IMPACT OF SERVICE QUALITY ON CUSTOMER RETENTION: THE MEDIATING EFFECT OF CUSTOMER SATISFACTION
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Abstract
Due to the problems caused by the Corona epidemic around the world, the Nepalese life insurance business has been directly affected, like other service sectors. Stiff competition, delay in claim settlement, and low service quality of insurance companies result in policy lapse, customer defection, or switching of a customer from one company to another. It has been a significant problem facing Nepalese Life insurance companies over the past few years (Basaula, 2017). Besides, in the present situation of a global pandemic and cut-throat competition, it won't be easy for insurers to keep their all clients happy, retain them, and attract new ones.
Description
Humans are exposed to wide range of risks and uncertainties, unforeseen and unexpected incidents such as death, property losses by theft, fire, accident, etc., which cause monetary losses. Risks and events are uncertain and impossible to predict before. Therefore, people need to focus on the best way to minimize the risk that arises during bad situations. Insurance is the only way that helps to divide, manage and transfer the loss from one person to another or institution in exchange for payment.