Introduction

1.1 Introduction:

1
Insurance Industry of Bangladesh has a long history of evolution. About a century back, couple
of Insurance companies started both general and life insurance business during the British regime
in India. However, insurance business got the momentum during the East Pakistan regime, in the
pre-liberation period, there were as may as 49 privately owned insurance companies
underwriting general insurance business along with one central Govt. run-organization, namely,
Pakistan Insurance Corporation. After liberation, the insurance industry was nationalized vide
presidential Order No. 95 of 1972. By virtue of nationalization order, 5 Corporations were set up
to manage the insurance industry of which four were subsidiary corporation, two each for life
and General and an apex body, viz., Jatiya Bima corporation as a controlling corporation. At a
later stage, the above five corporations were replaced by two state owned corporations namely,
Sadharan Bima Corporation for general business and Jiban Bima Corporation for life business
under a restructuring plan made in 1973 in order to curtail excessive administrative expenses of
the aforementioned corporations. Again, in the process of denationalization, the Insurance
Corporations Act was amended in 1984 to allow insurance companies to operate in the private
sector subject to certain restrictions regarding business operating and reinsurance. Subsequent to
that, the Act was further amended for the relaxation of the existing regulation to promote the
private sector insurance companies. Presently, 62 insurance companies are operating in the
country, of which 44 are in general business and the remaining 18 are in life business, even
though the two state-owned corporations, along with couple of private sector companies, are
domination the market.

The insurance industry is now at the final stage of transition. It has been decided to replace the
age old insurance laws with Insurance Regulatory Authority (IRA) Ordinance 2008 and
Insurance Ordinance (IO) 2008. The Department of Insurance will be abolished by the five
member Insurance Regulatory Authority headed by the Chairman not below the rank of
Government Secretary. For further enhancing the solvency position, the paid up capital for
general and life insurance companies have been raised to Tk. 400 million and Tk. 300 million
respectively.

1.2 Origin of the Report

2
As the classroom discussion alone cannot make a student perfect in handling the real business
situation, therefore, it is an opportunity for the students to know about the real life situation
through this research effort. This report titled on Customer Satisfaction Sunlife Insurance
Company Ltd.

1.3 Objective of the study

Broad Objective:

To measure Customer Satisfaction Sunlife Insurance Company Ltd.

Specific Objective:

To identify the overview of Sunlife Insurance Company Ltd.

To identify different policies of Sun life insurance company Ltd.
To find out customer satisfaction of Sunlife Insurance Company Ltd.
To recommended some measures for the development of customer service of Sunlife
Insurance Company Ltd.

1.4 Scope of Study

The scope of the study was to present the relationship between customer satisfaction and
customer loyalty in Sunlife Insurance Company Ltd. the leading insurance sector insurance
industry in Bangladesh. This study attempted to understand the customer perceptions on different
insurance activities of this organization. The purpose is also to make recommendations for
improving the insurance activities for the customers by Sunlife Insurance Company Ltd.

1.5 Methodology of the study

3
Methods followed to perform a job or conducting activities to complete a task is called
methodology. In conducting this study the following methodology was adopted in collecting data
and information, preparing of reports, interpreting the results etc. The methodology of report is
given below.

Research Type: This is a Descriptive research. The report has been developed based on
both on primary and secondary data.

Primary Sources

Sampling Design:
Target Population: The population of this research was all the client of Sunlife
Insurance Company Ltd.
Sampling Elements: Client of Sunlife Insurance Company Ltd. is the sampling
element of this report.
Sampling Unit: Client of Sunlife Insurance Company Ltd. Head office.
Sampling Frame: This is the actual list of elements of the population from which
the sample or some stages of the sample is selected.
Sampling Technique: Non- probability convenience sampling technique has been
used to make for this study.
Sampling Size: Sampling size means the number of the elements in the obtained
sample. Sample size for this study is 30.
Data Collection and Presentation: To prepare this report all the necessary information
collected from

Primary sources
Secondary sources
Primary sources of data: Questionnaire was administered to collect the primary
data. For the purpose of my study I had designed a questionnaire. This
questionnaire is a combination of close-ended questions. These are eleven questions
in the questionnaire, which is enclosed at appendix part of the report.

Secondary sources of data:

Internet and Annual report of Sun Life Insurance Company Limited.
Progress report/ Statement affairs and Academic sheet of the firm.
Different publications regarding Life Insurance.

4
Data Analysis and Reporting:
For this research the following tools and techniques have been used- Microsoft Word, Microsoft
Excel, Microsoft PowerPoint.

1.6 Limitations of the study

Some of the limitations faced while preparing this report are shown below:

o Time Limitation: To complete the study, time was limited by three months. It was really
very short time to know details information.

o Lack of Record: Unavailability of sufficient written documents as required for making a

comprehensive study.

o Lack of experiences: The knowledge constraint of the researcher was another limitation
for the study.

