Nghiên cứu mức độ hài lòng của khách hàng tại các doanh nghiệp bảo hiểm nhân thọ việt nam tt tiếng anh

1

MINISTRY OF EDUCATION AND TRAINING
FOREIGN TRADE UNIVERSITY

SUMMARY OF PHD THESIS
RESEARCHING INTO THE LEVEL OF CUSTOMER
SATISFACTION WITH LIFE-INSURANCE COMPANIES IN
VIETNAM

Major: Business Administration

NGUYEN DUC NHAN

Hanoi – 2019


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MINISTRY OF EDUCATION AND TRAINING
FOREIGN TRADE UNIVERSITY

SUMMARY OF PHD THESIS
RESEARCHING INTO THE LEVEL OF CUSTOMER
SATISFACTION WITH LIFE-INSURANCE COMPANIES IN
VIETNAM

Field of study: Business
Major: Business Administration
Code: 62.34.01.02 (New code: 9340101)

NGUYEN DUC NHAN

Supervisor: Assoc. Prof. Dr. Pham Thi Hong Yen
Assoc. Prof. Dr. Phan Chi Anh

Hanoi – 2019


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PUBLISH LIST
1. Determinants of Customer satisfaction and loyalty in Vietnamese Life –
Insurance Setting. Tạp chí Sustainability tháng 4/2018
2. Sự hài lòng của khách hàng đối với dịch vụ bảo hiểm nhân thọ. Tạp chí
kinh tế và dự báo tháng 8/2016
3. Các nhân tố ảnh hưởng đến lòng trung thành của khách hàng đối với bảo
hiểm nhân thọ Bảo Việt. Tạp chí Kinh tế và dự báo tháng 5/2017
4. Trust and Customer satisfaction with E-Banking Service: The Case of
Sacombank. Kỷ yếu hội thảo Baasana tháng 4/2018
5. Các nhân tố ảnh hưởng đến sự hài lòng của khách hàng khi sử dụng dịch
vụ bảo hiểm nhân thọ của Tổng công ty Bảo Việt nhân thọ. Tạp chí Kinh
tế Châu Á Thái Bình Dương tháng 4/2018

INTRODUCTION
1. The necessity of the research
The insurance market is demonstrating an increasingly significant role and
position in both the economy and the society. It is also contributing to the


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successful implementation of key solutions in Vietnam’s Socio-economic
development strategy for theperiod of 2011-2020. Firstly, the insurance market
has contributed to the addition of long-term and stable investment capital for
the economy and the consolidation of the economy’s balance of investment and
savingsstrengthened macro balances of the economy in investment and savings.
According to the statistics of insurance companies, around 80% of significant
infrastructure construction works and economic works are financially protected
by insurance companies in case of insured incidents without relying on the
supporting fund for damage from the state budget. This contributes to the
successful implementation of tight fiscal policy and saves budget
spending.Secondly, by the end of 2015, the insurance market has created jobs
for more than 400.000 workers with stable income and financial and insurance
training. Thirdly, along with foreign insurance companies joining the insurance
market, the capital contribution of foreign strategic investors to domestic
insurance companies not only helps to improve their financial, executive and
administration capacitybut also contributes to building the image of a healthy
investment environment and attracting foreign investors to other related fields.
According to the statistics of Insurance Supervisory Authority (Ministry of
Finance), as of 31/12/2016, the insurance market has 62 insurance companies
(including 29 non-lifeinsurance companies,18 life-insurance companies, 02
reinsurance companies, 13 insurance broker companies) and 01 branch of a
foreign non-life insurance company.
Along with the remarkable development of the insurance industry in
general, the Vietnamese life-insurance sector in particular is also growing
rapidly.According to data from the Insurance Supervisory Authority (Ministry
of Finance), the number of life-insurance companies in Vietnam has increased
from 09 companies by the end of 2007 to 18 companies at present with total

