Therefore, this paper attempts to describe the most important parameters of insurance services from a policyholder’s point of view in a small transitional economy like Bosnia and Herzegovina (BiH).
This study was conducted using a SERVQUAL-type questionnaire with 26 statements for performance scores and their underlying dimensions. The adequacy of the measurement model was checked using Bartlett’s test for sphericity and Kaiser–Meyer-Olkin (KMO) measure. The data set was then subjected to exploratory factor analysis (EFA).
Five elements that constitute the critical success factors of the insurance company were identified and analyzed: purpose, pride, partnership, protection and personalization. The first element – the feeling of security – is a significant factor for the insured person, and it includes variables such as “Trained and well-informed agents”, “Approaching from the customer’s point of view” and “Understanding intimately specific needs”.
The second element, a sense of partnership between the insurance company and the insured person, was characterized by variables such as “Fast payment of claims”, “Trust in agents”, and “Clarity in explaining the policy’s terms and conditions”.
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