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In this paper, we present an empirical investigation to study the effect of various factors influencing customer loyalty and quality of services on customer satisfaction and customer loyalty. The proposed study is implemented in one of Iranian insurance firms by choosing a sample of 171 randomly selected customers of this insurance firm. We use SERVQUAL standard questionnaire to measure customer satisfaction. The study examines three hypotheses associated with the proposed study using one-way t-student as well as path analysis, and the results have confirmed all three hypotheses. The study also uses Freedman test to rank the most important factors and detects that value was the most important issue followed by trust, customer satisfaction, empathy, value and resistance to change.