Max Life to ICICI Pru Life, private insurance firms climb the loyalty curve

LIC, the survey finds, is losing out to private players because of the level and quality of innovation in products, customer service and technology

Customer loyalty towards life insurance companies is the highest amongst large well-established brands that are reliable, trustworthy, credibly deliver what they promise and are transparent while selling their products, finds a recent survey. The seventh round of the survey conducted by Kantar IMRB International, finds that loyalty is a function of the chain of human agents that it trains and deploys on the field. Despite the digital world encroaching upon the real world of insurance selling, it would seem that branding and customer confidence are still outside its realm.

Data for the survey was collected during the