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ICICI Prudential Life Insurance and Axis Max Life Insurance are leading the way in customer experience.
The Hansa Research Life Insurance CuES 2025 report has ranked the top life insurance companies in India based on customer experience. The report is based on feedback from over 3600 customers across 13 life insurance brands in the country. The report reveals a significant improvement in customer experience in the life insurance industry, with a notable increase in the Net Promoter Score (NPS) from 54% to 58% over the past year. This improvement can be attributed to insurers effectively meeting customer expectations in key areas such as operational efficiency, transparency, and post-sales service support.
The report highlights that customers are associating life insurance brands more positively, especially in aspects like ‘trust and transparency,’ ‘innovation,’ and being ‘customer-oriented.’ The NPS for the insurance industry has seen a remarkable increase of 20 points over the past five years, rising from 38% in 2021 to 58% in 2025. This improvement is a result of insurers effectively meeting customer expectations and delivering exceptional brand and customer experiences.
The top-ranking life insurance companies in the report include ICICI Prudential Life Insurance and Axis Max Life Insurance, which have achieved impressive NPS scores of 65% and 64%, respectively. Tata AIA, Kotak Life Insurance, and HDFC Life Insurance have also shown significant improvement in their customer experience offerings. SBI Life Insurance has made significant strides in improving its NPS and ranking high on trust and affordability.
The report also highlights five key trends that will shape the industry in the future. These trends include the economic influence on financial investment decisions, the evolution of life insurance needs, millennial expectations, what women want, and digital services. The report emphasizes the need for insurers to deliver experiences and products tailored to the diverse needs, preferences, and communication styles of India’s fragmented demographics, especially customers in non-metros, millennials, and women.
The report suggests that brands must focus on addressing financial literacy, behavioral biases, and simplifying product complexity to thrive in the future. Success lies in aligning products with customer needs and profiles while delivering seamless, personalized experiences. The report also notes that customer expectations have shifted from purely transactional interactions to relationship-driven engagement, a trend that continues to strengthen and shape the industry’s evolution.
Overall, the report provides valuable insights for life insurance companies to prioritize and better position their business strategies and investments in the year to come. It emphasizes the importance of continuous enhancements in customer engagement strategies and delivering exceptional brand and customer experiences to drive leadership in the industry.
Naveen Tahilyani has stepped down as the CEO of Tata Digital and will be joining Prudential Plc.
Naveen Tahilyani has resigned as the CEO and Managing Director of Tata Digital, a position he held for just over a year. He will be taking on a new role as Regional CEO for India, Africa, Cambodia, Laos, and Myanmar at UK-based Prudential Plc. Tahilyani will also be overseeing the company’s health vertical and will be a part of the global executive committee. He is set to take charge on July 29 and will be based in India, reporting directly to Prudential CEO Anil Wadhwani.
Tahilyani’s departure from Tata Digital comes at a crucial time for the company, which is working to expand its super-app Tata Neu and venture into quick commerce. During his tenure, Tahilyani played a key role in shaping the company’s strategy and direction. However, his exit is not entirely unexpected, as Tata Digital has experienced several senior leadership changes in recent years, including the departure of President Mukesh Bansal in early 2023.
Before joining Tata Digital, Tahilyani had a successful stint as MD & CEO of Tata AIA Life Insurance, a position he held across two separate terms. He has a diverse career spanning over two decades, with experience in insurance, banking, and consulting. Prior to rejoining Tata AIA, Tahilyani worked as Group Executive for Banking Operations and Transformation at Axis Bank, where he led data analytics, operations, strategy, and technology. He also had a long tenure at McKinsey & Company, where he worked for over 17 years.
Tahilyani’s new role at Prudential Plc is a significant opportunity for him to leverage his expertise and experience in the insurance and financial services sector. As Regional CEO, he will be responsible for driving growth and expansion in several key markets, including India, Africa, and Southeast Asia. His appointment is seen as a strategic move by Prudential Plc to strengthen its presence in these regions and tap into the growing demand for insurance and financial services. With his extensive experience and track record of success, Tahilyani is well-positioned to make a significant impact in his new role.