5
 Company Overview &
Literature Review

2.0 About of Sun Life Insurance Company Limited.

6
Company Profile:

Insurance Industry of Bangladesh has a long history of evolution. About a century back, couple
of Insurance companies started both general and life insurance business during the British regime
in India. However, insurance business got the momentum during the East Pakistan regime, In the
pre-liberation period, there were as may as 49 privately owned insurance companies
underwriting general insurance business along with one central Govt. run-organization, namely,
Pakistan Insurance Corporation. After liberation, the insurance industry was nationalized vide
presidential Order No. 95 of 1972.

By virtue of nationalization order, 5 Corporations were set up to manage the insurance industry
of which four were subsidiary corporation, two each for life and General and an apex body, viz.,
Jatiya Bima corporation as a controlling corporation.

At a later stage, the above five corporations were replaced by two state owned corporations
namely, Sadharan Bima Corporation for general business and Jiban Bima Corporation for life
business under a restructuring plan made in 1973 in order to curtail excessive administrative
expenses of the aforementioned corporations.

Again, in the process of denationalization, the Insurance Corporations Act was amended in 1984
to allow insurance companies to operate in the private sector subject to certain restrictions
regarding business operating and reinsurance.

Subsequent to that, the Act was further amended for the relaxation of the existing regulation to
promote the private sector insurance companies. Presently, 62 insurance companies are operating
in the country, of which 44 are in general business and the remaining 18 are in life business, even
though the two state-owned corporations, along with couple of private sector companies, are
domination the market.

The insurance industry is now at the final stage of transition. It has been decided to replace the
age old insurance laws with Insurance Regulatory Authority (IRA) Ordinance 2008 and
Insurance Ordinance (IO) 2008. The Department of Insurance will be abolished by the five

7
member Insurance Regulatory Authority headed by the Chairman not below the rank of
Government Secretary. For further enhancing the solvency position, the paid up capital for
general and life insurance companies have been raised to Tk. 400 million and Tk. 300 million
respectively.

There are 11 directors in the company including two independent directors. The Managing
Director is a member of the Board as ex-officio. The new law also introduced mandatory
solvency margin for the insurance companies, besides, the insurance companies will be required
to ensure international accounting standard, separate Islamic insurance companies well be
required to make the valuation of liabilities on yearly basis to reveal the real strength of the
company. The law also allowed foreign investment in general insurance sector. With the
promulgation of the ordinances, the insurance industry will be under the ministry of Finance
From the Ministry of Commerce.

Mission

1. To provide unequal service, protect our policy holders interest and contribute for
economic stabilization of the company.
2. To maintain stakeholders interest with fair and transparent operation.
Vision
To be a leading life insurance Company and to be a company with due solemnity and corporate
social responsibility to the society uphold by taking life risks of the policyholders.

Corporate objective

1. Ensure the financial betterment and welfare to the insured and the dependant.
2. Help in bearing the childrens marital and educational expense.
3. Mitigate multifarious needs and ensure the welfare of individual & family.
4. Forced national savings and socio economic upliftment at national plane.
5. Creation of job opportunities for the unemployed educated people.

Management System of Sun Life Insurance Company

8
The management of Sun Life Insurance Company Ltd. has long been thinking to create
technically qualified persons having sound knowledge of insurance profession by giving them
proper training and professional education. Sun Life Insurance Company Ltd. initiated epoch-
making steps to professionally train up its officials and to make them fit to handle any technical
works smoothly and perfectly.

Management
System

Board of Director Corporate Management

General ManagerAdviser
Company Secretary
Chairman Vice Chairman Director

ManagingSenior
Director
Executive Director
Executive Director

Marketing & Administration

Marketing & Department

Corporate Affairs

9
Products
Life insurance is a contract between an insured (insurance policy holder) and an insurer of
assurer, where the insurer promises to pay the designated beneficiary a sum of money (the
"benefits") in exchange for a premium, upon the death of the insured person or on the expiry of a
fixed period.

Depending on the contract, other events such as supplementary coverage (PDAB,ADB,TP,CERP

& HI etc) may also trigger payment. The policy holder typically pays a premium, either regularly
or as a lump sum.

Life policies are legal contracts and the terms of the contract describe the limitations of the
insured events. Specific exclusions are often written into the contract to limit the liability of the
insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

INSURANCE PLANS

First of all, why are you buying life insurance? The basic rationale for life insurance is to replace
your income in the event that you die unexpectedly. Your insurance policy then is supposed to
buy your dependents time to replace the income they had depended on you.

Strictly speaking, life insurance is economic protection for family or successor, not an
investment or a savings plan. However,

contemporary insurance companies are offering products with savings plans and investment
features.

As individuals it is inherent to differ. Each individual's insurance needs and requirements are
different from that of the others. SLICL's Insurance Plans are policies that talk to you
individually and give you the most suitable options that can fit your requirement.

