Customers place the reputation of insurers at the top of their checklist when they select an insurer from whom they would buy a health insurance cover.
Product experience and quality of channel interaction also play a crucial role, reported Press Trust of India citing the findings of a survey by market research consultancy firm Kantar IMRB.
The survey 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, said the claim process 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,” the report said.
The brands covered under the survey included 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, the influx of technology, the advent of policies like health insurance policy portability, understanding dynamic customer expectations has become more important than ever,” said Praveen Nijhara, Kantar IMRB Executive Director and Head.
To meet customer requirements better, the survey said it is essential that insurers simplify the product and provide convenience with regard to payment and accessing information about their insurance policy, among others. To ensure policy renewal and recommendation from customers, insurers need to communicate proactively and focus on being accessible, service-oriented and transparent.