Determinants of Customer Attraction in Miscellaneous Insurance Policies inSri Lanka
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Date
2012
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Uva Wellassa University of Sri Lanka
Abstract
In this competitive era life has consisted with full of challenges while opportunities are everywhere. When people are going to take this challenge, security is a one of major concerns. Security is directly link with the insurance. Any person who is willing to have a risk, definitely that person should have a relationship with insurance to secure. Not as earlier, now there is a high demand for insurance policies in present scenario. With that situation insurance industry is highly competitive & innovative while trying to introduce various new insurance plans cost effectively in order to maximize the market share. That's why so many miscellaneous insurance policies are available in the market except traditional general insurance policies, though it has reported lesser customer attraction.
Communication, transportation and insurance are business support services. Hence, insurance is also one of the major business support services that provide social benefits. When considering Insurance as an industry, it has become a major player in business world. According to the central bank report 2010, Banking, Insurance and real estate contribute
7.5% to the Gross Domestic Product (GDP). As per the experience, researcher had collected some information related especially to fire and miscellaneous policies in insurance companies and recognized that the portion of miscellaneous insurance policies are comparably low when considering the other insurances. Therefore, through this study, the researcher tried to identify the determinants of customer attraction in miscellaneous insurance policies in Sri Lanka.
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Keywords
Entrepreneurship and Manangment, Managment, Business studies