CHILD PROTECTION ASSURANCE (WITH BONUS)

This is a joint life assurance and covers the lives of child and either of the parents. Features &
Eligibility Types of plan: It is an Endowment assurance plan for child protection. Child's

10
minimum age: 6 months. Child's maximum age at entry: 15 years. Child's minimum maturity
age: 30 years. Maximum maturity age (parent):

ENDOWMENT ASSURANCE (WITH GUARANTEED PROFITS)

An endowment policy is a life insurance contract designed to pay a lump sum after a specified
term (on its 'maturity') or on death. Typical maturities are 10,15,20,25 or 30 years up to a certain
age limit. Endowments can be cashed in early (or surrendered) and the holder then receives the
surrender value

ENDOWMENT ASSURANCE (WITH BONUS)

Life insurance policy that pays the assured sum (face amount) plus bonuses accumulated over the
term of the policy. The insured pays a higher-than-normal premium, which is invested in the
insurance company and draws annual bonuses (out of the insurer profits) that are added to the
assured sum and paid on maturity or upon

THREE PAYMENT ASSURANCE (WITH BONUS)

Anticipated Endowment plans have unique feature where a part of the sum assured is paid at
certain intervals during the term of the policy and the balance of the sum assured together with
the accrued bonus at maturity.The life assured continues enjoying the life cover such that in the
event of death at any time.

RENEWABLE GROUP TERM ASSURANCE

A type of insurance coverage offered to a group of people. This coverage will provide a benefit
to the beneficiaries if the covered individual dies during the defined covered period. As with
other types of group benefits, group term life insurance is generally cheaper than comparable
individual policy coverage. For this reason, group term

GROUP ENDOWMENT ASSURANCE (WITHOUT BONUS)

'Group insurance' is an insurance that covers a group of people, usually who are the members of
societies, employees of a common employer, or professionals in a common group. Group life
insurance is a type of life insurance in which a single contract covers an entire group of people.
Typically, the policyowner is

11
MITALI BIMA PREMIUM BACK TERM (WITHOUT BONUS) PLAN 10
A form of term life insurance coverage that provides a return of the premiums paid during the
policy term if the insured person outlives the duration of the term life insurance policy.
Benefits: MITALI BIMA is a unique, low-cost term plan that offers you an assured peace

DEPOST PENSION SCHEME (WITH BONUS)

Savings for future is like a pension you earn over the span of your life. Little drops of savings
every month can end up with a stream of relief and benefits after a few years. This kind of
insurance offer some special financial benefits, whereas to get a pension you must meet some

BIENNIAL PAYMENT PLAN (WITH PROFIT)

Anticipated Endowment plans have unique feature where a part of the sum assured is paid at
certain intervals during the term of the policy and the balance of the sum assured together with
the accrued bonus at maturity. The life assured continues enjoying the life cover such that in the
event of death at any

SINGLE PAYMENT SCHEME (WITH GUARANTEED PROFITS)

While the death benefits of insurance policies provide you with an efficient means to provide for
your dependents, you also need to consider unexpected expenses that can crop up in old age.
SLICL's Single Payment Scheme is also a savings cum protection plan, where premium amount
in between Tk. 10,000/- and Tk. 30,00,000/- can

DENMOHOR BIMA (WITH PROFITS)

A Muslim wedding includes many rituals and ceremonies that can span several days. In most
cases, it starts with the Kabin ceremony (the official registration of the wedding and presenting
Denmohor or Mahr) and ends with the Bou Bhat ceremony (the wedding reception, a day after
the marriage, usually arranged by the groom's family).

HAJJ BIMA PLAN (WITH PROFITS)

The Hajj (Arabic: Hajj "pilgrimage") is an Islamic pilgrimage to Mecca and the largest
gathering of Muslim people in the world every year. It is one of the five pillars of Islam, and a
religious duty which must be carried out by every able-bodied Muslim who can afford to do so at

12
SUPPLEMENTARY INSURANCE

SUPLEMENTARY DOUBLE ACCIDENT BENEFIT (DAB)

SUPPLEMENTARY permanent disability and ACCIDENT BENEFIT (PDAB)

SUPPLEMENTARY TERM POLICY (TP)

SUPPLEMENTARY CHILD EDUCATION RIDER POLICY (CER)

SUPPLEMENTARY HOSPITALIZATION INSURANCE (H.I.)

Sunlife offers a number of supplementary covers to enhance coverage under different plans.
These supplementary covers can be attached with the main policy and are not available

Policies of Sun Life Insurance

Sun Life Insurance Company Ltd. has introduced innovative and attractive policies with a view
to attract different class of people of the country. At present Sun Life Insurance Company is
offering the following policies in other 5 (five) different categories:
Ordinary Life (EkokBima)
Group Insurance
LokoBima
IslamiBima (Takaful)
IslamiKhudraBima (Takaful)
Personal Related Scheme
Ordinary Life (EkokBima):
Sun Life offers a wide variety of ordinary life product/plans ranging from the most common
endowment type to more modern and sophisticated plans like endowment with open term,
pension plan, child protection plan, etc. and the aim of increasing pension, increasing protection
with provision for premium refund etc. The plans have been designed keeping in view the
diverse and multifaceted needs of the insuring public belonging to different strata of the Society.
The followings are the Plans of Ordinary Life: (EkokBima)
Sl.