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assets estimated at 171.828 billiondong (as of 31/12/2016). Among them, the
shares of total premiums belong to large companies such as BaoViet Life
(27.7%), Prudential (24.9%), Manulife (12.5%), Dai-ichi (11.2%), AIA (9.7%),
Chubb (3.8%), Generali (3.1%) and Hanwha (2.3%).
Despite the potential of the industry and the reality that it is growing
rapidly, the number of Vietnamese people participating in life-insurance is very
limited.The psychology of risk aversion, restricted awareness and difficulties in
accessing specific information about programs, productsand benefits in
practice are huge obstaclesthat prevent customers from participating in lifeinsurance services.A majority of customers are often concerned and worried
most about how companies handle customers’ benefits when insured events
occur.
Given the demand for development of the Vietnamese insurance industry,
researching into customer satisfaction with life-insurance companies in
Vietnam is of great importance as it will lay the foundation for improving and
innovating insurance products and services as well as improving customer
satisfaction towards sustainable development of the industry.
Originating from the above-mentioned theoretical

and

practical

requirements, I decided to choose“Researching into the level of customer
satisfaction with life-insurance companies in Vietnam” as the topic for my
doctoral thesis in business administration.
2. Research objectives
The research focuses on evaluating customer satisfaction withthe service
quality,

corporate

insurancecompanies

image,
in

service

Vietnam.

price,

perceived

Thereby,

the

value

research

of

life-

proposes

recommendations to improve customer satisfaction with life-insurance
companies in Vietnam.
The research performs specific tasks as follows:


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(1) Developing an analytical framework, measurement scales and a set of
criteria for assessing customer satisfaction in accordance with theoretical basis
and based on inheritance and acceptance of previous research findings about
customer satisfaction.
(2) Using the analytical framework, measurement scales and the set of criteria
to assess customer satisfaction with life-insurance companies in Vietnam.
(3) Proposing and recommending some solutions to improve products and
services with the aim to assisting life-insurance companies in Vietnam to
improve customer satisfaction.
3. Research subjects and scope

 Research subjects
The main research subjects of this doctoral thesis include the degree of
influence of several factors (corporate image, service price, service quality,
perceived value) on customer satisfaction and the evaluation of customer
satisfaction with such factors.

 Research scope
-Scope of content: The doctoral thesis focuses on theoretical and practical basis
of customer satisfaction withCorporate image, Service quality, Service price,
and Perceived value of life-insurance companies in Vietnam.
 Corporate image refers to the brand reputation and prestige of a company
and its level of corporate social responsibility.

 Service quality refers to the dimensions of tangibles,reliability, empathy,
assurance and responsiveness.
 Service price refers to the costs that customers have to pay for purchasing
insurance products.
 Perceived value referstothe level of customers’ perception of the insurance
provisions, the indemnity and the value of insurance products.


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- Spatial scope: The dotoralthesis conducted a survey with 1,476 customers
who have bought and used life-insurance products of the following companies:
BaoViet Life, Prudential Vietnam, Manulife Vietnam, Dai-ichi Vietnam, AIA
Vietnam, CHUBB Vietnam and Hanwha Life Vietnam.
- Time scope: data collected by surveys, interviews conducted between
January, 2015 to December, 2016.
4. Research questions
To clarify the research contents, the doctoral thesis needs to answer the
following questions:
Question 1: What are the factors that affect customer satisfaction with lifeinsurance companies in Vietnam?
Question 2: What are the analytical framework,measurement scales and set of
criteria to assess customer satisfaction with life-insurance companies in
Vietnam?
Question 3: What are the strengths and limitations in customer satisfaction with
life-insurance companies in Vietnam? What are the causes of these limitations?
Question 4: What are the solutions to improve customer satisfaction with lifeinsurance companies in Vietnam?
5. Structure of the thesis
To present the whole research contents, the doctoral thesis is divided into 7
main sections as follows:
(1) Introduction

(2) Chapter 1: Literature review on customer satisfaction
(3) Chapter 2: Theoretical issues on customer satisfaction with life-insurance
companies
(4) Chapter 3: Methodology for studying customer satisfcation with lifeinsurance companies in Vietnam
(5) Chapter 4: Research findings
(6) Chapter 5: Implications and recommendations on solutions to improve
customer satisfaction with life-insurance in Vietnam
(7) Conclusion


7


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CHAPTER 1: LITERATURE REVIEW ON
CUSTOMERSATISFACTION
1.1. Literature review on foreign studies
1.1.1.

