Insurance NPS Numr Research

Numr Research’s recent Insurance NPS® survey uncovered how prepared urban Indians are in the event of financial instability. According to an ASSOCHAM- APAS Study, the Indian insurance industry is expected to reach US $280 billion by 2020. Moreover, government’s Ayushman Bharat scheme and rising consciousness around the requirement for financial protection are pushing this growth. Currently, private sector companies hold around 48% of the market share in General Insurance and 29% in LifeThe Life insurance industry is also predicted to grow at a pace of 12-15%. 

PART 1- LIFE INSURANCE NPS®

Briefly, 

  • Bajaj Allianz scored the highest NPS of 62.14 
  • And, Birla Sun followed with 59.38 
  • Additionally, SBI Life Insurance stood third with a score of 58.73. 
  • Whereas, ICICI Prudential’s NPS was 54.08 
  • And, Max Life Insurance’s was 53.12 
  • Also, LIC scored 52.55 
  • While, HDFC Standard’s NPS measured 50.93 

PART 2- AUTO INSURANCE NPS®

In short, 

  • ICICI Lombard GIC stood first with an NPS of 70.27 
  • And, New India Assurance came stood with 65.31. 
  • Furthermore, Bajaj Allianz GIC scored 64.94 
  • Whereas, TATA AIG GIC followed close with 64.29 
  • Additionally, HDFC ERGO had an NPS measuring 57.14 
  • While, National Insurance’s NPS was 55.81 

PART 3- HEALTH INSURANCE NPS®

In conclusion,  

  • Apollo Munich has the highest NPS measuring 76.71 
  • However, Bajaj Allianz stood second with 61.96 
  • And, ICICI Lombard came third with an NPS of 58.77 
  • Additionally, Reliance General scored 55.56 
  • While, Star Health and Allied scored 54.1 
  • Also, National’s NPS was 53.33 
  • And, Future Generali India’s measured 30.3 

PART 4- PENETRATION

NPS is an essential metric for this industry. In fact, at the Insurance Summit 2018, IRDAI Chairman, SC Khuntia urged insurers to “focus on customer satisfaction and loyalty”.

METHODOLOGY

Online Panel 

SEC A1 

The survey was conducted among over 500 inhabitants of Delhi NCR, Mumbai, Bangalore, Chennai, Kolkata, Pune, Ahmedabad, and Hyderabad.  At the time of the survey, all the respondents were between 25 to 60 years of age. Also, the survey respondents were affluent vehicle owners. Additionally, they were also avid moviegoers and extremely aware of the changing technological trends.  

 

For further information, please contact 

Sales Team | sales@email.numr.app| +91 1244274780 

*NPS® or Net Promoter Score® is a metric for calculating customer satisfaction and loyalty. Moreover, it is a proven indicator of Growth. It is based off a single question, that is, “On a scale of 0-10, how likely are you to recommend (a company or a service) to you friends, family or colleagues?” Customers who give a score of 6 or less are called Detractors. Those who give 7 or 8 are Passives where as those who give 9 or 10 are Promoters. Then, the NPS is calculated by subtracting the percentage of Detractors from the Promoters. 

*Net promoter Score® and NPS® are registered trademarks of Bain & Company, Satmetrix and Fred Reichheld

Related Post

Leave a Comment


JOIN OUR NEWSLETTER

The latest market research insights delivered
directly to your inbox.
 
 
 *
 

*Required Fields