The life insurance industry in India has witnessed significant progress in 2025, with several brands improving their customer experience, according to the Hansa Research’s Life Insurance CuES 2025 study. ICICI Prudential Life Insurance has emerged as a frontrunner, followed closely by Axis Max Life Insurance. The study, which tracks the experience, perceptions, attitudes, and behavior of consumers in India, has captured feedback from over 3,600 customers across 13 life insurance brands.
The industry has seen a notable leap in customer experience, 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. The industry’s Net Promoter Score (NPS) has increased from 54% to 58%, with ICICI Prudential Life Insurance and Axis Max Life Insurance achieving impressive NPS scores of 65% and 64%, respectively.
The study highlights five key trends that will shape the industry in the future. These include the economic influence on financial investment decisions, the evolution of life insurance needs, millennial expectations, what women want, and digital services. Consumers are increasingly influenced by economic factors when making financial investments, but concerns about lack of information and transparency persist. Insurers need to align their products to meet the evolving needs of customers, especially with the impending demographic shift towards maturity in India.
The study also highlights the importance of simplifying product complexity and delivering seamless, personalized experiences. Brands must focus on addressing financial literacy, behavioral biases, and aligning products with customer needs and profiles. The millennial customer is emerging as the most “at risk” in terms of brand stickiness, prioritizing experiences over brand reputation and seeking affordability, easy access, and seamless digital solutions.
Women are driving growth in the industry, highlighting the need for tailored products that emphasize affordability, seamless onboarding, and effective communication. Digital services continue to spread adoption among customers, but its role as a differentiating factor between brands is reducing as it becomes a standard expectation.
Overall, the study suggests that the life insurance industry in India is improving in terms of customer experience, but there is still room for growth and innovation. Brands must prioritize customer satisfaction and loyalty, delivering exceptional brand and customer experiences to thrive in the future. By understanding the evolving needs and expectations of customers, insurers can create tailored products and services that meet their needs, ultimately driving business growth and success.