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What Differentiates Indian Insurers from Each Other and Why to Care?

What Differentiates Indian Insurers from Each Other and Why to Care?
April 18
14:21 2019

In India, insurance companies are under pressure to develop innovative products, get them out into the market timely and manage risk. These key functionalities are crucial to ensure ongoing success, continual growth and improving market share.

As the competition to get new customers inboard becomes more decisive, the insurance companies are now shifting focus on achieving segregation in the market while generating acceptable economics. As a result, developing customer-centric products, getting them into distribution, getting new customers and keeping them satisfied are also becoming crucial metrics to survival.

Therefore, as a customer, it is important for you to look beyond the veil of promotional data and differentiate between insurers on the basis of their values, customer satisfaction and other similar metrics. To help, here are some pointers that will shed more light on the areas of difference between different insurance companies.

Underwriting Rules

Underwriting is a critical component of insurance product development as it is responsible for reducing dropout rates and attracting buyers while maintaining sound financial footing for the insurance company. Different insurers, therefore, have product-specific underwriting rules, target risk profiles and relevant exclusions that are unique to them.

Customer Relationships

Reputable insurance companies such as Max Life Insurance are always on the lookout for newer ways to improve their customer relationships. Research shows that people who purchase a life insurance policy from an insurer that has a broad customer reach, are less likely to switch to another insurance provider.

Having thriving customer relations is crucial to bundle products according to the changing market needs as they arise while improving overall customer retention at the same time. Therefore, you can check the reliability of an insurer by verifying how accessible are their customer relation services.

Transparency and Online Presence

Nowadays, most insurers are shifting their product base to online platforms, while leveraging analytics to figure out their target demographic and understand where gaps exist in their practices. Also, insurers are more than willing to share their data publicly on their websites, thus creating a more transparent form of online insurance purchase.

Therefore, as a customer, you can have a better understanding of the core functionalities of the insurer itself and the plans they offer, by simply browsing through their website.

Compliance with Regulations

Insurance companies must be aware of the ever-changing regulatory environment in India. The IRDAI (Insurance Regulatory and Development Authority of India)is responsible for the laws and regulations that are in place across all locations and products, and whether an insurer meets those obligations is an important consideration for you, as a customer.

For example, the role of periodic disclosure of the Claim Settlement Ratio (CSR) and special considerations for marketing insurance online, all demand close compliance on the insurer’s part. Therefore, the way an insurance company depicts its ideas, investments and interpretations of upcoming and existing regulations, goes a long way in distinguishing between different insurers.

Each Insurer is Different!

The insurance sector in India is brimming with insurers and their various offerings. Therefore, it becomes necessary that you identify first which insurance company aligns with your vision and then select a product that offers the best possible combination of features and benefits.

As it is, insurers nowadays, are focusing more on delivering customer-centric products that combine some widely desirable benefits of life insurance. This,in turn, leaves little or no difference between the various insurance providers and their accountability. If you do not want to end up buying an insurance policy that isn’t suitable for your life goals, you need to think beyond the usual points of differentiation between insurers.

Instead, keep a lookout for qualities such as transparency, customer relations and compliance when assessing the different insurance providers. Remember, the best life insurance company in India for you will be the one that understands your life goals in the best way possible and offers the right insurance plan for your changing needs.

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