13
 Schemes
1. Endowment Insurance
Plan - with Profits
2. 3 (three) Payment
Insurance Plan - with
Profits
3. Biennial Endowment
Insurance - with Profits
4. Child Protection
Endowment Insurance -
with Profits
5. Insurance Cum Pension
Plan - without Profits
6. Single Premium
Guaranteed Benefit Plan -
without Profits
7. Education Expense
Insurance Plan - with
Profits
8. Premium Back Term
Insurance - without
Profits
9. Islami Endowment Plan -
with Profits
10. Islami Biennial Payment
Assurance Plan - with
Profits
11. Islami 5 (five) Installment
Insurance Plan - with
Profits

Group Insurance:

14
This scheme has been designed to make the officials and employees of Sun Life Insurance Co.
Ltd. free from tension and financial hardship. With a very small premium, very large amount of
Sum-assured may be taken with regard to the risk of accident and premature death. The
arrangement of Group Insurance may be made if at least 10 members are there. In case of group
term Insurance there may be 5 members. Premium normally be paid on annual basis. The
premium of this insurance may be paid fully or partially by the employees and the employers.
Loko Bima:
LokoBima Project was emerged on 13th June 1998. The aim and object of LokoBima Project is
to arouse 90%. People of the country towards savings and to make them conscious and self-
reliant through Insurance. This project plays a very important role in solving social problems of a
large number of people by reduction of unemployment, population control, development of
cottage Industry, rural development so to say social backwardness etc.
The following are the plans of Loko Bima- Sl
Schemes
1. Endowment Insurance
plan - with Profits.
2. Child protection
Endowment Insurance -
with Profits.
3. Sun life deposit
Premium scheme - with
Profits.
4. Single Premium
Insurance - with Profits.

The aim and object of Islami Bima (Takaful) is to provide more financial security of the mass
people of this country through this project. This project was introduced to turn Life Insurance
into a profitable savings arrangement through payment by installments on the basis of Islami
Shariah and transparent and impeccable servicing. The followings are the Plans of Islami Bima:
(Takaful)

The followings are the Plans of Islami Bima: (Takaful)

Sl. Schemes

15
1. Islamic Endowment Insurance Plan (Takaful) - with Profit
2. Islami Takaful 3 (three) Payment Insurance Plan - with Profits
3. Islami Bima (Takaful) Biennial Endowment Insurance Plan -
with Profits
4. Islami Bima (Takaful) Child Protection Endowment Insurance
Plan - with Profits
5. Islami Bima (Takaful) Insurance-Cum Pension Plan - without
Profits
6. Islami Bima (Takaful) Single Premium Guaranteed Benefit
Plan - without Profit
7. IslamiBima (Takaful) Education Expense Insurance Plan - with
Profits
8. Islami Bima (Takaful) Premium Back Term Insurance - without
Profits
9. Islamic Endowment Plan (Takaful) - with Profits
10. Islamic Biennial Payment Assurance (Takaful) Plan - with
Profits
11. Islami 5 (five) Installment Insurance Plan - with Profits
12. Takaful Islami DPS - with Profits
The project is conformed to a Shariah Council comprising 15 (Fifteen) members.

Islami Khudra Bima (Takaful):

The object of Islami Khudra Bima (Takaful) is to create habit of savings for the low income
group of people of Bangladesh, ensure profit and savings through modern Insurance facilities
and to introduce interest free Islami Bima. These are the following plans-

Sl. Schemes
1. Endowment Insurance - with Profits.
2. Child Protection Endowment
Insurance - with Profits.
3. Single Premium Guaranteed Insurance
- with Profits.
4. Islami Khudra DPS - with Profits.
Personal Related Scheme

16
The Company provided Group Insurance for the employees of the Company. There is also
provision for two Festival Bonuses for a year for the employees of the Company.
As professionalism and quality of personnel play very vital role in efficient management of the
Company, it has established its own training department for in -house training-which is headed
by the highly experienced specialists in the arena. Several job-related courses were conducted at
different divisional office premises for the purpose. Other than that each year 7-8 officers
participate in the courses conducted by Bangladesh Insurance Academy and Bangladesh
Insurance Association.

Supplementary Hospitalization Insurance Benefit

Those who are within the age of 18 to 55 years, they take this Insurance with the principal policy.
Advantages available in the Hospital-
Staying in the Private room.
Doctors Consultation Fees.
Diagnosis expenses.
Surgical Operation expenses.
Medicine.
Relevant Services Expenses.
The special characteristic of the scheme:
This advantage may be taken for wife and children of the policyholder.
Very less premium.
Any medical facility is available at home and abroad.
Facilities of any Govt. Hospital or any other Private Hospital with 50 beds may be
available.
Medical treatment expenses in any extraneous hospitalization will be borne in
Bangladeshi Currency.
Consultation of Doctors may be taken with ones own choice.
Rebate of Tax is available.

Rules of payment of medical bill of the Hospital-

The company will directly make payment of the Hospital bills subject to admission in
the Hospital approved by the company.

Re-imbursement: If the policyholder himself bears expenses on approved treatment

from the Hospital which has no contract with the company, in that case the company will

17
 reimburse Hospital bills. But in these cases all the vouchers and papers shall be deposited
within 30 days after release from Hospital and the company will arrange reimbursement
of those after due scrutiny.

