The effect of customer experience and perceived value on customer satisfaction: a case study of insurance service in Vietnam

Abstract

International trade has facilitated the boom of many businesses, which also means that the competition is getting tougher and tougher among businesses. A business that wants to grow sustainably and compete in a healthy way is trying hard to create different experiences for its customers. They are constantly innovating to increase the perceived value for their customers which in turn can strengthen their satisfaction and loyalty. In the context of the world's economic difficulties because of the Covid-19 epidemic, the insurance service industry is also facing many challenges. This study aims to examine the pioneering important factors that affect customer satisfaction and loyalty. A total of 425 questionnaires were distributed to customers using insurance services in Danang city. Research data and hypotheses were examined, tested, and evaluated using SPSS 20.0 and AMOS 20.0. Perceived value and customer experience have an influence on customer satisfaction, which in turn also affects customer loyalty, in which, the impact of perceived value on customer satisfaction was higher. Theoretically, this study shows the relationship between perceived value and customer experience, and customer satisfaction in a particular context. In addition, it also provides meaningful recommendations for insurers so they can gain sustainable competitive advantages through differentiated experience and value.