LIC has secured 68% customer loyalty which suggests that 68% of its customers can be considered
loyal towards it. SBI Life is not far behind with mean responses of 4.69 which reflect that
67% of its customers fall into the category of loyal customers. ICICI Prudential has scored 4.01
mean responses i.e., 57% level of customer loyalty.
To compare the means from two different groups of data, T-test is used since it can help in finding
out if means are significantly different from one another or if they are relatively the same.
With the help of two sample t-test, the equality between customer loyalty in public sector i.e.,
LIC and in private sector has been tested. The results are presented in the appendix.
The significance value of F (14.570) under Levene’s Test is .000 which is lesser than the default
value of .05. A value less than .05 means that the variability in two conditions is not the same.
Practically, it indicates that in order to determine whether there is a significant difference between
means of public sector customer loyalty and private sector customer loyalty, we need to
refer to Sig (2-Tailed) value in the second row which is .000.
The Sig (2-Tailed) value is lower than the default value which suggests that H2 cannot be accepted:
μP ≠ μPvt
Thus, it can be concluded that Customer Loyalty at LIC is significantly different from the that at
private life insurance sector. The apparent inconsistency between the numerical mean values of
public and private life insurance sector can be attributed to chance errors
LIC has secured 68% customer loyalty which suggests that 68% of its customers can be considered
loyal towards it. SBI Life is not far behind with mean responses of 4.69 which reflect that
67% of its customers fall into the category of loyal customers. ICICI Prudential has scored 4.01
mean responses i.e., 57% level of customer loyalty.
To compare the means from two different groups of data, T-test is used since it can help in finding
out if means are significantly different from one another or if they are relatively the same.
With the help of two sample t-test, the equality between customer loyalty in public sector i.e.,
LIC and in private sector has been tested. The results are presented in the appendix.
The significance value of F (14.570) under Levene’s Test is .000 which is lesser than the default
value of .05. A value less than .05 means that the variability in two conditions is not the same.
Practically, it indicates that in order to determine whether there is a significant difference between
means of public sector customer loyalty and private sector customer loyalty, we need to
refer to Sig (2-Tailed) value in the second row which is .000.
The Sig (2-Tailed) value is lower than the default value which suggests that H2 cannot be accepted:
μP ≠ μPvt
Thus, it can be concluded that Customer Loyalty at LIC is significantly different from the that at
private life insurance sector. The apparent inconsistency between the numerical mean values of
public and private life insurance sector can be attributed to chance errors
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