RELATIVE POSITIONING OF THE LIFE INSURANCE

BRANDS - A STUDY USING CORRESPONDENCE

ANALYSIS
Prof. S Sreenivasa Murthy
Dean & Head-Placements, Institute of Public Enterprise, Shamirpet, R.R District |
Hyderabad 500 101 | India, mail: [email protected]
Prof. P. Vijay Kumar
Director & Professor - School of Management studies, JNT University,
Kakinada, Andhra Pradesh, India - 533 003, E-mail: [email protected]
A. Ramesh
Sr Assistant Professor, Vignana Jyothi Insitutute Of Management, and Bachupally,
Nizampet, Hyderabad – 500 090 Telangana, India. & Doctoral Research Scholar in
Management from JNTU-Kakinada, [email protected]

ABSTRACT
Life insurance industry in India has witnessed tremendous changes in the past decade,
attributed to dynamic changes in micro and macro environment such as high
competition, changing demographic profile of the customers, government regulations,
product innovation and technology interface. Life insurance industry is evolved and
transformed to a great extent, but still has a long way to go in terms of penetration and
density. Although Life insurance Corporation of India (LIC) is a market leader, while
competitors also have distinct competencies and made significant inroads in the market.
It becomes imperative to examine the relative positioning of life insurance brands based
on key service attributes. The correspondence analysis is used to develop perceptual
map and determine the relative positioning of the life insurance brands with respect to
salient attributes. The selected eleven service attributes are selected based on literature
review. The study finds LIC, HDFC Life and ICICI Prudential are associated with
positive corporate image and good distribution network. SBI Life and Tata AIA account
are associated with positive customer experience. The study finds relatively
homogenous segments based on proximity in perceptual map, generated using
correspondence analysis. Life insurance organizations need to focus on the dimensions
of corporate image distribution, and customer experience for improving relative
positioning, subject to their distinct competencies and constraints.
Key Words: Perceptual Map, Correspondence Analysis, Life Insurance Brands and
Positioning
INTRODUCTION
Life insurance is one of the key tax saving instruments for Indian investors under
section 80C of the income tax act. Life insurance is a complex and high involvement

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Relative Positioning Of The Life Insurance Brands - A Study Using Correspondence Analysis

product. In India life insurance is predominately sold by agents or advisors and

perceived by customers as tax-saving instrument rather than risk coverage
instrument. In 1956, that life insurance in India was nationalized and Life insurance
Corporation of India (LIC) was established to protect the interests of the
stakeholders. Life Insurance industry was opened to private players in 2000 with an
objective to increase life insurance penetration and density in India. IRDA is an
autonomous body set up under the IRDA Act, 1999 .IRDA’s Mission is to protect the
interests of policyholders and to regulate and develop the insurance industry. IRDA
is also playing a key role in the development of insurance industry in India.
Currently there are 24 players in life insurance industry. There are cases of mis-
selling practices and there are regulations imposed by IRDA to prevent them. The
complaint resolution rate in life insurance increased from 86.41% in 2009-10 to 99.69%
in 2013-14 and in the non-life segment from 79.63% in 2009-10 to 98.71% in 2013-14.
LIC settled 98.19% claims in FY15, while private sector life insurance companies
settled 89.40% claims.

India’s life insurance sector is the biggest in the world with about 360 million policies
which are expected to increase at a Compound Annual Growth Rate (CAGR) of 12-15
per cent over the next five years. India’s insurable population is anticipated to touch
750 million in 2020; with life expectancy reaching 74 years provides enormous
growth opportunities. Demographic factors such as growing middle class, young
insurable population and growing awareness of the need for protection and
retirement planning will fuel the growth of Indian life insurance industry. Global
insurance outlook survey in 2015 by EY noted that insurers in 2015, it is “technology”
is key factor or driver as many insurers are investing in digital platforms to
strengthen their customer relationships across all product classifications and
geographies. The objective is to provide better online life insurance buying,
transparency and ease of product comparison and comprehension. Internet
technology has caused disintermediation as policy holders can also buy polices
online through the company website and aggregators like policybazaar.com. The
website experience is thus emerging as key touch point for customer interface.

