Insurance Companies’ Popularity Depends on Customer Service

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Popularity of an insurance firm in India depends more on its customer service as compared to the products it sells, as per a report by advisory firm Grant Thornton.

While people do take quality of a product into account when they make a purchase, the customer service provided before, during and after the purchase is critical for consumers to choose an insurance firm in the country. Although quality is of prime priority it’s always the after sales service which follows next. There have been examples of companies in India which were either involved in finance field or other fields, which failed to impress customers although their product excelled in quality which they had to offer, but they lacked terribly in after sales service. Thus it’s a common perception among companies in India and companies from abroad planning to operate in India, that if they wish to be successful they need to back the product with excellent after sales service.

Grant Thornton surveyed 20 life insurance and 16 non-life insurance companies in the country on various parameters. On the product side it considered pricing, cover and other benefits, and judged customer service in terms of waiting time to speak to an agent, the agent’s knowledge of the products besides adherence to commitments made while selling products.
The Indian customers are positive on the approach to buy the product; they always draw impressions from the services offered to them before, during and after sales of the product. Thus the insurance companies make sure that they create a healthy impression on their potential customers by offering them their best agents to solve their queries if any and giving a quick response to minimise on the time factor.

The survey, that also ranked companies on the basis of customer preference for three different insurance products, pegged Bharti Axa, Canara HSBC Oriental and Reliance Life as the most favoured companies for term life insurance.

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Ansh Raj is a well known author and has been writing content for Rupeetalk. Rupeetalk is the leading personal finance portal in India providing excellent financial planning and best home loan in India.

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