The topic of this research are critical success
factors (CSFs) with a focus on factors that constitute the basis for the
success of insurance companies. There are no critical success factors common to
all enterprises, all areas and all activities. In insurance companies, key
performance indicators primarily depend on the service quality and the level of
customer satisfaction. In contemporary business conditions, the relevance of
the service has been increasingly important. Therefore, the concept named 5P is
suggested, standing for purpose, pride,
partnership, protection and personalization,
as these five factors define the requirements that must be met, if the
insurer’s service is to be perceived to be of high-quality, achieve client
satisfaction and build client loyalty. The paper presents a research into the
perception of insurance service and factors of insurance quality in the
Federation of Bosnia and Herzegovina (FBiH). Research results correspond to the
5P concept and reveal the security factor as the most important factor for the
insured. A fast and efficient payment of claims, the attitude of the salespeople
toward the insured, described in terms of respectful and knowledgeable staff,
as well as the clarity of promotion and the availability of insurance service
also ranked high.