The life insurance industry’s Assets Under Management (AUM) has reached Rs. 62 lakh crore in 2024.
The life insurance industry in India has witnessed significant growth, with the Assets Under Management (AUM) increasing by over 9% to Rs. 62 lakh crore in March 2024 from Rs. 55 lakh crore in March 2023, according to data from the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation of India (LIC) commands the highest AUM of Rs. 44 lakh crore, accounting for 72% of the total AUM.
Private players have a total AUM of Rs. 18 lakh crore, with SBI Life and HDFC Life taking the second and third positions, managing AUM of Rs. 3.85 lakh crore and Rs. 2.87 lakh crore, respectively. ICICI Prudential Life is at the fourth position with assets of Rs. 2.86 lakh crore. Other notable players include Max Life, Bajaj Allianz Life, Tata AIA Life, and Aditya Birla Sunlife.
The data also reveals that 18 out of 25 life insurers have reported double-digit growth in their AUM over the last year. Tata AIA Life Insurance has reported the highest growth of nearly 39%, followed by Star Union Dai-ichi Life Insurance with a growth of 28%, and SBI Life Insurance with a growth of 26%.
New entrants in the life insurance industry include Go Digit Life, Credit Access Life, and Acko Life. Go Digit Life reported the highest AUM of Rs. 399 crore among the three, followed by Credit Access Life with Rs. 216 crore, and Acko Life with Rs. 159.25 crore.
The top 10 life insurers in terms of AUM are:
1. LIC – Rs. 44,23,580 crore
2. SBI Life – Rs. 3,85,095 crore
3. HDFC Life – Rs. 2,87,137 crore
4. ICICI Prudential Life – Rs. 2,86,820 crore
5. Max Life – Rs. 1,47,428 crore
6. Bajaj Allianz Life – Rs. 1,07,800 crore
7. Tata AIA Life – Rs. 96,799 crore
8. Aditya Birla Sunlife – Rs. 85,763 crore
9. Kotak Mahindra Life – Rs. 79,227 crore
10. PNB Metlife India – Rs. 47,420 crore
The growth in the life insurance industry is a positive sign for the sector, indicating increasing awareness and demand for life insurance products among consumers. The data also highlights the dominance of LIC in the market, as well as the growing presence of private players.
ICICI Prudential Life Insurance has emerged as the leader in Hansa Research’s Customer Excellence Study (CuES) 2025.
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.
Life insurers’ first-year premiums increased by 2% in March and 5.1% in the fiscal year 2025.
The life insurance industry in India has reported a 2% year-on-year increase in first-year premiums for the month of March, with total collections reaching ₹61,439 crore. This growth is a welcome relief after a weak February, which saw a 12% year-on-year decline in premiums. For the entire financial year 2024-25 (FY25), first-year premiums have increased by 5.1% year-on-year.
Among private insurers, ICICI Prudential Life Insurance has reported an impressive 18% rise in March premiums, with its total annualized premium equivalent (APE) increasing by 32% year-on-year. HDFC Life has also reported a 5% growth in March premiums, with a 6% increase in total APE. Axis Max Life has seen a 1% rise in March premiums, with an 11% jump in total APE.
However, not all insurers have reported positive growth. SBI Life has reported an 11% decline in March premiums, although its total APE has risen by 2% year-on-year. LIC, the largest life insurer in India, has reported a 2% increase in March premiums, but its total APE has declined by 4%.
In February, private insurers had reported a 3% rise in premiums, with their 11-month FY25 premium collections growing by 11% year-on-year. Total APE had risen by 8%, while retail APE had increased by 2% during the same period. HDFC Life had reported a 24% year-on-year growth in February premiums, while ICICI Prudential had seen a 5% rise.
The growth in the life insurance industry is a positive sign, indicating that consumers are increasingly seeking protection and savings products. The industry is expected to continue growing, driven by increasing awareness and demand for life insurance products. However, the decline in premiums reported by some insurers, such as SBI Life, is a cause for concern and may be due to various factors, including intense competition and regulatory changes. Overall, the life insurance industry in India is expected to remain competitive and dynamic, with insurers focusing on innovation, customer engagement, and product development to drive growth.