Supplementary Dread Disease Benefit (DDB 50%, 25%)

Disease and old age complicacy is indissolubly linked with human lives. Men can, at anytime be
attacked with serious disease and they may not be capable to have proper treatment immediately.
In this connection, Sun Life can provide money for treatment of such fatal diseases by DDB.
Whatever Sum-assured may be, the supplementary Insurance cannot exceed 10 lac as facility.
If the policyholder is attacked with any of the following disease, 25% of the Sum-assured be paid
immediately:
Stroke

Coronary Artinary Surgery

Kidney Failure

Multiple Sclerosis

Paralysis

Supplementary Accidental Death Benefit (ADB)

This supplementary Insurance may be taken adjoining the Endowment Assurance, Whole Life
Assurance, and Term Assurance, Group Insurance or pension scheme. ADB is normally given as
supplementary cover with the Principal Insurance policy.
The advantages of taking ADB as supplementary cover with any Life Insurance policy is that if
any policyholder dies due to accident the nominee of the insured will be provided with an
amount equivalent to the Sum-assured within 90 days. The rate of premium is low in this
Insurance as a result the Insured can take this policy as supplementary Insurance on nominal
condition.
Supplementary Permanent Disability and Accident Benefit (PDAB)
PDAB policy can be taken for death or disability by physical hurt due to accident. In case of
death the nominee of the Insured will get an additional amount equivalent to principal Sum-
assured. An amount equivalent to the Sum-assured is also paid to the nominee of the

18
policyholder instantly if both hands or both legs or both the eyes or one hand and one leg are
lost.
In case of fully and permanent disability, the policyholder will be given 10% of the principal
Sum-assured for next 10 years since the happening of accident as yearly allowance.
In case of one leg or one hand and an eye are lost, the policyholder will be given 50% of the
Sum-assured instantly. At the maturity, the full Sum-assured is paid..
Fire Insurance Policy
The subject matter of Fire insurance may be any property having intrinsic value; e.g. building,
furniture, fixture & fittings, plant and machinery, goods and merchandise. The scope of Fire
insurance may be considered under the following headings:
A. Standard Fire Policy B. Special Perils Fire Policy
Standard Fire Insurance Policy
All policies issued under the heading of Fire Insurance. It primarily aims at providing protection
against financial losses arising out of the operation of fire or certain other specified perils.
The subject matter of insurance are usually:
Building
Plant & Machinery
Furniture, Fixture and fittings
Goods and Merchandise.
Stocks of all kinds
SWOT Analysis
Every company must have some strengths, weakness, opportunity & threat. The best portfolio is the
one that best fits a companys strength, weakness to the opportunity in the environment.
Sun Life Insurance Company always tries to put strong resources into its more profitable business
& drop its weaker ones. It also hunts for its opportunities. & try to overcome its threat.

Strength
It has established its own training department
High quality of advertisement influence consumers.
It forms socio economic development of Bangladesh
The company also engages the services of research
Providing economic security to the clients as well as creating long-term capital in the market.

19
The Company provided Group Insurance for the employees of the Company.
No Officer of Sun Life Insurance Co. Limited is currently employed by any other Company

Weakness
The Company does not have any plan at the moment for future capital expenditure
Lack of experience Employee
Number of advertisement & promotion is low.

Opportunity
The Company offers its shares to the public
The Company provided Group Insurance for the employees of the Company

Threat
Competitors are rapidly increased.
Future change of law could be difficult.

2.2 Literature Review

Definition of Customer:

The word derives from "custom," meaning "habit"; a customer was someone who frequented
a particular shop, who made it a habit to purchase goods of the sort the shop sold their rather than
elsewhere, and with whom the shopkeeper had to maintain a relationship to keep his or
her "custom," meaning expected purchases in the future. A customer, also called client, buyer, or

Zairi (2000) said, Customers are the purpose of what we do and rather than them depending on
us, we very much depend on them. The customer is not the source of a problem, we
shouldnt perhaps make a wish that customers should go away because our future and our
security will be put in jeopardy.

Definition of Satisfaction:

20
Satisfaction is the contentment one feels when one has fulfilled a desire, need, or
expectation;"the chef tasted the sauce with great satisfaction". Here in the study customers
agreement (agree& strongly agree) with the surveys statements will indicate their satisfaction.

Customer Satisfaction:

To identify the customer satisfaction level of Sunlife Insurance Company Ltd we should know
what is customer satisfaction? What are the factors that are influencing the customer satisfaction
and why it is needed? Customer satisfaction is really hard to define as many factors are
influencing it. Customer satisfaction is a term frequently used in marketing. It is a measure of
how products and services supplied by an organization that meet or surpass customer
expectation. Customer satisfaction is defined as the number of customers, or percentage of total
customers, whose reported experience with an organization, its products, or its services (ratings)
exceeds specified satisfaction goals. If the products performance fells short expectation, the
buyer is dissatisfied. If performance matches or exceeds expectation, the buyer is satisfied.

So, Customer Satisfaction = Perceived Performance Actual Performance.

When Customers are satisfied?

Dissatisfaction: It occurs when the actual performances of a product or service fails to meet its
customers expectation.