As per the research conducted by The Brand Trust Report, India Study, 2012, LIC
country’s most trusted brand in the BFSI sector. IMRB International, conducted
annual syndicated study “Insurance India” in 2015 revealed weaker perceptions and
experiences of customers who bought life insurance through agents, when compared
to other channels, which underlined that the focus of life insurance marketers on
Agents.

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LIC is a market leader and has formidable distribution network comprising 2048
fully computerized branch offices, 113 divisional offices, 8 Zonal offices, 1381 Satellite
offices and the Corporate office. LIC's Wide Area Network covers 113 Divisional
offices and connects all the branches through a Metro Area Network and satellite
offices. Premiums can be paid online and ECS etc. Most of life insurance
organizations have launched mobile apps for information dissemination and for
checking the status. LIC has formidable agent strength of more than 10 lakh. A
Harvard Business School study showed that LIC agents recommend more
expensive and less suitable products as they get incentive and this is more
prevalent in low and medium households. They also tend to trust the government
insurance companies more than private sector firms.

Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture
company, formed by Tata Sons Ltd. and AIA Group Ltd. (AIA). Tata Sons holds a
majority stake (51 per cent) in the company and AIA holds 49 per cent through AIA
International Limited. Tata AIA Life Insurance Company Limited was licensed to
operate in India on February 12, 2001 and started operations on April 1 2001. HDFC
Life is a joint venture between HDFC Ltd and Standard Plc and offers range of
products meeting diverse customer needs such as protection, wealth creation, child’s
education and pension. Most of the products of all life insurance marketers are
designed to meet these customer needs. Organization has won coveted awards for
marketing campaign and marketing excellence. ICICI Prudential Life Insurance
Company Ltd. (ICICI Prudential Life) is a joint venture between ICICI Bank Ltd., one
of India's largest private sector banks, and Prudential Corporation Holdings
Limited.ICICI Prudential Life began its operations in fiscal year 2001 and has
consistently been the market leader* amongst private players in the Indian life
insurance sector. Our Assets under Management (AUM) as on 30 th June 2016
were `1092.82 billion. ICICI Prudential Life is the first private life insurer to attain
assets under management of `1 trillion and In-force sum assured of over `3 trillion.
ICICI Prudential Life is also the first insurance company in India to be listed on NSE
and BSE.

Crosby & Stephens (1987) found in their study that although relationship marketing
adds value to the service package but not at the cost of core service. Hsu (2012) found
that perception of the CSR activities of the life insurance organizations by
policyholders positively impact customer satisfaction, corporate reputation, and
brand equity. La & Zahra (1988) observed inconsistencies in results regarding the
impact of fear appeals in consumer behavior.

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LIC has used on fear appeals long time and the advent of private players has led to
shift in advertising and personal selling strategies. Thus we see the life insurance
marketers are using transformative advertising and also emphasising trust aspect in
personals selling. Max Life Insurance has underlined the need for post-sale service
and relationship with broad campaign “Sacche advisor”.It highlights the factors of
trust and quality advice, honesty and transparency in services and thus aims to
occupy unique positioning in the competitive insurance space.

Schlosse et al, (2006) investigated the impact of website design investments and
found to be strongly related to online purchase intentions when the objective of the
consumers is to purchases involved risk. Bala (2011) in their study refined that five-
factor structure as proposed by Sureshchandar et al. (2001) to seven factor construct
(consisting of 34 items) representing Proficiency; Media and presentations; Physical
and ethical excellence; Service delivery process and purpose; Security and dynamic
operations; Credibility; and Functionality.

Bridges & Florsheim (2008) found that utilitarian flow elements (experience elements
of shopping) facilitate online shopping increases purchasing but hedonic elements of
flow are unrelated to online buying, but they are positively related to outcomes
associated with pathological Internet use.
Van der Heijden et. al. (2003) found that antecedents of trust and technology namely
perceived risk and ease of use directly influenced the attitude towards purchasing
online. Berry, Wall & Carbone (2006) observed that customers rely on small clues
(functional, mechanical, technical, and human) for assessment of service quality and
influencing overall perception. Consistency clarity and orchestrating clues is a
critical part of service business.

Kumar & Srivastava (2013) study revealed that service quality and commitment are
the strongest predictors of customer loyalty in the Indian life insurance industry.
Bellman, Lohse, & Johnson (1999) emphasized that personal characteristic like
lifestyle and time starvation, influence online buying. Liu & Wu (2007) study
revealed that Trust and satisfaction play different mediating roles in the
relationships between service attributes, customer retention, and cross-buying.
David A. Aaker and Gary Shansby (1982) emphasized the need to evaluate all positioning
alternatives for the problem brand. Positioning strategy is key to customer perception and
influences their decision.

Hwang, McMillan & Lee (2003) explored the website as corporate advertisement.
Websites are potent tool for providing information and brand building Websites also
provide to communication to several segments. Durvasula, Lysonski, Mehta & Tang

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(2004) conducted study using path analysis revealed that satisfaction was positively
associated with customers' re-purchase intentions but its relationship with
customer advocacy is relatively weak.

Evans (1963) opined that selling should be viewed as dyadic relationship which is
departing from traditional view. Ghosh (2013) conducted an empirical study finds
and found that there is long term relationship between life insurance industry and
economic development in India. Tejani (2010) found that Indian private life insurers
operated at an average overall efficiency of 80 percent, technical efficiency of 86
percent and scale efficiency of 93 percent.

Choudhuri & Parida (2014) conducted a study to evaluate the customers’

expectation-perception score against six dimensions of service quality namely
Tangibility, Reliability, Responsibility, Assurance, Empathy, and Information
Technology Enabled Convenient Services Customers’ perception. GAP analysis result
revealed that there exist gap in every dimension of the service quality of Life
Insurance Corporation of India.

Kumar & Srivastava (2013) observed that Indian customers prefer the public sector
status of a financial service provider as it provides a sense of security and stability
and acts as key differentiator influencing preferences. Devasenathipathi. etal, (2007)
observed that both public and private players now offer greater choice in terms of
products and services. They also make valuable efforts to create awareness about the
benefits and significance of insurance although there is still a blocking point among
the people.
Pinkaeo & Speece (2000) observed that country image affects the prices that
consumers are willing to pay. Siddiqui & Sharma (2010) validated instrument for
measuring perceived service quality in life insurance and the instrument comprised
of six dimensions: assurance, personalized financial planning, competence, corporate
image, tangibles and technology. Gera (2011) study identified the key agent service
quality attributes of product knowledge, empathy, reliability and trust as
important antecedents on repurchase and recommendation. Agent service
quality, satisfaction and value perceptions have significant bearing on
recommendation intentions.Sawhney, Verona, & Prandelli (2005) observed that
internet as technology platform greatly facilitates co-creation of value.

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Khare Dixit, Chaudhary, Kochhar & Mishra (2012) suggested that the improvement
in technological attributes of online insurance Web sites can enhance customers’
service usage. Dutta, Basu, & John (2010) observed that life insurance involves multi-
criterion decision-making, and used a logarithmic goal programming method to
develop a linear utility model. Augustine & Chandrasekar (2011) examined the
holistic marketing orientation of life insurance companies in marketing their
products in Kerala, India using factor analysis. .
Wallin Andreassen & Lindestad (1998) observed that corporate image would impact
customer loyalty directly. Nguyen, & LeBlanc (1998) investigated the effects of
customer satisfaction, service quality, and value on perceptions of corporate
image and customer loyalty towards the service firm in banking industry using
structural equation modelling and found that customers receiving higher levels
of service quality will form a favourable image of the banking institution.

GAP IN THE STUDIES

To our limited knowledge, there are very limited studies depicting positioning of life
insurance brands based on robust method such as Correspondence analysis. Given
the high competitive environment, it becomes imperative to examine the relative
positioning of various brands which has implications for marketing strategies. Arnott
(1993) and Blankson & Kalafatis (2001) observed that positioning constitutes the key
element of marketing management in highly competitive environment.

Brooksbank (1994) and Mazennec (1995) observed that long term success of the
organizations and products depends on positioning in the market place. Positioning
of the brand is based on customers’ perception towards service attributes and thus
indicates partial control of the marketer. However, positioning exercise assists the
organization to improve its perception by addressing the lacunae in its performance.

NEED AND IMPORTANCE OF THE STUDY

Every customer interface constitutes touch points; however the paper considers key
touch points such as pre and post policy servicing experience, website experience,
corporate image, agent advice and product range, return on products, ease of paying
premium and distribution network etc. for the study. Parasuraman, Zeithmal, &
Berry (1988) observed that Perceived quality impacts the customer satisfaction. The
customer experience at these touch point’s impacts the customer perception and the
brands relative position.

OBJECTIVES OF THE STUDY IS TO

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1. Identify close competitors in life insurance and their relative positioning

2. Identify key dimensions based on key service attributes.
3. Discuss the implications for improving the brand position.

METHODOLOGY
Mazenec (1995) observed Correspondence analysis is popular method for analysing
categorical data and develop perceptual Maps. Lovelock and Wright (2001) observed
that perceptual maps help the organization to design its positioning strategies and is
based on customer’s preferred key attributes. Whitlark and Smith (2001) observed
that correspondence analysis is used to explore the relationship between attributes
between brands and between brands and attributes in image and positioning studies.
Hence Correspondence analysis was selected as a tool to assess the association
between brands and service attributes.
The eleven attributes as pre and post policy servicing experience, website experience,
corporate image, agent advice and product range, return on products, ease of paying
premium and distribution network, good return on products etc. are selected for the
study have been used in customer satisfaction studies at national level conducted by
reputed marketing research agencies. Five hundred policy holders of LIC, SBI Life,
HDFC Life, Tata AIA, & ICICI Prudential in Hyderabad were asked to associate
eleven attributes by giving yes/no ( dichotomous alternatives). The respondents
(500 in number) are Male and belong to salaried class. Table 1 shows input data. The
study uses correspondence analysis to develop perceptual map.

Analysis and interpretation

Table 1- Correspondence Table 1 Input Data

attributes brand
LIC HDFC LIFE Tata AIA SBI LIFE ICICI PRU Active
Margin
good corporate image 130 90 107 110 81 518
wide product range 91 110 105 115 115 536
good agent/advice
97 110 106 107 105 525
service quality
ease of premium
130 85 105 109 71 500
payment facility
good return on products 111 110 107 109 108 545
good policy servicing
92 102 106 105 103 508
experience
good claims servicing
101 100 105 105 102 513
experience

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good complaint handling

92 101 103 105 105 506
and grievance mechanism
good advertising 87 105 105 105 105 507
good distribution network 135 74 101 101 65 476
good online website
92 118 110 125 119 564
experience
Active Margin 1158 1105 1160 1196 1079 5698

