Building customer loyalty in the insurance sector has always been a difficult task. But, now there’s some good news in this regard. According to Insurance India, an IMRB International study, ‘Customer loyalty in insurance market with respect to product and services has improved’. This change has been observed due to improvement in products and services like timeliness of the alerts/ reminders for premium due dates, timeliness of receiving the premium receipts for payments made etc. as well as due to customer driven reforms and guidelines set by IRDA.
Another important observation made in the study was the need for improvement in services of the agents, because as compared to bancassurance and other mediums, customers were found to have weaker perceptions and experiences about the companies where agents were involved.
Apart from this, the study also reported that there are 60% Truly Loyal customers and new customer loyalty was highest when insurance was purchased online.
To know more, please read the following article at business-standard.com which summarizes the study: