Research On Influencing Factors Of Property Insurance Industry's Customer Retention: Based On Two Factor Theory

In recent years, the property insurance industry in China is getting a rapid development.Meanwhile, because of the increasingly fierce competition environment and a series of other driving factors, it also facing problems, where one of the most serious problems is the property insurance enterprise with high levels of customer satisfaction,but seriously customer loss. It is a imperative fact how to keep customer if enterprises want to reduce cost and attain lasting profit. From the practical considerations, it will be more practical significance for studying the customer retention than customer satisfaction or customer loyalty. Theoretically, It is mostly the research on property insurance customer satisfaction factors in the previous literature, and there is no further research to point out where the factors which affect the customer satisfaction can be directly lead to customer retention and it is a more rare practice for the empirical analysis of the property insurance industry. The research on influencing factors of property insurance customer retention is not only a innovation on the basis of previous studies, meanwhile but also a more obvious practical significance to the enterprise.By reviewing and summarizing the related literature about customer retention of domestic and international research, in combination with the characteristics of the property insurance industry in China and interviews with the property insurance industry insiders,this paper generalizes the six affecting factors of property insurance industry's customer retention:coverage quality,service quality such as settlement of claims and complaints, enterprise image,the quality of employees,trust benefits and customer value. By carrying on a questionnaire to existing customer of Dalian branch of x company and statistically analyzing the investigation questionnaire data, it is concluded that customer satisfaction is only the necessary conditions of customer retention. Namely satisfied customers not necessarily retained, but customers that retained must be satisfied.This also explains why property insurance industry with high levels of customer satisfaction,but seriously customer loss.Based on the two-factor theory and Kano model, in the six factors affected customer satisfaction,this paper divided the affecting factors into hygiene factors (the basic quality factor), which included coverage quality enterprise image and the quality of employees and motivator factors(the expected quality factor and charming quality factor), which included service quality such as settlement of claims and complaints, trust benefits and customer value. This paper pointed that the enterprise should take targeted measures according to the function of various factors.The conclusion of the paper provides useful theoretical guidance for the property insurance company how to realize customer retention and avoid customer loss.