Role of Insurance Intermediaries in Transition Of Financial Sector for Sustainable Development
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Date
2017
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Abstract
Insurance enables businesses to operate in a cost-effective manner by providing risk transfer mechanisms whereby risks associated with business activities are assumed by third parties. Advancements in product development, information and communication technology have become a reality because of insurance. Distribution of insurance is handled in a number of ways and mostly it is distributed through the use of insurance intermediaries. They serve as the link between insurance companies and the consumers seeking to procure insurance coverage. Life Insurance Corporation of India (LIC) is the dominant life insurer in the liberalized scenario of Indian insurance with more intermediaries. The study attempts to measure the Agency Service Satisfaction from Respondents Perspectives. The primary research was conducted through a market survey consisting of 600 respondents from urban and rural areas of Coimbatore district in Tamilnadu. Statistical tools like percentage and chi-Square tests were employed for data analysis. The study reveals that the urban sample respondents differ from rural sample respondents in connection with the satisfaction derived from the agency services of LIC.