Drizzlin Media India Pvt. Ltd, a social media marketing company has released an analytic report of Online Complaints made by Life Insurance Customers. According to the online research conducted, Reliance Life has recorded the highest number of consumer complaints on Social Media platforms and Aviva Life and Max Life had the joint lowest.
A total of 346 complaints were collected from the 1st of April, 2013 till the 31st of August, 2013 of seven insurance brands – Aviva India, Max Life, LIC of India, Bajaj Allianz, HDFC Life, Reliance Life and SBI Life. The complaints were gathered from 5 different online customer re-dressal forums.
The Consumer complaints were segregated into three customer segments – First Premiums (new customers who have just bought a policy), Renewals (customers who pay premiums for existing policies), Settlements (customers with maturing policies or have claimed). The research addressed three key questions – How people initially complain which referred to customers using distance communication or face-to-face, when dealing with an issue; what people complain about elaborated the various types of issues that customers might face; who people initially complain to highlighted whether they interact with agents, customer service or both when facing a difficulty.
It was observed that each brand featured a core issue and was ranked in the top three of a particular classification. Reliance Life First Premium customers, for instance, were most likely to use distance communication to complain compared to the other brands in the study. Aviva Renewals are most likely to complain through branch visits while Max Life Settlements were on the top for Premium Issues compared to the other brands respectively.
Insurance is one of the fastest growing industries currently in a country with a reasonable chunk of its GDP coming from the service sector. IRDA’s agenda of making the insurance processes more transparent and customer centric have been undertaken to improve product design and bring a positive change in sales practices. In a month, 27000+ searches are made on Google in India just on the keyword insurance. Over 18000 searches are made around life insurance and health insurance respectively and slightly under 15000 searches for car insurance.