Brand Trust: An Empirical Research on Customers of Public & Private Sector Insurance Companies

Abstract

Huge market potential made India most favorable destination for insurance products around the world and all of them aiming at building brands that can earn loyalty and win the trust of customers. The brand valuation of well-known FMCG companies like P&G, HLL, Pepsico etc. valued at sums larger than their turnovers. However, all brands do not succeed in becoming highly valued brands. When it comes to succeeding with branding, one of the key aspects of branding has been winning the 'trust' of consumers. This research sets out to focus on the various aspects that earn brand trust of customers for public & private insurance companies in India. Through a survey of customers and elucidates the factors an organization need to manage to enable brand trust. The research is based on field data collected from 300 customers. The findings indicate that service consumer brand trust in India is influenced by five potential factors viz. Managerial & Technical Skills, Moral Values, Marketing Skills, CRM, Trust worthiness. The strategic & managerial implications of the current research is that service organizations like 'Insurance' should focus more on shaping employees' intrinsic and extrinsic qualities (attributes) to build brand trust and loyalty among customers.