ICICI Pru named best life insurance provider by Hansa
HDFC Life Insurance stands at 2nd followed by Max Life Insurance. Players like Tata AIA Life Insurance and SBI Life Insurance have also improved their ranking
image for illustrative purpose
Mumbai: ICICI Prudential Life Insurance has emerged as the top-performing brand in Hansa Research's Insurance CuES 2023.
This year, the Insurance CuES 2023 report has ranked ICICI Prudential Life Insurance as the best life insurance provider in India, followed by HDFC Life Insurance and Max Life Insurance. The annual syndicated report, Insurance CuES 2023, captures exciting insights about consumers’ perceptions and experiences with life insurance brands.
Customers rated these top-performing brands significantly higher on various parameters such as digital experience, ease of dealing, easy documentation, communication, and responsiveness of their distribution channels. As a result, they have taken the top spots among all the life insurance providers, with impressive NPS scores of 62, 59, and 59 respectively. Players like Tata AIA Life Insurance and SBI Life Insurance have also improved their ranking. According to the report, the industry's Net Promoter Score is now 54, up from 48 in 2022.
An additional noteworthy finding is that while LIC retains the highest brand awareness, it has slipped marginally in terms of advocacy and has been displaced in the overall ranking for the year 2022. Other brands that score high on brand awareness include SBI Life Insurance, HDFC Life Insurance, Bajaj Allianz Life Insurance, and ICICI Prudential Life Insurance.
Talking to Bizz Buzz, Piyali Chatterjee, Senior Vice President – CX, Hansa Research, says, “Life insurance has traditionally been viewed as a means of protection against unforeseen events rather than a tool for wealth creation. According to our data, one in four (23 per cent) individuals purchased a ULIP primarily to increase their wealth/investments. However, when compared to other Insurance products, ULIP provides a poorer customer experience. In addition to the mismatch in expectations in returns, one other reason that customers also mention is a lack of flexibility, whether in terms of liquidity or a quick redemption process.”
To improve customer experience, insurance providers must better manage expectations about market volatility, risk management, and goal setting, as well as ensure regular and clear communication about how their investments are performing or how market movements are affecting their investments, she said.
Commenting on the findings of the CuES 2023 study, Praveen Nijhara, CEO, Hansa Research said, “The Life Insurance Industry continues to improve customer experience, but the magnitude may be narrowing due to the saturation of technology-supported improvements. Companies are also dealing with increased complexity as a result of omnichannel communication.
