HDFC Life and ICICI Prudential Insurance have emerge as leaders on the NPS Chart with 57% and 56% scores, respectively, as per the Insurance CuES India Report, 2022.
The report that captures insights about the perception and purchase of life insurance among Indian consumers is an annual syndicated study of Hansa Research. This study ranks insurers by Net Promoter Score (NPS) and has revealed the rankings for Life Insurance Brands for 2022.
The study conducted in March 2022 covered around 4000 respondents across India.
Top 10 insurance brands for 2022
The key findings from the report are:
● NPS moved up for the life insurance industry, from 38% to 48% over the last year. HDFC Life, ICICI Prudential Insurance, and Max Life Insurance emerge as leaders on the NPS Chart with 57%, 56%, and 55% scores, respectively
● Comparative to last year, LIC and SBI Life show some improvement in their performance on customer experience but are overtaken by Bajaj Allianz Life, TATA AIA, and Kotak Life in relative rankings, as these brands show a stronger upward momentum.
● Bajaj Allianz Life is one of the top gainers on the NPS leader board.
● HDFC Life has strong and positive brand perceptions. It is also perceived to be deliver on Post Purchase engagement via updates, communication, and engagement via agent/advisor.
● ICICI Prudential has won the lead in Digital Customer Experience, especially since the pandemic and capitalizes by ensuring product suitability and a good range of plans.
Commenting on the findings of the Insurance CuES India Report, Piyali Chatterjee, Senior Vice-President, CX - Hansa Research, said, “One of the most significant findings is a noticeable positive shift in the industry which has been brought by several factors including increased awareness and relevance of the product spurred by the pandemic. HDFC Life, ICICI Prudential and Max Life Insurance are in the top three scorers in terms of brand NPS as they have been more successful in providing faster and increased communication and post-sales customer support by adopting digital technology. This shows that companies must continue to focus on forging a connection with the customer and engage in frequent intervals for long-term loyalty.”
Many exciting trends emerged from the Insurance CuES India Report, 2022. These insights indicate how customer experience and post-purchase engagement are driving factors when scouting for insurance:
Hansa Research’s Insurance CuES India Report is an annual NPS benchmarking service in the Life Insurance sector. This is the second release. It is an NPS syndicated study that provides a “one-in-all” picture with a holistic overview of the industry and allows for inter-brand comparisons at both a strategic and tactical level so that brands can equip themselves to meet the demands of the future customer experience trends and expectations.