"Impact of service quality on customer loyalty: A multi-analytic approach using neural network"

• Published in: Ramanujan International Journal of Business and Research Vol. 7; no. 2; pp. 1 - 15
• Main Authors: Agarwal, Monika, Tanwar, Samridhi, Parsad, Chandan, Prashar, Sanjeev
• Format: Journal Article
• Language: English
• Published: Ramanujan College, University of Delhi, Delhi, India 31.12.2022
• Subjects: customer loyalty; life insurance sector; neural network (nn); service quality; structural equation modelling (sem)
• ISSN: 2455-5959; 2583-0171
• DOI: 10.51245/rijbr.v7i2.2022.811

The purpose of this study is twofold, first to explore the relationships among service quality dimensions and customer loyalty in the life insurance sector. The second aim is to find the sequence of significant service dimensions in predicting customer loyalty. A total sample of 431 customers from the top five private life insurance companies were surveyed. The multi-analytic approach: a combination of structural equation modeling and neural network model was used for the analytical process. The results from structural equation modeling revealed a significant and positive association of six service dimensions namely responsiveness, service availability, tangibility, reliability, assurance, and empathy with loyalty intentions of customers. The result of the neural network model showed that reliability is the best predictor of customer loyalty followed by responsiveness, assurance, tangibility, empathy, and service availability. The application of a multi-analytic approach (a combination of structural equation modeling and neural network) for understanding service quality-customer loyalty relationship can be of great help to private life insurance companies who are devising service strategies to influence loyalty intentions of customers to gain a competitive advantage in the market.