Tata AIG most satisfying insurer in life, health: survey

The survey, based on responses of 3,790 customers in four sectors, revealed private players are liked more by customers than the state-owned companies in home insurance.

In health insurance, the targeted segment is not satisfied with the service parameters of insurers, said the survey, conducted on the directive of the consumer affairs ministry.

The estimation of damage is a major point of conflict between consumers and service providers in motor insurance, it said, adding that the satisfaction level is low in life insurance and huge gaps exist between demand and achievements here.

Health insurance had the most dissatisfied set of customers with tardy clearance of mediclaim and insufficient cashless facilities being the most notable drawbacks.

The survey was based on 949 respondents in the car insurance sector, 511 in home insurance, 1,250 in life insurance and 1,080 in medical insurance.

In life insurance, Tata AIG was given 70.94 marks out of 100 from respondents, followed by Aviva Life (66.75), ICICI Prudential (66.47). The largest insurer, LIC, received 64.43 marks.

Tata AIG got a score of 64.02 in health insurance, while HDFC Chubb, Bajaj Allianz got 62.72 and 58.81 respectively.

PSU insurer Oriental Insurance was way down in the seventh position, while New India Assurance, United India and National Insurance were at the ninth, tenth and eleventh positions respectively, receiving 53.78, 53.57 and 53.14 marks respectively.

In motor insurance, Iffco Tokio got 67.32 marks, HDFC Chubb 67.21 and Tata AIG 67.13. PSU insurers National and United India were at the sixth and seventh position, while New India and Oriental were at the tenth and eleventh positions.

In home insurance, HDFC Chubb got 72.06 marks, while Iffco Tokio got 71.88 score and Tata AIG 70.36. PSU insurers National, Oriental and New India were given the sixth, seventh and eighth rankings and United India the tenth.

The survey, conducted by Consumer Voice, a consumer rights group, was based on five parameters of tangibility, reliability, responsiveness, assurance and empathy on the part of insurers.