Service quality and product satisfaction of life insurance policyholders in selected areas in Cavite / by Ferelyn C. Catapang, Jessica Rose L. Ombayan, Judy Anne G. Sirilla and Reana Loise N. Tesoro.

Thesis (Bachelor of Science in Business Management major in Financial Management) Cavite State University

Includes bibliographical references.

College of Economics, Management, and Development Studies (CEMDS).

CATAPANG, FERELYN C., OMBAYAN, JESSICA ROSE L., SIRILLA, JUDY ANNE G., TESORO, REANA LOISE N. Service Quality and Product Satisfaction of Life Insurance Policyholders in Selected Areas in Cavite. Undergraduate Thesis. Bachelor of Science in Business Management, August 2022. Adviser: Ms. Princess P. Baybay

The study was conducted from September 2021 to August 2022 in the selected areas of Cavite, namely: Dasmariñas City, Bacoor City, Imus City, and General Trias City. Primarily, the study was to determine the quality of service and product satisfaction of the life insurance policyholders. Specifically, the study also aimed to: (1) identify the socio-economic profile of the life insurance policyholders; (2) identify the characteristics of the acquired life insurance product of the policyholders; (3) identify the quality of service experienced by the policyholders based on the performance of the life insurance agents; (4) identify the level of satisfaction of the life insurance policyholders to their acquired insurance product; (5) determine the relationship of the quality of service performed by the life insurance agents, and (6) the relationship of the level of product satisfaction when grouped based on the socio-economic profile of the life insurance policyholders, respectively; and (7) identify the problems encountered by the policyholders from their insurance agents. The descriptive and causal research designs were used in this study. Primary data were collected through survey questionnaires with 233 life insurance policyholders in selected areas of Cavite. Frequency counts, percentages, range, mean, and standard deviations were used for the profile of the participants. The majority of the participants are 20 to 26 years old, females, single, bachelor's degree graduates, have a permanent employment status, consider salary as a source of their income, and with a monthly income of P10,001 to P20,000. Secondly, the majority of the acquired life insurance products are the Variable Universal Life (VUL)

Insurance with 39.50 percent of the total, the premium amount is ranging below 5,000, on monthly basis and most of the participants have two beneficiaries under their acquired life insurance policy. Using a five-point Likert Scale, the service quality and product satisfaction of the life insurance policyholder were measured. The quality of service experienced by the policyholders based on the performance of the life insurance agents were rated very good and policyholders were found very satisfied with their acquired policy or insurance products. The quality of service based on the performance of the life insurance agents was measured by the Five Dimensions of Service Quality namely: tangible, reliability, responsiveness, assurance and empathy. Likewise, the level of satisfaction of policyholders was measured by six factors namely: product features, pricing factors, agents, premium, brand value and maturity benefits. The significant relationship of qualities of service performed by the life insurance agents and level of product satisfaction of the life insurance policyholders towards their acquired product, when grouped according to the socio-economic profile, respectively, were obtained through the use of Chi-square. The study found out that there is no significant relationship between the qualities of service performed by the life insurance agents when grouped according to socio-economic profile except for the employment status which is highly significant. Similarly, the significant relationship between the levels of product satisfaction when grouped according to the socio-economic profile is shown as highly significantly correlated to gender. Lastly, based on the yes-no questions, the study shows that most of the policyholders have not encountered problems from their insurance agents. Thus, this study suggests that future researchers are able to identify the nature of service that increases policyholder's satisfaction in public and private sector life insurance companies. This can be also extended to identify the satisfaction of the policies in other segments of insurance industry like health insurance, property insurance and agriculture insurance as well as in a further comparative study between the private and public sector insurance companies can be carried on.

Submitted to the University Library 11/07/2022 T-9219