Satisfaction: It occurs when the actual performances of a product or service meet its customers
expectation.

21
RPTEAR SPC u
aerms s e e r t o
nips ml o s r e
gcau pi vd r
iaetr o u S i a
bha n c t i s
lyn f i se t a c
eQc l t i i o
e vi u n
t e a
y nl i
e t
ys
s

Figure: Variable of customer satisfaction

This service quality has some dimensions that are presented in the above diagram. Quality of
service is one of the important factors that influence customer satisfaction. Researches and
managers of service firms concur that service quality involves a comparison of expectations with
performance. The diagram above shows the dimensions of service quality and reliability,
responsiveness, assurance, empathy, tangibles.

Factors Affecting Customer Satisfaction:

Many factors affect customer satisfaction. According to Hokanson (1995), these factors include
friendly employees, courteous employees, knowledgeable employees, helpful employees,
accuracy of billing, billing timeliness, competitive pricing, service quality, good value, billing
clarity and quick service. This is shown in Figure below-

22
 Figure2-Factors that Affect Customer Satisfaction

In order to achieve customer satisfaction, organizations must be able to satisfy their customers
needs and wants (La Barbera and Mazursky, 1983). Customers needs state the felt deprivation
of a customer (Kotler, 2000). Whereas customers wants, according to Kotler (2000) refer to the
form taken by human needs as they are shaped by culture and individual personality

The single most important factor that affects customer satisfaction is employee satisfaction,
says Howard J. Ross, president of a Maryland-based consulting firm. Employees who feel
satisfied and happy at their jobs naturally tend to be more helpful and considerate toward
customers. Its simple logic. If I like my job and the company I work for, Im going to
communicate to customers that we have a good product.

23
Benefits of Customer Satisfaction:

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I R

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n e

d c
c d
u r
r u

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e

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d s
s d

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Figure: The Benefits of Customer Satisfaction

24
Analysis of Customer
Satisfaction of Sunlife
Insurance Ltd.

25
3.1 Demographic Analysis:

Gender Frequency

Gender Frequency Percentage

Male 25 83%
Female 05 17%
Total=30

17%

Male
Female

83%

Explanation:

In this survey for getting information selected 30 respondents sample that have minimum knowledge
about general insurance system of Sunlife Insurance Company Ltd. In all respondents 83% are Male and
17% respondents are Female.

26
Age Group Frequency

Age Group Frequency Percentage

18-25 Years 10 33%
26-33 Years 16 53%
50 -Above 4 14%
Total = 30

14%

33%

18-25 Years
26-33 Years
50 -Above

53%

Explanation:

For selecting the sample size focused on that average all ages of people. Its mainly categorized into three
age groups where age classes are 10 respondents are 18-25 years, 16 respondents are 26-33 years and 4
sample respondents are 50 above.

27
Profession Frequency:

Profession Frequency Percentage

Business 16 53%
Service Holder 3 10%
Student 8 27%
Others 3 10%
Total= 30

10%

Business
27%
Service Holder
53%
Student
Others

10%

Explanation:

For the survey selected respondents professions are different categories where 53% respondents are
business man, 27% respondents are students, 10% respondents are service holders and other 10%
respondents are selected form different profession.

28
3.2 Questioner Analysis:

1. Over all policy and systems of Child Protection Assurance product of Sunlife Insurance
Company Ltd.

Comments of Respondents Frequency Percentage

Highly satisfactory 20 66%
Satisfactory 6 20%
Average 2 7%
Dissatisfactory 2 7%
Highly dissatisfactory 0 0%
Total 30 100%

7%
7%
Highly satisfactory
20%
Satisfactory
66% Average
Dissatisfactory
Highly dissatisfactory

Explanation:

Above the following pie chart shows that 66% of respondents are highly satisfactory, 20% of respondents
are satisfactory 7% of respondents are average and 7% of respondents are dissatisfactory with the
statement over all policy and systems of Child Protection Assurance product of Sunlife Insurance
Company Ltd.

29
Comments:

Where, most of the respondents accepted this statement policy and systems of Child Protection Assurance
product of Sunlife Insurance Company Ltd.

2. Sunlife Insurance Company Ltd. Islami Bima is completely based on Islamic Shariah.

Comments of Respondents Frequency Percentage

Highly satisfactory 3 10%
Satisfactory 16 53%
Average 9 30%
Dissatisfactory 2 7%
Highly dissatisfactory 0 0%
Total 30 100%

7% 10%

Highly satisfactory
30%
Satisfactory
Average
53%
Dissatisfactory
Highly dissatisfactory

Explanation:

The above illustration shows that 53% of respondents are satisfactory, 30% of respondents are average,
10% of respondent are highly satisfactory and 7% dissatisfactory with the statement that Sunlife
Insurance Company Ltd a part of IslamiBima Activities is completely based on Islamic Shariah.

Comments:

30
Above the explanation see most of the respondents accepted this statement Sunlife Insurance Company
Ltd a part of IslamiBima Activities is completely based on Islamic Shariah.

3. International Insurance has a wide network of branches at home and also a large
number of correspondent insurance world-wide.

