Abstract:
The insurance sector, involving in risk collection, is highly competitive due to the fact
that aggressive marketing and sales promotions. The customer service and loyalty
programs have become a must to retain the customers in this scenario.Insuarance
companies promote their brand values and safety professionalism to attract and retain the
customers proactively and reactively. The trend of the CSR contribution to the
stakeholders like community development, environment concerned, ethical consideration
and other general social welfare has become more significant in terms of the corporate
values of the businesses.
Then, this research studied the degree of impact of the companies' contribution to social
responsibi,lity for making customers loyal to the brand.Here,the degree of awareness on
CSR activities, perception towards the social benefits and the customers' attitude for the
brand as a socially concerned entity were highly examined to determine the impact for
the brand loyalty.
Research was based on a sample of 60 respondents from Colombo and suburbs, and those
interviewees were the existing customers for more than 5 years for the brand. Primary
data were collected through the self-administered questionnaire that had some attitude
testing scales too. Researches conducted few informal discussions with some customers
and the companies to get a comprehensive insight. Statistical tools were used to analyze
the primary data
Study revealed that customers do not consider the CSR activities implemented by the
insurance companies to perceive the brand values and to be the brand loyal.Futher, the
awareness level of CSR activities among the existing customers was very low.However,
high involvement business sector (B2B) customers had an average awareness, but they
are also not significantly considering CSR practices to be brand loyal.Futher, study
disclosed that there is higher degree of awareness on social welfare CSR practices among
the customers and the frequency of communicating through the advertising had a direct
impact for the awareness level too.
