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Jun 29, 2011, 09.46 PM IST | Source: PTI

New India Assurance tops auto insurance survey

Public sector insurer New India Assurance has been ranked top, while Anil Ambani group's Reliance General is at 10th in a customer satisfaction survey of auto insurance firms by market research firm JD Power.

New India Assurance tops auto insurance survey

Public sector insurer New India Assurance has been ranked top, while Anil Ambani group's Reliance General is at 10th in a customer satisfaction survey of auto insurance firms by market research firm JD Power.

Measured in a 1,000-point scale, the study that took into account 15 companies saw the top two places being occupied by nationalised firms.

"New India Assurance ranks highest in satisfying auto insurance customers in 2011, achieving a score of 804 and performing particularly well in the renewal/purchase process factor," JD Power said in a statement.

According to the 2011 India Auto Insurance Customer Satisfaction Index Study, customer satisfaction with auto insurance providers has an impact on consumers' intent to renew their policies and to purchase policies from the same provider for their next vehicle.

"Following New India Assurance in the ranking is The Oriental Insurance, which achieves a score of 802 and performs well in the billing and payment process and renewal/purchase process factors," the survey said.
The third place has been occupied by the private sector entity ICICI Lombard with a score of 801, it added.    

The auto insurance customer satisfaction index chart, where four PSU firms have found berths, ranked Reliance General Insurance at the 10th with a score of 781.

The other insurance firms that have also been mentioned in the list are Tata AIG General (4th), National Insurance (5th), Royal Sundaram( 6th), United India (7th), Bajaj Allianz General (8th) and HDFC Ergo (9th).

"It becomes particularly important for insurers to ensure better customer management at branch offices, especially in terms of understanding needs and requirements, providing clear explanations of policy coverage, and courtesy and friendliness," JD Power Asia Pacific Executive Director Mohit Arora said.

As per the study, the overall satisfaction level stood at 796 in 2011, 8 points lower than that of 2010.

"The interaction factor declines most notably, decreasing by 28 points from 2010. Within this factor, satisfaction with branch office interactions has declined the most, followed by interactions with independent agents and brokers," it added.

The study was done amongst 5,284 auto insurance customers and it was based on six factors -- interaction, claims, product and policy offerings, renewal and purchase process, billing and payment process, and premium and price for coverage offered.

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