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Prudential plc and HCL Group are collaborating on a new health insurance joint venture.
UK-based Prudential Plc has announced a plan to establish a health insurance joint venture with India’s HCL Group. The new business will have Prudential Group Holdings Limited, a UK subsidiary, holding a 70% stake, while Vama, an HCL Group company, will hold the remaining 30%. This move is part of Prudential’s expansion in the Indian insurance market, which it has been a part of since the establishment of ICICI Prudential Life Insurance in 2001.
This development comes as other players in the Indian insurance sector are making significant moves. Public sector behemoth Life Insurance Corporation of India (LIC) is in the final stages of acquiring a substantial stake in a pure health insurance company and is expected to make an announcement before March 31. There are currently seven standalone health insurance companies operating in India, including Star Health & Allied Insurance, Niva Bupa Health Insurance, and ManipalCigna Health Insurance, among others.
In another significant development, German financial services firm Allianz SE has reportedly reached a preliminary agreement with Jio Financial Services Ltd, a joint venture between Jio Platforms and a clutch of investors, to establish a joint venture covering both health and general insurance businesses. This move comes days after Bajaj Finserv and Allianz SE announced the end of their joint venture, Bajaj Allianz, in a deal worth Rs 24,180 crore. Additionally, Patanjali Ayurved has entered the insurance sector through its acquisition of Magma General Insurance from Adar Poonawalla for Rs 4,500 crore.
ICICI Prudential introduces GIFT Select, a new plan offering a guaranteed income feature.
ICICI Prudential Life Insurance has launched a new long-term savings product called ‘ICICI Pru GIFT Select’, which offers guaranteed income along with a lump sum maturity benefit. This product is designed to provide financial stability in the face of market volatility. Customers can choose when their guaranteed income starts, its duration, and the final maturity amount, as well as opt for life cover for added financial security.
One of the key features of this plan is the increasing income option, which grows at a compound rate of 5% annually, helping to manage the impact of inflation over time. The product is designed to help customers preserve their wealth and manage their cash flow efficiently, with flexible payout structures that cater to different financial goals, such as retirement planning, education, or regular income needs.
ICICI Prudential has noted that the demand for guaranteed return products has risen in recent times, as investors prioritize predictable returns in uncertain economic conditions. The company’s claim settlement ratio stood at 99.3% in the first nine months of FY2025, with an average settlement time of just 1.2 days for non-investigated claims. With ICICI Pru GIFT Select, customers can enjoy a combination of guaranteed returns and life insurance, providing peace of mind and financial security.
According to recent data, the total new business premiums collected by life insurers decreased by 12% in February, with LIC at the forefront of this trend.
New business premiums of life insurance companies in India continued to decline in February, marking the fourth consecutive month of decline since the new surrender value guidelines came into effect in October 2024. The data from the Life Insurance Council showed that new business premium (NBP) stood at Rs 29,985.58 crore, a 12% year-on-year decline from Rs 33,913.18 crore in the same period last year. The decline was led by Life Insurance Corporation of India (LIC), the country’s largest life insurer, which saw its monthly premium decline 22% to Rs 15,513.95 crore.
LIC’s CEO, Siddhartha Mohanty, acknowledged that the new surrender value norms had impacted premium collections, and while collections were expected to improve in the fourth quarter, the decline worsened in February with a 14% year-on-year decline in January. To mitigate the impact, life insurers have been adopting measures such as reducing first-year commissions on new policies and clawing back agent commissions if policies are surrendered within the first two years.
In contrast, private life insurance companies witnessed a modest 3% year-on-year growth in NBP to Rs 14,471.62 crore. HDFC Life Insurance saw a 24% rise in NBP to Rs 3,213.76 crore, while SBI Life Insurance recorded an 18% decline to Rs 2,174.53 crore. ICICI Prudential Life Insurance grew 5% to Rs 1,857.05 crore, and Bajaj Allianz Life Insurance reported a 3% increase to Rs 1,080.33 crore. The industry sold 1.9 million policies during the month, down from 2.2 million in the same period last year.