\n| LIC<\/td>\n | 52300<\/td>\n | 52135<\/td>\n | 99.68%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n From the above data, one can infer that:<\/p>\n \n- There is not much to compare between the performance of different life insurance companies in India.Most of the insurance companies have been proactive in resolving customer complaints. “What gets measured” improves!<\/span><\/li>\n
- Religare Aegon and Birla Sunlife seem to be the only outliers. Religare Aegon looks particularly bad in this respect.<\/span><\/li>\n<\/ul>\n
Now lets look at customer churn. This measures number of policies that “lapse” after one year. This might give us a clear indication of mis-selling by the insurance companies\u00a0as well as customer loyalty.<\/p>\n \n\n\n\n<\/colgroup>\n\n\n| <\/td>\n | 2010-11<\/td>\n | 2011-12<\/td>\n<\/tr>\n | \n| Aegon<\/td>\n | 8.70%<\/td>\n | 17.40%<\/td>\n<\/tr>\n | \n| Bharti AXA<\/td>\n | 18.90%<\/td>\n | 36.10%<\/td>\n<\/tr>\n | \n| Aviva<\/td>\n | 31.00%<\/td>\n | 27.80%<\/td>\n<\/tr>\n | \n| HDFC Life<\/td>\n | 5%<\/td>\n | 4.20%<\/td>\n<\/tr>\n | \n| Edel TOKIO<\/td>\n | 0%<\/td>\n | 0%<\/td>\n<\/tr>\n | \n| Bajaj Allianz<\/td>\n | 10.70%<\/td>\n | 21.40%<\/td>\n<\/tr>\n | \n| Kotak<\/td>\n | 11.60%<\/td>\n | 16%<\/td>\n<\/tr>\n | \n| SBI Life<\/td>\n | 6.60%<\/td>\n | 9.40%<\/td>\n<\/tr>\n | \n| Birla<\/td>\n | 71.60%<\/td>\n | 51%<\/td>\n<\/tr>\n | \n| ICICI Pru<\/td>\n | 46.50%<\/td>\n | 41.90%<\/td>\n<\/tr>\n | \n| Max Life<\/td>\n | 13.3<\/td>\n | 12.60%<\/td>\n<\/tr>\n | \n| LIC<\/td>\n | 4.90%<\/td>\n | 5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Clear LEADERS emerge here:<\/p>\n \n- LIC of India is doing very well despite such a large customer base. Even SBI Life Insurance is doing a good job of customer retention.<\/span><\/li>\n
- Among private insurance companies, HDFC Life is much ahead of the competition<\/li>\n
- ICICI PruLife is the worst with 40% of customers churning out!<\/li>\n<\/ul>\n
This data also proves that cheapest is not always the best! Now we know why many insurance companies don’t like to share this customer satisfaction data with their customers. It hurts!<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Here are some\u00a0customer satisfaction metrics that might be useful in evaluating life insurance companies in India. I have taken 2 metrics to measure the same: Customer Churn ( Percentage of policies lapsing after Year 1) Customer complaint resolution Looking at the customer complaint resolution data actually surprised me ! Complaints Recd Resolved Percentage Aegon 3440 … Continue reading Customer Satisfaction Data for Life Insurance Companies in India<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[],"class_list":["post-62","post","type-post","status-publish","format-standard","hentry","category-term-insurance"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p3wDt5-10","jetpack-related-posts":[{"id":94,"url":"https:\/\/www.trucompare.in\/blog\/product-review-aegon-religare-term-plan\/","url_meta":{"origin":62,"position":0},"title":"Aegon Religare Term Insurance Plan Review by TruCompare","author":"Trucompare","date":"May 6, 2013","format":false,"excerpt":"Company:\u00a0Aegon Religare Life Product Name-\u00a0iTerm Product features: Minimum sum assured of 10 lakhs Available up to 40 years duration Maximum Age - 75 years Company's pitch: Availability of additional riders- Accidental Death, Critical Illness etc. Our view: PLUS- Aegon Religare has lowest premiums in the market. MINUS- IRDA claim settlement\u2026","rel":"","context":"In "Aegon Religare"","block_context":{"text":"Aegon Religare","link":"https:\/\/www.trucompare.in\/blog\/term-insurance\/aegon-religare\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31,"url":"https:\/\/www.trucompare.in\/blog\/best-term-insurance-in-india-2013\/","url_meta":{"origin":62,"position":1},"title":"Term Insurance Comparison – Which is the Best Term Insurance Plan in India?","author":"Trucompare","date":"September 7, 2013","format":false,"excerpt":"Term Insurance Comparison In earlier posts, we have looked at various criteria that can be used for term insurance comparison. Although it is difficult to say which is the best term insurance plan in India, one can keep the following policies in mind before making a buy decision. HDFC LIFE\u2026","rel":"","context":"In "Term Insurance"","block_context":{"text":"Term Insurance","link":"https:\/\/www.trucompare.in\/blog\/term-insurance\/"},"img":{"alt_text":"TruCompare_head","src":"https:\/\/i0.wp.com\/trucompare.in\/blog\/wp-content\/uploads\/2013\/05\/TruCompare_head.