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A study done by Hansa Research titled ‘Insurance CuES 2023’ shows that majority of insurance consumers want to meet their agent more often.
The study reveals that 8 out of 10 customers would like the bank RM/agent to call/meet them after purchase at least once every 6 months.
“According to the study, 22% of customers cited 'Company does not keep in touch' as a potential reason for leaving. Direct contact at regular intervals can be more effective than impersonal digital channels alone in preventing lapse,” said the report.
Further the study said that insurance industry should focus more on targeting young generation. The research said, “Given the youth bulge in our country, the industry needs to increase contact with the younger generation, which is showing a growing interest in insurance. According to our data, those married with children have nearly 2.5 times the penetration of life insurance as those who are single or married without children.”
The research also captured brand perception of insurance companies and found that ICICI Prudential Life Insurance, HDFC Life Insurance and Max Life Insurance are the top three companies in terms of customer ratings.
However, in terms of brand awareness, LIC retains the top ranking. Other brands that score high on brand awareness include SBI Life Insurance, HDFC Life Insurance, Bajaj Allianz Life Insurance and ICICI Prudential Life Insurance.
The report also points out major barriers of people for not buying life policies: Behavioral biases, economic constraints and perceived difficulty in purchase. Also, high insurance premium is the prime reason for not buying life insurance policies.
The report covered over 3300 life insurance policy holders across the country.