The Hansa Research Group has released its 5th edition of the Insurance CuES report, which tracks customer experience, perceptions, attitudes, and behavior of insurance consumers in India, with a focus on life insurance. The report ranks the top life insurance companies in India based on customer experience and captures feedback from over 3600 customers across 13 life insurance brands. The report highlights key trends and insights that can help companies prioritize and better position their business strategies and investments.
The report shows a significant leap in customer experience in the life insurance industry, particularly in communication, customer support, and the initial purchase and onboarding journey. Customers are associating life insurance brands more positively, especially in aspects like “trust and transparency”, “innovation”, and being “customer-oriented”. This improvement has resulted in a significant increase in the industry’s Net Promoter Score (NPS) from 54% to 58%.
Key highlights include ICICI Prudential Life Insurance and Axis Max Life Insurance achieving impressive NPS scores of 65% and 64%, respectively. Tata AIA and Kotak Life Insurance have tied for the third spot, along with HDFC Life Insurance, showing an improvement in their customer experience offerings. SBI Life Insurance has also made significant strides, ranking high on trust and affordability.
The report identifies five key trends that will shape the industry’s evolution, including the increasing influence of economic factors on financial investment decisions, the evolution of life insurance needs, the growing importance of digital services, and the emerging needs of millennials and women.
Overall, the report highlights the need for life insurance companies to prioritize customer satisfaction and loyalty, and to differentiate themselves through tailored products and experiences that meet the diverse needs of India’s fragmented demographics.