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Determinants of Customer Satisfaction and Loyalty in Vietnamese Life-Insurance Setting

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  • Ha Thu Nguyen

    (School of Business Administration, University of Economics and Business, Vietnam National University, Hanoi, 144 Xuan Thuy, Cau Giay, Hanoi 10000, Vietnam)

  • Hoang Nguyen

    (Faculty of International Training, Thuongmai University, 79 Ho Tung Mau, Cau Giay, Hanoi 10000, Vietnam)

  • Nhan Duc Nguyen

    (Faculty of Accounting and Auditing, Foreign Trade University of Hanoi, 91 Chua Lang, Dong Da, Hanoi 10000, Vietnam)

  • Anh Chi Phan

    (School of Business Administration, University of Economics and Business, Vietnam National University, Hanoi, 144 Xuan Thuy, Cau Giay, Hanoi 10000, Vietnam)

Abstract

Sustainable services are often regarded as sustainable strategies and operations producing goods and services that satisfy customer needs and significantly improve social and environmental performance. To be sustainable, service providers must satisfy consumers’ needs or otherwise they will become redundant and economically irrelevant. This paper presents the results of an empirical study on the determinants of customer satisfaction and loyalty in life-insurance services in Vietnam based on a database collected through a questionnaire survey of 1476 customers during 2017. A path analysis technique is applied to test the proposed framework on the direct and indirect relationship between variables. The results of statistical analysis indicate that customer satisfaction in life-insurance services is significantly explained by such factors as corporate image, service quality and perceived value. Our findings suggest that a life-insurance service provider should focus on enhancing service quality and corporate image in order to obtain customer satisfaction that leads to customer loyalty.

Suggested Citation

  • Ha Thu Nguyen & Hoang Nguyen & Nhan Duc Nguyen & Anh Chi Phan, 2018. "Determinants of Customer Satisfaction and Loyalty in Vietnamese Life-Insurance Setting," Sustainability, MDPI, vol. 10(4), pages 1-16, April.
    • Handle: RePEc:gam:jsusta:v:10:y:2018:i:4:p:1151-:d:140580
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    References listed on IDEAS

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    4. Miguel Giménez García-Conde & Longinos Marín & Salvador Ruiz de Maya, 2016. "The Role of Generativity in the Effects of Corporate Social Responsibility on Consumer Behavior," Sustainability, MDPI, vol. 8(8), pages 1-14, August.
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    Cited by:

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    2. Dimitrios Drosos & Grigorios L. Kyriakopoulos & Garyfallos Arabatzis & Nikolaos Tsotsolas, 2020. "Evaluating Customer Satisfaction in Energy Markets Using a Multicriteria Method: The Case of Electricity Market in Greece," Sustainability, MDPI, vol. 12(9), pages 1-19, May.
    3. Christian Eckert & Christof Neunsinger & Katrin Osterrieder, 2022. "Managing customer satisfaction: digital applications for insurance companies," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(3), pages 569-602, July.
    4. Miguel Angel Latorre Guillem, 2020. "The Customer Orientation Service of Spanish Brokers in the Insurance Industry: The Advisory Service of the Insurance Distribution Channel Bancassurance," Sustainability, MDPI, vol. 12(7), pages 1-22, April.
    5. Cláudia Miranda Veloso & Cícero Eduardo Walter & Bruno Sousa & Manuel Au-Yong-Oliveira & Vasco Santos & Marco Valeri, 2021. "Academic Tourism and Transport Services: Student Perceptions from a Social Responsibility Perspective," Sustainability, MDPI, vol. 13(16), pages 1-16, August.
    6. James Agyei & Shaorong Sun & Eugene Abrokwah & Emmanuel Kofi Penney & Richmond Ofori-Boafo, 2020. "Influence of Trust on Customer Engagement: Empirical Evidence From the Insurance Industry in Ghana," SAGE Open, , vol. 10(1), pages 21582440198, January.
    7. Carlos Correa & David Alarcón & Ignacio Cepeda, 2021. "“I am Delighted!”: The Effect of Perceived Customer Value on Repurchase and Advocacy Intention in B2B Express Delivery Services," Sustainability, MDPI, vol. 13(11), pages 1-19, May.
    8. Sonia Singh & Subhra Mondal & Lata Bajpai Singh & Kalyan Kumar Sahoo & Subhankar Das, 2020. "An Empirical Evidence Study of Consumer Perception and Socioeconomic Profiles for Digital Stores in Vietnam," Sustainability, MDPI, vol. 12(5), pages 1-30, February.
    9. Andrea Moretta Tartaglione & Ylenia Cavacece & Giuseppe Russo & Giuseppe Granata, 2019. "A Systematic Mapping Study on Customer Loyalty and Brand Management," Administrative Sciences, MDPI, vol. 9(1), pages 1-21, January.

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