Global Consumer Insurance Survey 2012
India: rising affluence and product awareness
Only one in five customers in India are extremely loyal to current providers, our survey reveals.
India's fast-growing middle class is exhibiting significant opportunity to sell life insurance and non-life products. Challenges, however, include rapidly evolving markets and fickle customer loyalty.
Only one in five customers are extremely loyal to current providers, our survey reveals. Consumers seek providers that put a premium on customer service and offer innovative, competitively priced products.
Select regional findings include:
Life and pensions
- A majority of consumers (74%) conduct detailed research before buying, far more than in the UK (37%) or China (44%).
- A vast majority of consumers (94%) rate personal interaction as important when buying life or pension products, indicating sustained merit in agent-based distribution.
- A relatively high number of customers (17%) switched providers in the last five years, considerably more than the global survey average (10%).
- More than half of customers (56%) cited agent advice as the primary drive for repeat purchasing, higher than other countries surveyed.
- Only 33% of customers indicated that price was a factor in provider selection, well behind brand (69%) and customer service (43%).
- A majority of customers (69%) would buy multiple products from current providers, if the process is easy and convenient.
- While 31% of customers use a range of online channels for research, only 11% purchase online, indicating their possible concerns over security and reliability.
- More than half of customers (58%) say service is the key factor driving loyalty.
We hope this research proves useful in shaping your customer strategies and moving your business forward.