Customer satisfaction

The term “customer satisfaction” has attracted the attention of many
scholars, researchers and administrators not only because of its importance in
business strategies but also because it has become the target that every business
activity is heading towards in a fiercely competitive market. Therefore, there
have been a great deal of studies on customer satisfaction, and thus a wide
range of different views and approaches to customer satisfaction as well as
models to measure customer satisfaction have been provided.
1.1.2.

Customer satisfaction with insurance companies

Research into customer satisfaction with insurance companies has been
conducted in many countries, most of which focuses on customer satisfaction
with service quality.
Based on data collected from 600 insurance clients, Ker-Tah Hsu's study
(2011) showed that the corporate social responsibility of insurance companies
would contribute to improving customer satisfaction as well as prestige and
image of thecompanies.
Araceli Picon et al. (2013) proposed a new model for analyzing the
relationship between customer satisfaction and loyalty through collecting 785
questionnaires from 74 insurance companies.
Research by Alawni Mohammed Saad et al. (2016) on the quality of
insurance services in Saudi Arabia showed that there was a relationship


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between service quality and customer satisfaction and loyalty to insurance
services.
1.2. Literature review on domestic studies
1.2.1. Customer satisfaction
In Vietnam, based on the inheritance of views on customer satisfaction
drawn from foreign research andmodels of customer satisfaction indexsuch as
CSI, ACSI and ECSI, Vietnam Customer Satisfaction Index (VCSI) has been
developed.Similar to the customer satisfaction models mentioned above, VCSI
model also includes causal variables and outcome variables. VCSI model
consists of seven variables including 04 causal variables, namely (1)brand
image, (2) expected quality, (3) perceived quality, (4) perceived value. The

intermediate variable is (5) customer satisfaction. Two outcome variables are
(6) complaints and (7) customer loyalty. The difference between VCSI model
and other CSI models is the different relationships between latent variables.
1.2.2. Customer satisfaction with insurance companies
Most of the existing domestic research into customer satisfaction in the
field of insurance has just reached two points: (1) studying customer
satisfaction with the service quality of insurance companies. Within this
research topic, most domestic studies usedeither the SERVQUAL or the
SERVPERF model to assess customer satisfaction; (2) new studies are limited
to a number of master's theses in business administration while there is a lack
ofofficial academic research.
1.3. Research gaps
Around the world, studying customer satisfaction is a research topic that
attracts a great deal of interest from scholars and is an important field of


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science that combines service management and marketing management. In
Vietnam, research into customer satisfaction is still considered as a relatively
new field of research and there have not been many noticeable studies,
especially in the field of insurance.
The literature review of research into customer satisfaction in the field of
insurance in Vietnam and around the world shows that most research focuses
on customer satisfaction with the service quality of insurance companiesand
the SERVQUAL model is used as the platform/basis for measuring customer
satisfaction in the field of insurance in general and life-insurance sector in
particular. Realizing the situation of foreign and domestic research on customer
satisfaction with insurance companies, this doctoral thesis wishes to study
customer satisfaction with life-insurance companies in particular in terms of

not only the service quality but also other factors including corporate image,
service price and perceived value.


