Abstract:
The relationship between service quality and customer satisfaction in the Kumasi metropolitan insurance industry, a case study of phoenix insurance (Kumasi branch) has been undertaken to establish the kind of relationship between customer’s satisfaction and service quality in the insurance industry. The study hypothesized that there is no relationship between network selection and service quality at statistical significant level of 0.01%. It is believed that insurance firms in Ghana continue to implement service quality policies that are inconsistent with customer expectations, leading to customer dissatisfaction and affects the choice of insurance service providers.
Description:
Over the last century, the world has witnessed the emergence of the service industry as a significant contributor to its economic development. A number of countries in the last few decades have experienced a dramatic change in the importance of services and the role of the services sector in their economies (Sharma, 2002; Nankervis and Pearson, 2002; Edwards and Croker, 2001). The service sector is becoming vibrant in term of quantum and quality due to the number of key players that are involved in the transformation process. In 2008, the sector contributed about 40% of Ghana’s total Gross Domestic Product (GDP) and recorded the highest growth rate of 9.3% among other sectors (All Africa Global Media, 2010). One major sector that constitutes the services sector is the Financial Services Sector. Ghana’s Financial Services Sector can be classified into three main categories such as Banking, Insurance and Capital Markets. The Insurance industry in Ghana has contributed immensely to the growth of the Financial Services Sector and helped propelled the economy of Ghana for the past years.