Comments of Respondents Frequency Percentage

Highly satisfactory 0 0%
Satisfactory 20 67%
Average 9 30%
Dissatisfactory 1 3%
Highly dissatisfactory 0 0%
Total 30 100%

3%
30% Highly satisfactory
Satisfactory
67% Average
Dissatisfactory
Highly dissatisfactory

Explanation:

Above the following pie chart shows that 67% of respondents are satisfactory, 30% of respondents are
average and 3% of respondents are dissatisfactory with the statement International insurance has a wide
network of branches at home and also a large number of correspondent banks world-wide

Comments:

So it can be say that Sunlife Insurance Company Ltd maintains an International insurance system.

4. About the Policy service of Sunlife Insurance Company Ltd.

Comments of Respondents Frequency Percentage

31
 Highly satisfactory 15 50%
Satisfactory 10 34%
Average 4 13%
Dissatisfactory 1 3%
Highly dissatisfactory 0 0%
Total 30 100%

3%
13%
Highly satisfactory
50% Satisfactory
34% Average
Dissatisfactory
Highly dissatisfactory

Explanation:

Above the following pie chart shows that 50% of respondents are highly satisfactory, 34% of respondents
are satisfactory, 13% of respondents are average and 3% of respondents are dissatisfactory with the
statement about the policy service of Sunlife Insurance Company Ltd.

Comments:

Where, most of the respondents accepted the policy service of Sunlife Insurance Company Ltd.

5. Providing interest rate of policy is adequate by the customer.

Comments of Respondents Frequency Percentage

Highly satisfactory 5 17%

32
 Satisfactory 15 50%
Average 7 23%
Dissatisfactory 3 10%
Highly dissatisfactory 0 0%
Total 30 100%

10% 17%

23% Highly satisfactory

Satisfactory
Average
50% Dissatisfactory
Highly dissatisfactory

Explanation:

Above the following pie chart shows that 50% of respondents are satisfactory 23% of respondents are
average, 17% of respondents are highly satisfactory and 10% of respondents are dissatisfactory with the
statement providing interest rate of policy is adequate by the customer.

Comments:

Sunlife Insurance Company Ltd providing interest rate of policy is moderately accepted by the
respondents so their need to develop the providing interest rate system policy.

6. Put your satisfaction level about the behavior of the employees of Sunlife Insurance Company
Ltd.

Comments of Respondents Frequency Percentage

Highly satisfactory 5 17%
Satisfactory 15 50%

33
 Average 9 30%
Dissatisfactory 1 3%
Highly dissatisfactory 0 0%
Total 30 100%

3% 17%
30% Highly satisfactory
Satisfactory
Average
50% Dissatisfactory
Highly dissatisfactory

Explanation:

Above the following pie chart shows that 50% of respondents are satisfactory 23% of respondents are
average, 17% of respondents are highly satisfactory and 10% of respondents are dissatisfactory with the
satisfaction level about the behavior of the employees of Sunlife Insurance Company Ltd.

Comments:

The behavior of the employees of Sunlife Insurance Company Ltd is not accepted by the respondents so
their need to take steps against the problem.

7. Customer satisfaction about times it takes to give checque against a requisition.

Comments of Respondents Frequency Percentage

Highly satisfactory 2 7%
Satisfactory 13 43%
Average 12 40%

34
 Dissatisfactory 3 10%
Highly dissatisfactory 0 0%
Total 30 100%

10% 7%

Highly satisfactory
Satisfactory
40% 43%
Average
Dissatisfactory
Highly dissatisfactory

Explanation:
Above the following pie chart shows that 43% of respondents are satisfactory 40% of respondents are
average, 7% of respondents are highly satisfactory and 10% of respondents are dissatisfactory with the
satisfaction level about the behavior of the employees of Sunlife Insurance Company Ltd.
Comments:
From the explanation it can be says that about times it takes to give checkup against a requisition systems
is not good because most for the respondents are not satisfied with the statement.

8. Customer satisfaction of the bima opening procedure at Sunlife Insurance Company Ltd.

Comments of Respondents Frequency Percentage

Highly satisfactory 10 33%
Satisfactory 13 44%
Average 6 20%
Dissatisfactory 1 3%
Highly dissatisfactory 0 0%
Total 30 100%

35
 3%
20%
33%
Highly satisfactory
Satisfactory
Average

44% Dissatisfactory
Highly dissatisfactory

Explanation:

Above the following pie chart shows that 44% of respondents are satisfactory, 20% of respondents are
average, 33% of respondents are highly satisfactory and 3% of respondents are dissatisfactory with the
satisfaction level about the bima opening procedure at Sunlife Insurance Company Ltd.

Comments:

Where most of the respondents accepted the bima opening procedure at Sunlife Insurance Company Ltd,

9. Customer satisfaction with the service charge of the insurance.

Comments of Respondents Frequency Percentage

Highly satisfactory 15 50%
Satisfactory 10 33%
Average 5 17%
Dissatisfactory 0 0%
Highly dissatisfactory 0 0%
Total 30 100%

36
 17%
Highly satisfactory
50% Satisfactory
33% Average
Dissatisfactory
Highly dissatisfactory

Explanation:

Above the following pie chart shows that 50% of respondents are highly satisfactory, 33% of respondents
are satisfactory and 17% of respondents are average with the statement Customer satisfaction with the
service charge of the insurance.

