A study of customer satisfaction in the Maltese personal insurance broking services

Abstract

This study analyses the customer satisfaction of personal insurance broking services in Malta. With around thirty-five registered insurance brokers in Malta, competition can be quite high. Therefore, it is of utmost importance for insurance broking companies to know what the determinants of customer satisfaction are in order to not only attract customers but to also retain them. Quantitative research was carried out by conducting questionnaires addressed to customers of insurance broking services. Also, qualitative research was carried out through questions addressed to insurance broking companies registered and established in Malta. This was done in order to match the perceived expectations of insurance broking companies regarding their customers’ satisfaction with the actual satisfaction of the respondents. While the customers who use the services of insurance brokers seem to be relatively satisfied with such services, it may not necessarily mean that such customers appreciate the added value that insurance brokers give to the insurance industry. On the other hand, some people still do not know what the roles of insurance brokers include. In view of this, various recommendations have been given on how the services of insurance broking can be improved further and for such services to be appreciated by more people.