Which general insurers are brokers favorites?

A survey done by Insurance Broker Association of India (IBAI) shows that ICICI Lombard, TATA AIG and Go Digit are the most sought after non-life insurers among insurance brokers.

IBAI carried out this survey among 274 insurance brokers throughout the country.

ICICI Lombard leads in four different categories while Tata AIG tops in one area and Go Digit is often ranked second or third.

When asked about which insurer they would be most likely to recommend, ICICI Lombard and Tata AIG lead the way, with both getting strong recommendations from 78% of brokers. Go Digit occupies  the third spot with 68%, followed by New India at 65% and Bajaj Allianz at 62%.

Here are the list of top 5 companies:

Prices and insurance coverage

ICICI Lombard ranks highest with 63% of brokers giving them the highest score. Tata AIG and Go Digit follow ICICI Lombard with scores of 58 and 56%, respectively.

Here is the data:

Professionalism

When it comes to working professionally with brokers, they find TATA AIG the best. The general insurer scores the highest at 67% among brokers.

ICICI Lombard has recorded 59% score and Go Digit 54%.

Let us look at the top 5 players in terms of professionalism score:

Policy servicing

In terms of policy servicing which includes policy issuance, endorsements and cash deposit statements, ICICI Lombard leads with 61%.

Go Digit and Tata AIG occupy the next spot with 59% each. New India isn't far behind at 57%, showing that several companies are doing well in this area.

Let us look at the top players in terms of policy servicing:

Claim settlement support

In terms of handling customer complaints and settling claims, ICICI Lombard is again ranked first with 65%. Tata AIG comes second at 61% whereas HDFC Ergo captures the third spot with 49%.

Let’s look at the table to know more:

Technology

When asked to rate the insurers on who provided the best technology platform, 76% brokers feel that ICICI Lombard offer best in class technology support to distributors. 

Not so far behind is Go Digit with 73% brokers applauding their technology support.

Tata AIG is a distant third here with 58%. Here’s the complete ranking: