ICICI Prudential Life Insurance emerges as top-performing brand in Hansa Research’s Insurance CuES 2023

ICICI Prudential Life Insurance emerges as top-performing brand in Hansa Research’s Insurance CuES 2023

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New Delhi: Hansa Research has recently released its much-awaited annual syndicated report, Insurance CuES 2023, which captures exciting insights about consumers’ perceptions and experiences with life insurance brands.

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.

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.

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. To cater to the new generations, digital transformation and other customer-centric technologies will continue to play a key role in ensuring hassle-free, convenient, and on-demand services to enhance customer engagement and make it easier for customers to interact with the company.”

“Our study suggests that the life insurance companies that provide an advice-driven approach to support customers’ broader financial priorities, including the well-being of their families, are likely to emerge as the “winners” of tomorrow,” he further added.

Considering the importance of the CuES 2023 study, Piyali Chatterjee, Senior Vice President – CX, Hansa Research said, “The life insurance market in India is highly competitive, driven by rising demand for insurance products, increasing awareness of financial planning, and the government’s push for financial inclusion. Companies need to adopt innovative strategies to grow their market share rather than relying solely on their strong brand equity, extensive distribution network, and diverse product portfolio.”