1 in 4 customers in India unlikely to renew with same provider

May 14 2015 by InsuranceAsia News Staff

A study conducted by Indian Market Research Bureau (IMRB) International showed that just over a quarter of insurance policyholders in India are unlikely to choose the same insurance provider when they renew their policy.

The study, entitled 2015 Customer Loyalty in the Life Insurance Sector, revealed that 26% of the 6,500 customers from across 15 Indian cities that participated in the survey were unhappy with their current insurance service providers.

Despite this, the survey, published by DNA India webdesk, argued that customer loyalty was high in the country’s insurance industry.

The report said close to 60% insurance customers are truly loyal to their insurance providers, which means they are loyal towards a particular brand and are certain to buy more.

The number of customers using online channel to make payments has also increased but new customers claimed transacting online was not easy.

The study was aimed at helping insurance companies reduce the risks related to potential loss of customers, according to the IMRB.