Comparing Service Quality: An In-depth Analysis of LIC and HDFC Life Insurance Companies

Dr. Sanjeet Sharma; Alka Dhikka

doi:10.53724/ambition/v8n3.03

Authors

Dr. Sanjeet Sharma Assistant Professor, UCBS, Himachal Pradesh University (India). https://orcid.org/0009-0004-0738-3320
Alka Dhikka Research Scholar, Department of Commerce, Himachal Pradesh University (India) https://orcid.org/0009-0001-0275-9753

DOI:

https://doi.org/10.53724/ambition/v8n3.03

Keywords:

HDFC Life, Life Insurance Corporation (LIC), Life Insurance Industries in India, Comparative Study, Competition in Insurance Industries

Abstract

The objective of this study is to compare two leading life insurance providers in India: Life Insurance Corporation (LIC) and HDFC Life. India’s fast-growing economy has made it the most attractive insurance market globally. The study examines the five key dimensions of service quality provided by life insurance companies: responsiveness, reliability, tangibility, assurance, and empathy, which are crucial in shaping customer satisfaction and loyalty. By utilizing customer perceptions and experiences, the research aims to illuminate the strengths and weaknesses of each company, providing valuable insights for strategic improvements in service delivery. The study analyzed trends and applied t-tests to test the significance of the hypothesis. A sample of 600 respondents from Himachal Pradesh was taken. The present study’s thorough examination of service quality provides a deeper understanding of customer expectations in the life insurance sector. It offers practical recommendations for both LIC and HDFC Life to enhance their service quality and maintain a competitive edge in the industry.

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