Abstract:
This study examines the determinants of customer satisfaction with life insurance
services in Sri Lanka, a nation with an emerging middle-class population and increased
competition among insurance firms. with an appreciation that customer satisfaction
leadstopolicyrenewalandlong-termprofitability,thepurposeofthisstudywasto
identify whether lifestyle concems, customer awareness, type of policy, insurance firm
reputation, and claim settlement have an effect on the satisfaction level of policyholders
throughout the country. A systematic, quantitative approach was employed to collect
and analyze the data. A proportionally allocated stratified sampling strategy was
employed in the research to ensure representation from each of Sri Lanka's nine
provinces. Univariate, Bivariate, and Multivariate Analysis are used the find out the
level, relationship, and impact of the variable. The results showed that all the
independent variables statistically significantly correlated with customer satisfaction'
Among them, Lifestyle change and settlement of claims were most highly predictive'
highlighting the importance of policy design according to customers' lifestyles and
smooth, transparent procedures for claims settling. Multiple regression once more
confirmed the collective explanatory power of the model with R-squared levels greater
than 9fo/o,indicating that the selected determinants explained the major proportion of
variance in customer satisfaction. The results underscore the fact that increasing
customer awareness, offering appropriate policy types, maintaining a good company
reputation, and streamlining claims settlement processes are the main steps for
increasing satistbction in Sri Lankan life insurance' while the research has compelling
evidence ofsuch associations, its restrictions as being cross-sectional and self-reported
caution in generalizing over time and across places' Overall' this study offers practical
advice for insurers that seek to have long-term, trust-based relationships with
policyholders in Sri Lanka's evolving insurance marketplace'
Keyvords: Customer Satisfaction; Life Insurance;
Cttsiomer Awareness;Claim Seltlement; Insurance
D e t erm i nant s of S ati sfa ct ion ; Insru' anc e S erv i c e s'
Sri Lankrt; LifestYle change;
Poliq,; Regression AnalYsis,'
