Customers expect more from insurers, bankers

Banks and insurance firms are up against a demanding, rapidly evolving clientele: Kantar IMRB survey

Until a few years ago, insurance companies and banks in India had a fairly firm grip on what their customers wanted. If it were a bank, customers were big on the number of branches it had, what was its reputation in the market and so on. And for insurance companies, it was largely about recommendations from friends and family. However, a number of surveys conducted to gauge loyalty, performance and price considerations in financial products during 2016 showed that times have changed significantly and companies need a whole new set of image boosters to lure, retain and engage their customers.