Comments:

Where, most of the respondents accepted this statement Customer satisfaction with the service charge of
the insurance.

10. Overall Bima Policy satisfaction with Sunlife Insurance Company Ltd.

Comments of Respondents Frequency Percentage

Highly satisfactory 3 10%
Satisfactory 15 50%
Average 12 40%
Dissatisfactory 0 0%
Highly dissatisfactory 0 0%
Total 30 100%

37
 10%

40% Highly satisfactory

Satisfactory

50% Average
Dissatisfactory
Highly dissatisfactory

Explanation:

Above the following pie chart shows that 40% of respondents are highly satisfactory, 50% of respondents
are satisfactory and 10% of respondents are average with the statement that overall Bima Policy
satisfaction with Sunlife Insurance Company Ltd.

Comments:

Where, most of the respondents accepted this statement that overall Bima Policy satisfaction with Sunlife
Insurance Company Ltd.

38
Findings, Recommendation &
Conclusion

4.1 Findings and Analysis

After the survey found that most of the respondents accepted this statement policy and systems of
Child Protection Assurance product of Sunlife Insurance Company Ltd.
Sunlife Insurance Company Ltd maintains a part of IslamiBima Activities is completely based on
Islamic Shariah.
Sunlife Insurance Company Ltd International Insurance has a wide network of branches at home
and also a large number of correspondent banks world.
Most of the respondents accepted the Policy service of Sunlife Insurance Company Ltd.
Sunlife Insurance Company Ltd providing interest rate of policy is moderately accepted by the
respondents so their need to develop the providing interest rate system policy.
The behavior of the employees of Sunlife Insurance Company Ltd is not accepted by the
respondents so their need to take steps against the problem.

39
 From the survey it found that about times it takes to give checkup against requisition systems is
not good because most for the respondents are not satisfied with the statement.
The respondents accepted the bima opening procedure at Sunlife Insurance Company Ltd,
The respondents accepted this statement Customer satisfaction with the service charge of the
insurance.
The respondents accepted this statement that overall Bima satisfaction with Sunlife Insurance
Company Ltd.

40
4.2 Recommendations

For providing an interest rate of policy they need to modify their interest rate providing
policy and systems of bima policy.
For develop the employees behavior they can provide update training in behavior related
and they can changed requirement system.
In short time to give checkup against requisition systems they need to maintains a
develop technology than they can easily checkup it.

4.3 Conclusion:
During my internship I got the experience to work with the employee of Sunlife Insurance
Company Ltd. Head Office. Moreover I got to interact with the officials of different departments
in course of doing my job as an intern. Based on my observation and experiences I have tried to
find out the shortcoming this department have, and the possible solutions. As an organization the
Sunlife Insurance Company Ltd. earned the reputation of top insurance operating in Bangladesh.
It has reputation as a leader in financing manufacturing sector. Sunlife Insurance Company Ltd.
should provide appropriate training to existing employee and introduce new product because day
by day insurance sector of Bangladesh becoming more competitive.

References:

41
Kothari, C .R . Research Methodology, Second Edition, New Age,Research Design Procedure. 2
, 31-53.

Besterfield ,DALE H.Total Quality Management,Third Edition.Prentice Hall, Quality

Management System , 2(10) 253-293.

Thompson ,Arthur A; Strickland ,A .J ; Gamble J .E, Crafting and Executing Strategy,McGraw

Hill, Sixteenth Edition.Evaluating acompany,s Resource and competitive position, 1(40)
94-118..

Sunlife Insurance Company Ltd. Annual report of 2011- 2015

Official equipment of row data

Website
1. www. sunlifeinsbd.com.bd
2. http://en.wikipedia.org/wiki/Sunlife Insurance

Appendix:
Questionnaires Survey

42
Name:
Age: Gender:

Account Type:
Highly satisfactory Satisfactory Average Dissatisfactory Highly dissatisfactory
A B C D E

Over all policy and systems of Child Protection Assurance product of A B C D E

Sunlife Insurance Company Ltd.
Sunlife Insurance Company Ltd. IslamiBima is completely based on A B C D E
Islamic Shariah.
International Insurance has a wide network of branches at home and also a A B C D E
large number of correspondent insurance world-wide.
About the Policy service of Sunlife Insurance Company Ltd. A B C D E
Providing interest rate of policy is adequate by the customer. A B C D E
Put your satisfaction level about the behavior of the employees of Sunlife A B C D E
Insurance Company Ltd.
Customer satisfaction about times it takes to give checque against a A B C D E
requisition.
Customer satisfaction of the bima opening procedure at Sunlife Insurance A B C D E
Company Ltd.
Customer satisfaction with the service charge of the insurance. A B C D E
Overall Bima Policy satisfaction with Sunlife Insurance Company Ltd. A B C D E
Over all policy and systems of Child Protection Assurance product of A B C D E
Sunlife Insurance Company Ltd.
Please put your responses regarding the following statements:

43