Validation of SERVQUAL model as an effective tool for assessing life insurance in Metro Manila

There have been few studies made in the insurance industry of the Philippines, particularly in the quality of life insurance in the country. The reason for this is that insurance has not been fully embraced by the majority of Filipinos since the image of the industry is tarnished by the reputation of the pre-need sector. However, they vary from one another based on their services. This study was conducted in order to find out if the SERVQUAL model is an effective tool for assessing life insurance in Metro Manila. The researchers used a SERVQUAL-based survey to determine if service quality has an impact on the quality of life insurance in the stated area. SERVQUAL has five dimensions, namely tangibles , reliability , responsiveness , assurance and empathy . 130 randomly selected respondents who are holders of a life insurance policy were asked to accomplish the survey questionnaire. Using the ordinal logistic regression analysis, the researchers found out that four out of the five dimensions are the key factors in which the respondents have rated and perceived to be relevant in the services and operations of a life insurance company. Tangibles was the only dimension that proved to be insignificant. This also proves that the SERVQUAL model is applicable to the life insurance industry as well because previous studies have utilized the said model in other industries such as banking, hotel services, among others