Private Insurers more responsive to Consumer Needs

A study was conducted to rank the insurance companies in India, on the basis of consumer satisfaction levels. The Government of India, Ministry of Consumer Affairs, Food and Distribution, supported the cause on the study regarding consumer's satisfaction quotients for insurance service providers was conducted by Voice Society.

The field activity of the study was facilitated by Planman Consulting. The study closely looked into:
- Level of consumer right protection in the insurance sector.
- It deals with Consumer's expectations, demands, needs, achievements and preferences
- It offers variation and personalized offerings
- It gives an analysis of the present customer redressal system and the gaps therein.
- It looks into the existing industry trends w.r.t customer satisfaction

With a total sample set of 3600 respondents encompassing four major types of home insurance products, a structured questionnaire was developed to undertake the nationwide primary research.

The insurance market has been segmented into two important sectors, which are: Life and General. Three product categories Home, Health and Motor Insurance came under the general insurance sector.

With a total sample size of 3790 respondents, the research was conducted across 8 cities namely Delhi NCR, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad and Lucknow. A sum of 12 life insurance and 11 general insurance companies were analyzed and ranked. The respondents were selected from each insurance service provider present in the Indian market. {According to the IRDA list}.

The key Findings included:

HDFC Chubb followed by IFFCO TOKIO and Tata AIG are the top three players in this sector. Although home insurance policy is not a very popular insurance product in India but it has been seen that the private players have been able to provide quality services to its customers in comparison to that of PSU's, which have a larger customer base.

Therefore it has been observed that private companies have scored much better ranks as compared to the Government owned companies in terms of the quality in the services that is offered. The top two companies in the private sector are Tata AIG and HDFC Chubb having scored the highest all across the four sectors.

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