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Table 2: Overview Row Pointsa

image Mas Score in Iner Contribution

s Dimension tia
1 2 Of Point to Of Dimension to Inertia
Inertia of of Point
Dimension
1 2 1 2 Total
-
good corporate
.091 .41 -.012 .002 .137 .001 .999 .000 .999
image
2
wide product .29
.094 -.093 .001 .071 .053 .967 .014 .980
range 1
good agent/advice .17
.092 .095 .000 .024 .055 .879 .038 .916
service quality 0
-
ease of premium
.088 .52 -.138 .003 .212 .108 .986 .009 .996
payment facility
2
good return on .05
.096 .222 .000 .002 .306 .227 .518 .745
products 4
good policy
.17
servicing .089 .027 .000 .024 .004 .916 .003 .919
5
experience
good claims
.07
servicing .090 .103 .000 .004 .062 .680 .200 .880
0
experience
good complaint
handling and .18
.089 .036 .000 .028 .007 .962 .005 .967
grievance 9
mechanism
.25
good advertising .089 .009 .001 .051 .000 .963 .000 .963
4
-
good distribution
.084 .69 .014 .005 .357 .001 .998 .000 .998
network
5
good online .32
.099 -.250 .001 .090 .402 .916 .076 .992
website experience 0
1.00
Active Total .013 1.000 1.000
0
a. Symmetrical normalization

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Dime Singular Inertia Chi Sig. Proportion of Confidence Singular

nsion Value Square Inertia Value
Accounte Cumula Standard Correlat
d for tive Deviation ion
2
1 .113 .013 .968 .968 .013 -.032
2 .015 .000 .018 .986 .013
3 .010 .000 .008 .994
4 .009 .000 .006 1.000
Total .013 74.922 .001a 1.000 1.000
a. 40 degrees of freedom

Table 3: Association

Table 4 :Overview Column Pointsa

brand Mass Score in Inerti Contribution
Dimension a
1 2 Of Point to Inertia Of Dimension to
of Dimension Inertia of Point
1 2 1 2 Total
LIC .203 -.566 .090 .007 .578 .108 .995 .003 .998
HDFC
.194 .259 .050 .002 .115 .031 .960 .005 .964
LIFE
Tata
.204 -.056 .021 .000 .006 .006 .454 .008 .463
AIA
SBI
.210 -.018 -.235 .000 .001 .754 .041 .940 .982
LIFE
ICICI
.189 .423 .090 .004 .300 .101 .985 .006 .991
PRU
Active
1.000 .013 1.000 1.000
Total
a. Symmetrical normalization

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Figure 1 biplot: Dimensions & Attributes

Interpretation of results
No of dimensions
Two dimensions explain 98% of variance and hence considered to be sufficient. Total
variance (total inertia) is explained by the model is only 1.3% but yet highly
significant (See Table 3).

Attributes and dimensions

Dimension I is accounted by the attributes such as Good distribution network,
ease of paying premium, good corporate image and wide product range. 77.6

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%.( summation of inertia contribution to dimension 1) of the dimension I is

accounted for these attributes. (See Table 2)

Dimension II is accounted by the attributes such as good return on product,

good online web experience, good advertisement, good claims servicing
experience and good agent advice. 77 %.( summation of inertia contribution to
dimension II) of the dimension II is accounted for these attributes. (See Figure 1
biplot)
Dimension I can be named as corporate image and distribution.
Dimension II can be named as customer experience (good return on product,
and advertising and claims servicing).
Organizations and Dimensions
The organizations LIC, HDFC Life and ICICI Prudential account for 97.8% of the
dimension I. The organizations SBI Life and Tata AIA account for 76% of the
dimension II. These are based on the summation of the inertia (contribution to the
dimensions). Although LIC is a market leader occupying distinct position, which
can be observed from its position, but these organizations can be clubbed to form
one group. LIC, HDFC Life and ICICI Prudential are associated with positive
corporate image and good distribution network. While SBI Life and Tata AIA
account are associated with positive customer experience with attractive product
range, advertising and claims servicing and these two organizations being close to
each other belong to second group.
Managerial implications of the study
Corporate image play a key role as it has bearing on trust by policyholders and
various dimensions or aspects such as product range, quality of advisory services by
agents, advertising, claim servicing influence corporate image. Wallin Andreasse &
Lindestad (1998) also argued the importance of corporate image in complex services
and it impacts directly customer satisfaction. Hence LIC and private life
organizations also need to focus on building corporate image through promotion.
Nha Nguyen, Gaston Leblanc (2002) also found that there is significant impact of
contact personnel and physical environment on the perception of corporate image by
new client. Some of the life insurance organizations in India also are on harping on
the quality of agent or advisor services as differentiating factor and this has impact
on customer experience at pre and post sales stages of buying behaviour. Moreover,
the company image may also act as compensatory strategy for decision making and
eventually puts onus on organizations for building good corporate brand image.

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Having a favourable corporate brand image would also result in positive word of
mouth, customer advocacy and has a bearing on product evaluation. Gürhan-Canli
& Batra (2004) observed that corporate image associations with innovation and
trustworthiness (but not social responsibility) influence product evaluations more
when consumers perceive high (versus low) risk in the product purchase.LIC needs
to emphasize their high claims servicing ratio as it generates trust among the
customers.
Technology platforms like mobile app, website and online intermediaries like policy
bazzar .com have reduced the complexity in life insurance buying and at different
stages in decision making process. The term policies can be purchased at
competitive prices. However, organizations need to provide positive and satisfying
customer engagement. Ganguly, B., Dash & Cyr (2009) have empirically verified the
relative importance of the website factors that develop online trust in India. Brown
& Goolsbee (2002) observed that internet technology makes the life industry
competitive in USA and resulted in decrease of term policies. Organizations also
need to bolster the traditional agent led distribution network with bancassurance, tie
up NGO’s and corporate agents subject to regulatory requirements. This also
provides an opportunity for launching new products but also requires adequate
marketing support from the organizations.
The cognitive, behavioural and affective components at various customer
engagement touch points have to be managed well leading to positive customer
experience. Van Doorn et al, (2010) have emphasised the importance and
management of customer engagement behaviour. The marketing mix decisions and
their execution in turn lead to customer experience. The onus of creating positive
customer experience heavily shifts on the organization and depends on the critical
experience the policy holder receives during claims settlement or receiving periodic
income. This also gets more prominent when less financially literate customers goes
for claims. There could be relationship between perceived value, customer
engagement and customer satisfaction. The dimensions of customer engagement also
might change with the type of policy purchased ex- Money back policy in which
policy holder receives financial returns at regular intervals. Product fit with customer
need, online experience via digital platforms also have to manage carefully and
effectively by the service organizations. LIC has a formidable distribution network
compared to competitors, which ensures ease of paying premiums to customers and
customer service.

Conclusion

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Private life insurance organizations and LIC are making concerted efforts to
improve penetration, and the real beneficiary is the customer. The marketers are also
providing the newer customer engagement platforms and the internet technology
providing ease of buying along with the information. The customer experience has a
bearing on corporate image and post-sale experience of claim servicing is equally
important in leading to loyalty and repurchase. Customer relationship is built on
trust and transparency, agent training, motivation and ethics in selling are of
paramount importance in marketing of life insurance service. Online life insurance
buying may be preferred by the tech savvy younger generation, which requires
creating memorable experience with website and safe purchase, while providing
innovative products to the customers.
Since financial services like life insurance are complex in nature, organizations need
to manage the moments of truth and customer touch points carefully and provide
satisfactory customary experience. Perceptual Map reveals the lacunae in the brand,
and all the positioning strategies need to evaluated and selected by examining the
influence on customer perception. However, the repositioning strategies have to be
supported by the relevant marketing program with integration of marketing mix
elements. Customer relationship management programmes have to be designed to
foster positive customer experience.
Limitations of the study
The study is restricted to only five life insurance organizations and Hyderabad
city. The study can be further extended to other brands, other geographic areas
and different respondent profiles. Other alternative methods like chi-square
residual analysis may also be used for development of perceptual maps.

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