Max Life Insurance, one of the leading life insurance companies in India, has been ranked 1 in the independent survey on customer loyalty conducted by Kantar IMRB. The survey reveals that 77% of the customers are loyal to the company. Max life has jumped from 6th position last year to be the leader amongst 13 leading life insurance companies including LIC, that were tracked in the survey this year. The data for the survey was collected during the first quarter of 2018, with over 7,000 customers across 15 cities. Insurance India is an independent customer loyalty survey, conducted by Kantar IMRB annually since 2012 and is currently in its 7th edition. It is considered to be one of the most trusted, unbiased and credible surveys to measure the customer loyalty in the life insurance space.
Speaking about the achievement Mr. V. Viswanand, Senior Director and Chief Operations Officer, Max Life Insurance said, “It is indeed a proud moment for us. The recognition from an independent survey strengthens our commitment to raising the bar when it comes to customer experience. Customer centricity lies at the core of Max Life’s values and it has been our constant endeavour to think customer first in whatever we do. Our claims paid ratio of 98.26% and grievance incidence rate of 93 per 10,000 policies for FY18, a reduction from 172 per 10,000 policies in FY17, are proofs of our commitment in this direction.”
Praveen Nijhara, Senior Executive Director, Kantar IMRB & Head, Stakeholder and CX Business, mentions that “Insurance India 2018, reveals clearly that private insurance brands are here to stay. Our report also reveals Max Life’s leadership in customer loyalty, and customer feedback from the report highlights the positive influence of the agents of Max Life Insurance, in ensuring its leadership position, by outperforming the industry average on important parameters, such as constantly staying in touch with customers and providing policy updates. The achievement is a testimony to Max Life’s endeavour to continue being a customer centric organization.”
Some of the key parameters on which customers have rated Max Life Insurance high in the survey are:
Company which treats its customers fairly
Company that delivers on its promises to customers
It is easy to get in touch with the company and its agents
Company which is transparent in its dealings
Company that uses technology to make life easier
Innovative in introducing new and relevant services
The survey has also helped gather insightful details about customers’ expectations from their life insurers which will immensely help the insurance sector to come up with more customer friendly products and improved service experience.
About Max Life Insurance Co. Ltd. (www.maxlifeinsurance.com)
Max Life Insurance, one of the leading life insurers in India, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group, which is amongst the leading insurers in the world. Max Life Insurance has a vision to be the most admired life insurance company by securing the financial future of its customers. Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 18 years, Max Life Insurance offers superior investment expertise. The company has a strong customer-centric approach focused on need-based sales and quality service delivered through its superior human capital.
During the financial year 2017-18, Max Life Insurance achieved gross written premium of Rs. 12,501 crore and had sum assured in force of Rs. 5,11,541 Crore. As on 31st March 2018, the Company had Rs. 52,237 crore of assets under management (AUM) and a share capital including reserves and surplus of Rs. 2,689 crore. The Company has more than 32 lakh customers serviced by its 10,226 employees and 54,791 agent advisors through 210 offices across the country.