ICICI Prudential Life Insurance top performing brand [Boss Insurance]

Icici Prudential Life Insurance Top Performing Brand

Hansa Research recently released its highly anticipated annual syndicated report, Insurance CuES 2023, which features compelling insights into consumer perceptions and experiences with life insurance brands. This year, the Insurance CuES 2023 report ranked ICICI Prudential Life Insurance as the best life insurance provider in India, followed by HDFC Life Insurance and Max Life Insurance.

Customers have rated these top performing brands significantly on various metrics such as digital experience, ease of transaction, ease of documentation, communication, and responsiveness of their distribution channels. As a result, they took the top spots among all life insurance providers, with impressive NPS scores of 62, 59 and 59 respectively. Players like Tata AIA Life Insurance and SBI Life Insurance also improved their rankings. According to the report, the industry’s Net Promoter Score is now 54, down from 48 in 2022.

Another noteworthy finding is that while LIC retains the highest brand awareness, it has slipped back slightly in terms of advocacy and moved up the overall ranking for the year 2022. Among other brands that score high in terms of notoriety, we can cite SBI Life Insurance, HDFC Life Insurance, Bajaj Allianz Life Insurance and ICICI Prudential Life Insurance.

Commenting on the findings of the CuES 2023 study, Praveen Nijhara, CEO of Hansa Research, said: “The life insurance industry continues to improve customer experience, but the magnitude may be reduced due to the saturation of improvements supported by technology. Businesses also face increased complexity due to omnichannel communication. To meet the needs of new generations, digital transformation and other customer-centric technologies will continue to play a key role in ensuring simple, convenient and on-demand services to improve customer engagement and facilitate customer engagement. customer interaction with the company. .”

“Our research suggests that life insurance companies that offer an advice-focused approach to supporting customers’ broader financial priorities, including the well-being of their families, are likely to emerge as the ‘winners’. tomorrow,” he added.

Considering the significance of the CuES 2023 study, Piyali Chatterjee, Senior Vice President – CX, Hansa Research, said, “India’s life insurance market is highly competitive, driven by growing demand for insurance products, growing awareness of financial planning and government commitment. push for financial inclusion. Companies must adopt innovative strategies to increase their market share rather than relying solely on their strong brand image, large distribution network and diversified product portfolio. »

Our report identifies three major barriers to customers’ life insurance purchasing decisions: behavioral biases/perceived need, economic constraints/affordability, and perceived difficulty in purchasing. With the increase in premiums over the past year, affordability has become a more pressing issue, which is exacerbated for women.

Among the many insights and trends uncovered in this report, some industry-specific takeaways are worth highlighting.

1. Recognize the generation gap, start focusing on youth: Given the youth bulge in our country, the industry needs to increase contact with the younger generation, who are showing a growing interest in insurance. It is also important that the brand aligns with the customer’s life stage. To maximize growth opportunities, the brand must evolve alongside the consumer as they progress through the different stages of their life. According to our data, married people with children have nearly 2.5 times more life insurance penetration than single or married people without children.

2. Expectations and needs vary by gender: Women identified affordability as one of the main barriers to life insurance. And those with policies indicated their preference for much higher monthly premium payment terms compared to men.

3. Going forward, bet on simplicity, transparency and personalization/personalization: these elements are becoming more and more important and will play a key role in differentiating between brands.

4. Stay in touch to create a connection: According to the study, 22% of customers cited “the company doesn’t stay in touch” as a potential reason for leaving. Direct contact at regular intervals can be more effective than impersonal digital channels alone in preventing lapses. According to Insurance CuES 2023 data, 8 out of 10 customers would like the RM/Bank Agent to call/meet them after the purchase, at least once every 6 months.

5. Recalibrate your direct-to-consumer distribution mechanisms, as the physical advisory board remains a highly sought after item even when buying online.

Methodology: About 3300+ life insurance policyholders, across India, answered a series of questions relating to their experience as a policyholder, including the Net Promoter question. This is an annual survey that covers 12 brands each year and 2023 is the 3rd edition. A separate sample of non-life insurance customers was also interviewed. Insurance CuES 2023, which collects interesting insights into the perception and purchase of life insurance in India, ranks insurers by Net Promoter Score (NPS).