Analysing Insurance Across Domains

The insurance industry has evolved and undergone a sea change in the 21st century as new tech disruptions have changed the face of the ecosystem. The emergence of digital channels and new tech-innovations have orchestrated this change. As of today, there are 55+ insurers in India offering a plethora of products and the sheer options coupled by the on-going developments have propelled the consumers to their rightful place of being the King!

Through our first-ever, Outlook Money-Policybazaar insurance rankings, we aim to recognize insurers who are redefining customer-centricity and changing the dynamics of the customer experience through state-of-the-art services.

The rankings depict a thorough analysis of health, life and motor insurance domains across 14 categories and is a mirror image of the value they offer to the Indian consumer for achieving their life goals of protection and financial freedom.

To sum up, our purpose has been to put a ranking to the best death, disease and disability products available in the country. The quality of service, ease of buying, and product strength have been put at the pinnacle to arrive at the most objective and unbiased rankings.

Methodology

Our broader philosophy while building a metric to rank the best insurers in the life, health and motor insurance revolved around identifying the core parameters that a consumer must consider in their decision making of buying a particular product.

For the health insurance, we have built the metric for the different categories basis these broader principles:

1. a) Was the product offering a robust solution?
2. b) Was the product offering real value for money?
3. c) Was the customer experience seamless? In nutshell, was the insurer proactive in addressing consumer problems during the moment of truth?
4. d) And lastly, how strong is the brand pull?

Similarly, for the motor insurance categories, we have considered the following guiding principles:

1. a) The ability of the insurer to offer customer-centric services and network reach that directly influences the buying and claims experience, which in a way reflects the overall customer satisfaction.
2. b) The extent of the market share garnered by the insurer and the growth they are registering. This reflects the trust businesses have been able to establish with the consumer and filters the outliers if they exist.
3. c) How healthy are the financials of the company, which has a direct bearing on the insurers’ ability to serve their customers in a sustainable way in the long run.

In the life insurance category, even though the flagship product is essentially an instrument of protection against the unforeseen in life, there is also an element of augmented return on investment attached to it through Unit Linked Investment  Plans (ULIP).

Hence to arrive at a conclusion of identifying the best term insurance product, we based our computation on the following factors, which once read in conjunction with each other reflect the value proposition  in totality:

1. a) Claim Settlement Ratio of the insurer
2. b) Duration of the cover offered
3. c) The flexibility offered by the insurer in making premium payments
4. d) The option to make the product robust by adding riders to them
5. e) The premium to be paid for the coverage in return.

In addition to the above factors, in order to rate the best ULIPs available in the market, we provided maximum value to the returns they offered to consumers over a long-term.

Disclaimer

While utmost care has been exercised to ensure the accuracy of compilation and correctness of the information provided in the rankings, Outlook-PolicyBazaar.com does not warrant (whether expressed or implied) as to the quality, efficacy, completeness, performance, or accuracy of the information and disclaims all claims, liabilities, losses and damages arising out of the use of this information.