 Công ty bảo hiểm [X] chủ động thông tin cho qua email tin nhắn SMS Page 61 Service Quality and Customer Satisfaction Appendix – Observed variables Assurance Company insurance [X] has trained and well-informed agents Company insurance [X] approaches from customer’s point of view I trust agents when explaining policies Company insurance [X] explains clarity in policy’s terms and conditions Company insurance [X]’s agents and staffs understand intimately my specific needs Personalized financial planning Company insurance [X] provides flexible payment schedule Company insurance [X] provides availability of flexible product solution Company insurance [X] provides for Convertibility of products Company insurance [X] has supplementary services Competence 10 Staff is dependable in handling customer’s problems 11 Staff of Company insurance [X] is efficient 12 It’s easy to access to information from Company insurance [X] 13 Company insurance [X] has a prompt & efficient grievance handling mechanism 14 Company insurance [X] has a prompt and hassle free claims settlement Tangibles 15 Company insurance [X] has an adequate no of branches 16 The location of the branch is accessible 17 The ambience of the branch is good 18 Company insurance [X] possess good certification and credentials Corporate image 19 Company insurance [X] has innovated in introducing new products 20 Company insurance [X]’s agents are always courteous 21 Company insurance [X] gives me value for money 22 The procedure is simple and less time-consuming when purchasing a policy 23 Company insurance [X] has a stable finance Technology 24 It's easy to transact online with the company 25 Company insurance [X] is prompt in handling my complaint by online 26 Company insurance is proactive send for information for me through e-mail or SMS Page 62 Service Quality and Customer Satisfaction Appendix – Descriptive Statistics of variables Descriptive Statistics Skewness Kurtosis Observed variables N Statistic Minimum Statistic Maximum Statistic Mean Statistic Std Deviation Statistic Statistic ASS_1 238 4.45 1.370 -0.217 0.158 -0.464 0.314 ASS_2 238 4.63 1.318 -0.455 0.158 0.169 0.314 ASS_3 238 4.60 1.368 -0.110 0.158 -0.757 0.314 ASS_4 238 4.75 1.316 -0.351 0.158 -0.402 0.314 ASS_5 238 4.55 1.370 -0.259 0.158 -0.21 0.314 PER_1 238 4.70 1.340 -0.130 0.158 -0.499 0.314 PER_2 238 4.53 1.301 -0.293 0.158 -0.111 0.314 PER_3 238 4.71 1.156 -0.268 0.158 -0.166 0.314 PER_4 238 4.73 1.304 -0.412 0.158 0.074 0.314 COM_1 238 4.60 1.324 -0.095 0.158 -0.644 0.314 COM_2 238 4.55 1.227 -0.138 0.158 -0.476 0.314 COM_3 238 4.89 1.379 -0.443 0.158 -0.670 0.314 COM_4 238 4.32 1.404 -0.363 0.158 -0.243 0.314 COM_5 238 4.24 1.459 -0.300 0.158 -0.471 0.314 TAN_1 238 4.82 1.289 -0.509 0.158 -0.388 0.314 TAN_2 238 5.02 1.212 -0.291 0.158 -0.108 0.314 TAN_3 238 5.12 1.330 -0.583 0.158 -0.117 0.314 TAN_4 238 5.03 1.273 -0.407 0.158 -0.256 0.314 COR_1 238 4.71 1.318 -0.314 0.158 -0.186 0.314 COR_2 238 4.74 1.292 -0.060 