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CHAPTER 2: THEORETICAL ISSUES ON CUSTOMER
SATISFACTION WITH LIFE-INSURANCE COMPANIES
2.1. Theories of customer satisfaction
2.1.1. The concept of customer satisfactionhàilòngthỏamãn
Currently, in the world as well as in Vietnam, the concept of customer
satisfaction has often been mentioned as an important factor affecting the
competitiveness of companies compared to its competitors. However, in fact,
based on customer satisfaction studies, there are quite a number of different
views on customer satisfaction. It can be seen that authorshave different
starting points when defining the concept of customer satisfaction but they
share

a

common

view

which

is

to

associate

this

concept

with

customers’attitude and sentiments, or more specifically their satisfaction with
the capacity of service providers to meet their expectation.
2.1.2. Factors affecting customer satisfaction
2.1.2.1. Service quality
The SERVQUAL model (Parasuraman, 1988) is widely used and has shown
its suitability for application in assessing the service quality of a variety of
services such as finance, banking, dining and hotels. The service quality model
of Parasuraman et al. (1988) shows the overall picture of service quality and
consists of five components, namely reliability, responsiveness, assurance,
empathy and tangibles.
2.1.2.2. Service price
Price is a form of monetary expression of the value of goods and services.
Prices are determined based on the value in use and perception of customers
about the products and services they use. Customers do not necessarily buy
products or services of the highest quality but they will buy products or
services that bring them the most satisfaction. Consequently, factors such as


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customer perception of price and cost (cost of use) do not affect the service
quality but will influence customer satisfaction.

2.1.2.3. Corporate image
Corporate image is defined as "the impression of a company in the minds of
customers" (Boyle, 1997) or "the result of the interaction from experiences,
impressions, beliefs, feelings and knowledge that customers have with the
company/organization"(Worcester, 1997). According to Fombrun (1996),
corporate image can also be understood as “the image that customers attach
with the company through receiving messages”. Corporate image often
connects customers’ memory with the company/organization (Keller & Aaker,
1992).
2.1.2.4. Perceived value
Perceived value is considered as the customer’s overall evaluation of the
value of a product or service based on the perception of what is received and
what is given (Sweeney et al., 1997; Zeithalm et al., 1988). On the other hand,
perceived value could be one of the most important measurements to create
competitive advantages (Parasuraman, 1997). Studies by Crosby & Stephens
(1987) and Furman (2010) show that perceived value is regarded as the
determinant of customer satisfaction.
2.2. Analytical framework and research hypotheses
The review of domestic and foreign studies shows thatit is necessary to
develop scales to measure customer satisfaction with life-insurance companies
in Vietnam by providing adjustments and supplementsto such measurement
scales based on the inheritance and addition of scientific approaches to
measure customer satisfaction and service quality that have been verified in the
past, based on theoretical and empirical research experience on customer
satisfaction in general and customer satisfaction with service quality in


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particular (especially, the approaches of ACSI, ECSI and Parasuraman et al.,

1988).

Figure 2.1: Analytical framework for the research
Research hypotheses
 H1: Corporate image has a positive impact oncustomers’Perceived value of
life-insurance companies in Vietnam
 H2:Service quality has a positive impact on customers’Perceived value of
life-insurance companies in Vietnam
 H3: Service price has a positive impact on customers’Perceived value of lifeinsurance companies in Vietnam
 H4: Corporate image has a positive impact on customer satisfaction with lifeinsurance companies in Vietnam
 H5:Service quality has a positive impact on customer satisfaction with lifeinsurance companies in Vietnam
 H6: Service price has a positive impact on customer satisfaction with lifeinsurance companies in Vietnam
 H7: Perceived value has a positive impact on customer satisfaction with lifeinsurance companies in Vietnam
 H8: Customer satisfaction has a positive impact on customer loyalty to lifeinsurance companies in Vietnam


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 H9:

Customer

satisfaction

has

a

negative

impact

on

customers’

complaintsagainstlife-insurance companies in Vietnam
 H10: Customer satisfaction has a positive impact on customer loyalty to lifeinsurance companies in Vietnam


