Customer Loyalty in the Life Insurance Sector: A Theoretical Overview

Loyalty is a customer's intention or tendency to repurchase goods or services from the same organization (Edvardsson et al., 2000) [13]. Studies have shown that businesses are interested in factors affecting customer loyalty because they believe loyal customers will lead to profits. Customer loyalty is especially important to insurance companies because the cost of acquiring a new customer is recovered in the third or fourth year of the policy if it is maintained (Zeithaml et al., 1996) [53]. Although the existing service marketing literature has extensively researched customer loyalty and revealed several antecedents of customer loyalty, specific research on loyalty in the life insurance sector still needs to be conducted. This study aims to synthesize different perspectives and aspects of loyalty. On that basis, discuss some specific differences in loyalty in the insurance field compared to other fields to serve as a basis for developing customer loyalty in life insurance companies in the current context.