CUSTOMER ATTITUDE TOWARDS LIFE INSURANCE SECTOR

This is the study on the customer attitude towards Life Insurance sector in Myanmar. The method used in this study is the descriptive method. This study may assist to understand the customer perception, affective, behavioral and beliefs components of attitude towards Insurance Services. Structural questionnaires and simple random sampling method are used in this study. The collected data are identified through the use of 5-point Likert scale rating method in order to find out the level of customer attitude. The result of this study indicates high level of positive attitudes on all 3 components of attitude: affective, cognitive and behavioral. Referring to the analysis data, life insurance companies should focus more on the new products, to provide training to agents and employees for proper knowledge and competence to answer customers’ specific queries and terms and conditions of policy. The respondents prefer to buy the life insurance policy from the company which has good reputation, owned branch network for convenient and efficient. The respondents also choose to buy the policy because they want agents are well informed about the policy, terms and conditions. The respondents like to buy the policy from which company has connectivity with banks. The existing products are being reviewed and modified to attract the customers. Claims compensation process to be smooth and speed up it by reducing some of document/forms requirements. Its need to deliver efficient and prompt customer services. Moreover, life insurance companies should create more products such as universal life insurance policy, annuity policy, superannuation policy, Gratuity policy, Employees’ Deposit Linked Insurance policy and Education Endowment policy