Kantar IMRB unveils its annual study on Life Insurance
Insurance India is an annual study that is conducted by Kantar IMRB International each yearis in its 7th edition this year and tracks changing customer attitudes and behaviours. This year, the coverage includes feedback from nearly 7000 Customer, 13 players and more than 15 cities across India. Customer feedback was gathered during the first quarter of 2018.
The Indian life insurance sector has a long history and has evolved over the decades, from being a public sector monopoly to one that has attracted many private players. According to IRDA, the sector is growing at a speedy rate of 15-20% and together with banking services, add about 7% to our nation’s GDP.The sector has always posed its share of challenges for the companies operating in this space.
Insurance India states that the loyalty levels for the sector at large stands at a modest 69%, recording a stronger loyalty in tier 2 towns as opposed to metro cities.
Highlights
- In terms of brand rankings, Max Life Insurance takes the coveted top spot in 2018, closely followed by industry behemoth SBI Life, with LIC and Birla Sunlife in joint third position.
- In 2017, we saw for the first time in six years of tracking this sector, LIC being upstaged from its leadership position on customer loyalty. That pattern continues this year too, with LIC staying in 3rd position on loyalty.
- Innovation is the key to customers this year. Brands that are not seen as innovative have fallen in their loyalty ranking as well. The other non-negotiables are reliability and fair treatment and a strong agent-customer interface.
- ‘Trust’, ‘Reliability’, ‘Transparency’ and ‘Fair treatment’ are still among the most important qualities sought by customers in their life insurance service provider.
- Another factor that is very important to the life insurance customer is the heritage/lineage of the brand. Customers are unwilling to put their money in a brand that does not have a credible name or a long standing in the market.
- Younger customers, the most insurable segment (25-34 year olds) are more loyal than older customers.
- New customers, who have come on board within the last 6 months are much more disgruntled than last year on all aspects of the onboarding process.
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