0.158 -0.485 0.314 COR_3 238 4.66 1.429 -0.418 0.158 -0.373 0.314 COR_4 238 5.17 1.291 -0.507 0.158 -0.270 0.314 COR_5 238 5.00 1.347 -0.428 0.158 -0.154 0.314 TEC_1 238 4.12 1.365 -0.112 0.158 -0.681 0.314 TEC_2 238 4.03 1.344 -0.088 0.158 -0.649 0.314 TEC_3 238 4.79 1.404 -0.349 0.158 -0.305 0.314 Std Error Statistic Std Error Page 63 Service Quality and Customer Satisfaction APPENDIX Table 4.9 Matrices Correlations TEC_3 TEC_2 TEC_1 COR_4 COR_2 COR_1 TAN_4 TAN_3 TAN_2 TAN_1 COM_5 COM_4 COM_3 COM_2 COM_1 PER_4 PER_3 PER_2 PER_1 ASS_5 ASS_4 ASS_1 ASS_2 ASS_3 TEC_3 TEC_2 0.402 TEC_1 0.389 0.454 COR_4 0.235 0.274 0.265 COR_2 0.238 0.278 0.269 0.401 COR_1 0.225 0.263 0.254 0.379 0.385 TAN_4 0.215 0.251 0.242 0.337 0.342 0.324 TAN_3 0.216 0.253 0.244 0.340 0.345 0.326 0.425 TAN_2 0.220 0.257 0.248 0.345 0.350 0.331 0.431 0.435 TAN_1 0.215 0.251 0.242 0.338 0.342 0.324 0.422 0.425 0.431 COM_5 0.235 0.275 0.265 0.273 0.277 0.262 0.255 0.257 0.260 0.255 COM_4 0.243 0.284 0.274 0.282 0.286 0.271 0.263 0.265 0.269 0.263 0.737 COM_3 0.242 0.283 0.273 0.282 0.285 0.270 0.262 0.264 0.268 0.262 0.318 0.329 COM_2 0.282 0.329 0.318 0.328 0.333 0.315 0.306 0.308 0.312 0.306 0.371 0.383 0.382 COM_1 0.268 0.313 0.302 0.312 0.316 0.299 0.290 0.293 0.297 0.290 0.352 0.364 0.363 0.423 PER_4 0.204 0.238 0.230 0.235 0.238 0.225 0.247 0.249 0.253 0.247 0.297 0.307 0.306 0.357 0.339 PER_3 0.209 0.244 0.236 0.241 0.244 0.231 0.253 0.255 0.259 0.254 0.305 0.315 0.314 0.366 0.348 0.462 PER_2 0.209 0.244 0.236 0.241 0.244 0.231 0.254 0.255 0.259 0.254 0.305 0.315 0.314 0.366 0.348 0.463 0.475 PER_1 0.206 0.241 0.233 0.238 0.241 0.228 0.250 0.252 0.255 0.250 0.301 0.311 0.310 0.361 0.343 0.456 0.468 0.468 ASS_5 0.231 0.270 0.260 0.307 0.311 0.294 0.260 0.262 0.265 0.260 0.302 0.312 0.311 0.362 0.344 0.380 0.390 0.390 0.384 ASS_4 0.241 0.282 0.272 0.321 0.326 0.308 0.272 0.274 0.278 0.272 0.316 0.326 0.325 0.379 0.360 0.397 0.407 0.408 0.402 0.461 ASS_1 0.229 0.267 0.258 0.304 0.309 0.292 0.257 0.259 0.263 0.257 0.299 0.309 0.308 0.359 0.341 0.376 0.386 0.386 0.381 0.437 0.457 ASS_2 0.217 0.253 0.244 0.288 0.292 0.276 0.244 0.245 0.249 0.244 0.283 0.293 0.292 0.340 0.323 0.356 0.366 0.366 0.361 0.414 0.433 0.410 ASS_3 0.232 0.271 0.262 0.309 0.313 0.296 0.261 0.263 0.267 0.261 0.304 0.314 0.313 0.364 0.346 0.382 0.392 0.392 0.386 0.443 0.464 0.440 0.416 Page 64 ... What is the relationship between customer satisfaction and service quality in life insurance services in Viet Nam market?  Are service quality and customer satisfaction two distinct constructs?... Viet Nam, Baoviet Life Corporation, Manulife Insurance Viet Nam, ACE Life Vietnam, AIA Viet Nam (American International Assurance), and Dai-ichi Life Insurance Viet Nam (source: Association of Vietnamese... satisfaction to increase as well 2.5 LIFE INSURANCE IN VIET NAM In 1996 marked the launch of the life insurance sector in Vietnam by the Ministry of Finance allows Bao Viet piloted life insurance activities