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CHAPTER 3: METHODOLOGY FOR STUDYING CUSTOMER
SATISFACTION WITH LIFE-INSURANCE COMPANIES IN
VIETNAM
3.1. Research methodology
3.1.1. Data collection methods
 Secondary data: studying domestic and foreign documents on customer
satisfaction assessment models, focusing on service quality measurement
models within the past 10 years such as FTSQ, SERVQUAL, SERVPERF,
ACSI and ECSI to identify gaps in research oncustomer satisfaction in the lifeinsurance sector, learning about noticeable findings of domestic and foreign
research on assessing customer satisfaction with life-insurance companies.
 Primary data:
 In-depth interviews: 2 subject groups. Group 1 consists of 15 people who are
experts, managers and researchers on customer satisfaction in the field of lifeinsurance. Group 2 consists of 15 people who are clients aged from 20 to 60
and have been clients of life-insurance for companies for many years.
 Surveys: This was conducted by field-survey method using a questionnaire.
The questionnaire is based on the inheritance of customer satisfaction scale
fromthe ACSI and ECSI models, and then adjusted and supplemented based on
qualitative

research

to

fit

the

context

of

life-insurance

in

Vietnam.Subsequently, the survey was conducted by field-survey method using
the questionnaire designed based on the inheritance of customer satisfaction
measurement scale that had been used in large-scale surveysand then adapted
to fit the question type in Kano model (Kano et al., 1984).
3.1.2. Data analysis method
To analyze data after collection, the author used Excel to analyze the results
of data collection through in-depth interviews. The results will be analyzed
based on the frequency of appearance of words and phrases.


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For data analysis collected from surveys with detailed questionnaire, the

author applied SPSS 22.0 and AMOS 10 to analyze the level of customer
satisfaction with life-insurance companies in Vietnam.
To analyze data collected from the Kano questionnaire, the author combines
two responses of each observation variable into the Kano evaluation matrix to
determine which property in Kano model that the response of the client
attributes to.
3.2. Research process
Study theories
Develop an analytical framework, hypotheses and expected measurement scales

Desk review

Discussion, expert interview
Adjustment
Preliminary survey
Small-scale survey/Point survey
Complete the measurement scales
Large-scale investigation/
Broad survey
Quantitative research
Reliability analysis
Assertive factor analysis
Correlation analysis
Path analysis and multiple regression
Difference test (ANOVA)

Broad survey

Figure3.1:Ma
in research

Study secondary documentsIn-depth interviews

stages
CHAPTER4:

Analysis and Evaluation

RESEARCH

FINDINGS
4.1. Collecting data from broad study
Table 4.1. Information about subjects of survey in broad study


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Total
Sample size
Gender
Age

1476
Male

590

Female

886

Under 29

60

From30 to under 40

560

From 40 to under 50

487

50+

369

Occupation Workers and unskilled

162

workers
White-collar workers

557

Students

49

Housewives

280

Freelancers and other

428

professions
Monthly

Under 4 million

353

personal

From 4 million to under 8

103

income

million
From 8 million to under 12

240

million
From 12 million to under

460

16 million
16 million and above

320

Source: Synthesized by the author
4.2. Data analysis
4.2.1. ANOVA analysis of customer satisfaction by life-insurance companies
in Vietnam
Analysis results show some similarities and differences as follows:


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 There is a noticeable difference in the level of customer satisfaction in
terms ofcorporate image between Prudential Vietnam, Hanwha Life Vietnam
and CHUBB Vietnam.According to the analysis, the level of customer
satisfaction for Prudential Vietnam, BaoViet Life, Manulife Vietnam and AIA
Vietnam is higher than that of Hanwha Life Vietnam and CHUBB Vietnam.
 There is a remarkable difference in the level of customer satisfaction in
terms of Perceived value between Prudential Vietnam and Hanwha Life
Vietnam; between Manulife Vietnam and CHUBB Vietnam Life Insurance
Company Limited.
 There is noteable difference in customer loyalty between BaoViet Life
and Hanwha Life Vietnam.
 There is no significant difference in the level of customer satisfaction in
terms of Service quality, Service price and customers’ Complaints.

