Impact of Customer Satisfaction on Insurance Service Delivery in Zambia: A Case of Prudential Insurance Company

Abstract

The study explored the Impact of Customer Satisfaction on Insurance Service Delivery in Zambia using a Case of Prudential Insurance Company. The study was qualitative and collected data from twenty five (25) respondents using questionnaires which was analyzed using the statistical Package for Social Sciences to draw charts for ease of interpretation. The research concludes that quality of insurance products and/or service has a direct relationship to customer satisfaction and loyalty with regard to customer service and in order to meet the desires of the customer or insurance clients, insurance company must tailor their insurance products to the needs of the customers who if satisfied are more than likely to remain loyal to the business in terms of repeat business and are in turn going to act as a conveyor marketing belt to potential and would be customers based on the quality of the services offered and the satisfaction enjoyed. The study further concludes that innovation with regard to product offering must be a priority owing to the fact that after the enactment of the pensions and insurance authority act which made it mandatory for particularly motor vehicle insurance, has made insurance companies to offer homogeneous insurance products in which case competition is unavoidable. For example to attract customers into other portfolios, the insurance companies can structure the payment of premiums in line with the earnings of the particular customer so that the premiums are not overly expensive to manage. This way customers would be willing to sacrifice without their financial muscle being overstretched.