1. Health policy users tick insurer credibility as top decider

Health policy users tick insurer credibility as top decider

Reputation of insurers comes right on top of the checklist for health policy customers before buying a cover, says a report.

By: | New Delhi | Published: June 25, 2017 1:13 PM
health insurance, Health policy, insurer credibility, Reputation of insurers, health policy customers, checklist for health policy, IMRB, ICICI Lombard, New India Assurance, Apollo Munich Health Insurance, Max Bupa, insurance companies, health insurance companies, latest news, latest updates The report titled Health Pulse covered feedback from over 4,600 customers across 11 brands, including private and public players in health insurance, in eight key cities. (Reuters)

Reputation of insurers comes right on top of the checklist for health policy customers before buying a cover, says a report. Product experience and quality of channel interaction also play a crucial role as well, as seen over the last few years, the survey by market research consultancy firm Kantar IMRB, found out. The report titled ‘Health Pulse’ covered feedback from over 4,600 customers across 11 brands, including private and public players in health insurance, in eight key cities. The study, which included standalone health insurers too, said claim is a critical driver of loyalty, especially for those who have undergone such an experience. “A cashless claim experience does positively impact the customer’s overall claim experience,” it added. The brands covered under the survey include ICICI Lombard, New India Assurance, Apollo Munich Health Insurance, Bajaj Allianz General Insurance and Max Bupa.

“Insurers need to understand that given the increasing competition in the market, influx of technology, advent of policies like health insurance policy portability, understanding the dynamic customer expectations has become more important than ever,” said Praveen Nijhara, Kantar IMRB Executive Director and Head. In terms of what brands need to do to meet customer requirements better, the survey said it is essential that the insurers simplify the product and provide convenience with regard to payment and accessing information about the policy, among others.

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For insurance providers to ensure renewal and recommendation from customers, they need to communicate proactively and focus on being accessible and service- oriented, besides selling as transparently as possible, it added.

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