4.2.2. Verification of research hypotheses
Table4.2. Verification results of research hypotheses
Hypotheses

Results

H1: Corporate image has a positive impact on
customers’ Perceived value of life-insurance Unaccepted
companies in Vietnam
H2: Service quality has a positive impact on
customers’ Perceived value of life-insurance Accepted
companies in Vietnam
H3: Service price has a positive impact on
customers’ Perceived value of life-insurance Unaccepted
companies in Vietnam
H4: Corporate image has a positive impact on
customer

satisfaction

companies in Vietnam

with

life-insurance Accepted


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Hypotheses

Results

H5: Service quality has a positive impact on
customer

satisfaction

with

life-insurance Accepted

companies in Vietnam
H6: Service price has a positive impact on
customer

satisfaction

with

life-insurance Unaccepted

companies in Vietnam
H7: Perceived value has a positive impact on
customer

satisfaction

with

life-insurance Accepted

companies in Vietnam
H8: Customer satisfaction has a positive
impact on customer loyalty to life-insurance Accepted
companies in Vietnam
H9: Customer satisfaction has a negative
impact on customers’ complaints against life- Accepted
insurance companies in Vietnam
H10: Customer satisfaction has a positive
impact on customer loyalty to life-insurance Accepted
companies in Vietnam
Source: Synthesized by the author
4.2.3.General assessment of the perception of service quality, customer
satisfaction and loyalty
Table 4.3: Customers’ perception
Minimu

Maximu

Mean

Standar

m value

m value

value

d
deviation

Corporate image

1,00

5,00

4,10

0,68


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Service quality

1,00

5,00

3,14

0,73

Service price

1,00

5,00

3,52

0,75

Perceived value

1,00

5,00

3,45

0,82

Customer satisfaction

1,00

5,00

3,52

0,75

Customers’ complaints

1,00

5,00

3,20

0,68

Customers’ loyalty

1,00

5,00

3,56

0,82

Source: Results of surveys conducted by the author
In general, customers’ perception of factors such as Perceived value,
Customer satisfaction and Customer loyalty are fairly uniform ranging from
3.50 upwards. The factor of Corporate image currently received highest
appreciation from customers, valued at 4.10, which means customers are
relatively satisfied with the reputation, prestige, brand and the level of
corporate social responsibility of life-insurance companies in Vietnam. In
contrast, the factor of Service quality factor is currently recorded at 3.14, the
lowest among the elements included in the measurement scales, which
indicates that customers are not satisfied with this factor.
CHAPTER5: IMPLICATIONS AND RECOMMENDATIONS ON
SOLUTIONS TO IMPROVE CUSTOMER SATISFACTION WITH
LIFE-INSURANCE IN VIETNAM
5.1. Some implications for improving customer satisfaction with lifeinsurance companies in Vietnam

To formulate recommendations for improving customer satisfaction, the
author uses the Kano model to identify/classify attributes in the measurement
scales forcustomer satisfaction among life-insurance companies in Vietnam and
combines this with the results of regression analysis and customers’ perception
assessmentpresented in Chapter 4.This classification is very useful as it creates


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the premise for life-insurance companies in Vietnam to enhance their
products/services in order to improve customer satisfaction.
Based on the results of multiple regression analysis, Kano classification and
assessment of customers’ perception of factors in the customer satisfaction
measurement scales, some comments and recommendations for life-insurance
companies in Vietnam toimprove customer satisfaction are summarized as
follows:
Firstly, in order to maintain customer satisfaction, life-insurance companies
in Vietnam need to focus on CLD 1, CLD 2, CLD 3, CLD 4 and PNA 5.
Among these factors, companies should give priority to improving the quality
of CLD 2, CLD 3 and PNA 5 as at present customers’ perception of these
factors is relatively low with values recorded at 2.82, 3.01 and 3.17,
respectively.
Secondly, in order to improve and boost customer satisfaction, life-insurance
companies in Vietnam need to constantly enhance the quality of HAN 1, HAN
2, HAN 4, CLD 5, CLD 6, GIA 3, GIA 4, GIA 5, PNA 1, PNA 2, PNA 3
andPNA 4. Among these factors, according to the results of multiple regression
analysis, the HAN, CLD and GTI factor groups have a positive impact on
customer satisfaction while the PNA factor negatively influences customer
satisfaction.
Thirdly, in order to differentiate with the aim to improve their

competitiveness, life-insurance companies in Vietnam need to study/consider
and select factors such as HAN 3, GIA 6 and GTI 2. In order to differentiate
their products and services, insurance companies should always show their
creativity, innovation and pioneering (HAN 3) or offer many attractive rewards
and promotions to customer (GIA 6) or design flexible insurance policies (GTI
2).
5.2. Some solutions to improve customer satisfaction with life-insurance
companies in Vietnam


