Factors influencing the assessment of service quality of LIC of India in the Post liberalization landscape

There is a substantial amount of debate regarding the emerging strategic and regulatory issues, appraisal of industry development, deregulation of industry and economic growth nexus, changing trend structure and innovation in post liberalization phase of the life insurance industry; however very few studies have examined varying aspects such as Concentration, Efficiency, Productivity and Innovation in respect of LIC of India. Efficiency leads to assess underlying dimensions of the service quality of LIC of India. The main purpose of this paper is to extract the factors that influence the assessment of service quality of LIC of India. Using data of 552 respondents from various categories such as Intermediaries, Employees, and Customers across the country and empirically examined by conducting Exploratory Factor Analysis for identifying groups or clusters of variables that relate to each other. Based on the results obtained; it was concluded that significant impact of liberalization mainly be explained by the factors such as Customer Delight (CustDe), Customer Care (CustCa) and Customer Support (CustPort). The research results undoubtedly confirm the significance of the relationship between liberalization trends and the factors. This paper attempts to give a brief overview of step by step exploratory factor analysis by using SPSS.