News Life and Health28 Jun 2018

India:Insurance sector sees loyalty level of almost 70%

28 Jun 2018

The overall loyalty level in the Indian insurance sector stands at a modest 69%, according to a report by Mumbai headquartered Kantar IMRB International, a market research, survey and business consultancy firm.

The report, the 7th edition of Insurance India, shows that customer loyalty is higher in Tier 2 towns as opposed to metro cities.

Other key findings are:

  • 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. Max Life Insurance is perceived to have churned out more innovative products and is seen to be transparent in its dealings with customers.
  • 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 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.

Insurance India is an annual study that is conducted by Kantar IMRB International each year and tracks changing customer attitudes and behaviours. This year, the coverage includes feedback from nearly 7,000 customers, 13 players and more than 15 cities across India. Customer feedback was gathered during the first quarter of 2018.

 

Top 5 life insurers in brand rankings
Insurer 2018  ranking

Max Life Insurance

1

SBI Life Insurance

2

Birla Sun Life Insurance

3
LIC 3

ICICI Prudential Life Insurance

5

 

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