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5.2.1. Group of solutions for human resource development in the field of
insurance
 Goals and directions to develop the human resources for the insurance
market until 2020
 Completing legal regulations
 Effectively design insurance training programs
 Completing the recruitment process and personnel treatment
5.2.2. Group of solutions to improve the images of life-insurance companies
Insurance is a type of service andinsurance products are intangible goods, so
the impression and perception of corporate image have an important meaning
to customers.Any moves related to the image and prestige of the company can
directly affect their business activities. Therefore, the building of public trust in
the brand of the company always plays a very important role. PR activities can
help companies to build their understanding, long-term and widespread trust
among every subject of the public.
5.2.3. Group of solutions to complete processes in life-insurance companies
To enhance customer satisfaction, life-insurance companies should develop
processes and forms for approving policies/handling insurance benefits as well

asprocesses to respond to customers’ complaints/problems. Simultaneously, it
is necessary to clearly announcesuch processes and formsto customers for their
convenience as well as to help themunderstand the procedures and steps
needed to follow. On the other hand, the development and completion of
processes and forms will also facilitate insurance counselors when
communicating to customers as well as help them to understand how to handle
customers’ problems in the quickest and most effective way.
5.2.4. Group of solutions to improve service quality and bring satisfaction to
customers
Firstly, life-insurance companies should focus on compiling provisions in
insurance policies so as they are clear and easy to understand for customers.


23

Secondly, based on the full equipment of knowledge and skills to their
counselors in combination with the completion of procedures and guidance
documents for customers, insurance companies should always implement
accurately what they have committed with customers and provide customer
service as quickly as possible.
Thirdly, life-insurance companies should conduct surveys regularly to listen
to customers’ feedback,study customers’ claims/complaints, organize seminars
to provide knowledge of insurance products and services as well as to
acknowledge comments, needs and expectations of customers.
Fourthly, life-insurance companies should diversify their insurance offerings
such as online sales, sales through counselors and cross-selling.
5.2.5. Group of solutions to differentiate insurance products and services and
improve competitiveness of life-insurance companies
With regard to creativity, innovation and pioneering, life-insurance
companies in Vietnam should conduct research to innovate in four directions

includinginnovation in insurance products and services, innovation in people,
innovation in the process of providing services and innovation in marketing
methods.


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CONCLUSION
6.1. Summary of main acquired results
 Literature review: about 100 international and national research papers
have been synthesized and analyzed. Their similarities and differences as well
as the trends in measuring customer satisfaction in general and customer
satisfaction in the field of insurance in particular have been pointed out.
 Developing an appropriate analyticalframework to perform research
objectives and answer research questions. Hypotheses have been developed
and verified through empirical analysis, which indicates thesuitability of the
analytical framework, and research questions have been fully addressed.
 Building the measurement scales for customer satisfaction with lifeinsurance companies in Vietnam. The scales are based onan analytical
framework commonly used in the world with adjustments to suit the typical
circumstances and characteristics of insurance business in Vietnam.
6.2. Contributions of the research
6.2.1. Scientific contributions
Research has synthesized the theories of customer satisfaction, factors
affecting customer satisfaction, customer satisfaction assessment models and
customer satisfaction with life-insurance companies. Customer satisfaction
should be detailed and localized when being assessed in specific areas. In the
field of life-insurance, customer satisfaction is made up of a number of
elements that need to be assessed comprehensively based on the following
factors: Corporate image, Service price, Service quality, Perceived value,
Customer satisfaction, Customers’ complaints, and Customer loyalty.

Research results presented in this doctoral thesis are suitable with the
theoretical framework and with domestic and foreign studies such as