Public sector non-life insurance companies have outperformed than private non-life insurance companies in customer satisfaction of motor insurance policyholders in 2011.
According to the survey New India Assurance ranked first with 804 points out of 1000 points; Oriental Insurance scored 802 points stood at second place while ICICI Lombard is at third place with 801 points.
According to survey The 2011 India Auto insurance Customer Satisfaction Index Study done by JD Power Asia Pacific in its third year prove that New India assurance has succeeded in satisfying maximum policyholders.
The survey included 11 private sector non-life insurance companies and 4 public sector insurance companies the survey is based on the responses of 5,284 customers in 20 cities across India who has renewed or purchased a Auto policy in between January 2010 and April 2011 with at least 2.5 -3.5 years experience of vehicle ownership.
The survey based its findings on the policyholders experience with their insurer on six factors; they are -:
- Interaction – The survey found that the customer satisfaction has declined mainly on the factor of the Interaction; among customers most dissatisfaction has increased for branch offices followed by agents. But still customer who has said that would like to renew or purchase an Auto policy by a branch office has increased to 46 % in 2011 as compared to less than 25 % in 2010 hence it has become important for the insurers to improve their customer service at their branch offices.
- Claims – Northern region has the highest claim satisfaction among customer; whereas in East and South regions proportion of customer who filed claim is highest which stood at about 25 % while north and West’s customer who filed claim stood below 15 %.
- Policy offering
- Renewal or purchase process
- Billing and purchase process
- Premium – price for coverage offered
Though customer satisfaction is higher with public sector insurers but still they witnessed a decline of 17 points  as compared to last year while customer satisfaction with private insurers increased by 3 points.
Public sector general insurer National Insurance Company Ltd (NIC) has won the NDTV Profit business leadership award 2011 in an insurance-non life category.