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":78,"url":"https:\/\/www.trucompare.in\/blog\/product-review-bharti-axa-term-plan\/","url_meta":{"origin":62,"position":2},"title":"Bharti AXA Term Insurance Plan Life eProtect Review by TruCompare","author":"Trucompare","date":"May 6, 2013","format":false,"excerpt":"Company: Bharti AXA Life Insurance Product Name-\u00a0Life eProtect Product features: Minimum sum assured of 25 lakhs Available up to 30 years duration Maximum Age - 70 years Company's pitch: Claim settlement within 48 hours Our view: PLUS- Bharti AXA has lowest premiums in the market when compared to term insurance\u2026","rel":"","context":"In "Bharti AXA"","block_context":{"text":"Bharti AXA","link":"https:\/\/www.trucompare.in\/blog\/bharti-axa\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":592,"url":"https:\/\/www.trucompare.in\/blog\/irda-claim-settlement-ratio-2014\/","url_meta":{"origin":62,"position":3},"title":"IRDA Claim Settlement Ratio 2013-14 – Compare Term Insurance Plans","author":"Trucompare","date":"March 21, 2015","format":false,"excerpt":"Update- We have updated the claim settlement ratios of insurers for 2014-15 on our website. Compare now to view details. We have written about Max Life claim ratio for 2014-15 here. Following is the statistics for IRDA Claim Settlement Ratio 2013-14 for individual death claims by insurance companies. I have\u2026","rel":"","context":"In "Term Insurance"","block_context":{"text":"Term Insurance","link":"https:\/\/www.trucompare.in\/blog\/term-insurance\/"},"img":{"alt_text":"TruCompare_head","src":"https:\/\/i0.wp.com\/trucompare.in\/blog\/wp-content\/uploads\/2013\/05\/TruCompare_head.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":132,"url":"https:\/\/www.trucompare.in\/blog\/hdfc-life-click2protect-claim-ratio\/","url_meta":{"origin":62,"position":4},"title":"HDFC Life Click2Protect Term Insurance Plan Review","author":"Trucompare","date":"May 7, 2013","format":false,"excerpt":"Company: HDFC Life Product Name-\u00a0Click2Protect \u00a0 \u00a0 \u00a0\u00a0 Product features: Minimum sum assured of 10 lakhs Maximum sum assured- 10 crores Available in 10\/15\/20\/25\/30 years duration Maximum Age at Entry - 55 years Maximum Age at Maturity- 65 years HDFC Life's\u00a0pitch: Security at an affordable price Our view: PLUS- \u00a0HDFC\u2026","rel":"","context":"In "HDFC Life"","block_context":{"text":"HDFC Life","link":"https:\/\/www.trucompare.in\/blog\/hdfc-life\/"},"img":{"alt_text":"TruCompare_head","src":"https:\/\/i0.wp.com\/trucompare.in\/blog\/wp-content\/uploads\/2013\/05\/TruCompare_head.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14,"url":"https:\/\/www.trucompare.in\/blog\/should-one-buy-term-plan-from-likes-of-lic-or-private-insurers\/","url_meta":{"origin":62,"position":5},"title":"Should You Buy Term Insurance from LIC of India or Private Insurance Companies?","author":"Trucompare","date":"May 3, 2013","format":false,"excerpt":"One of questions often asked by clients while buying term insurance is- Can I trust private insurance companies or should I stick to government providers like LIC of India, SBI Life etc.? LIC of India has been the pioneer in the insurance sector and for many people in India life\u2026","rel":"","context":"In "Term Insurance"","block_context":{"text":"Term Insurance","link":"https:\/\/www.trucompare.in\/blog\/term-insurance\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/posts\/62","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/comments?post=62"}],"version-history":[{"count":6,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/posts\/62\/revisions"}],"predecessor-version":[{"id":617,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/posts\/62\/revisions\/617"}],"wp:attachment":[{"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/media?parent=62"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/categories?post=62"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/tags?post=62"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | |