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      support_agent

      41 percent of customers appreciate a well-designed website interface that simplifies understanding and facilitates seamless information assessment

      manage_accounts

      45 percent of customers prioritise strong relationship management when purchasing policies from bank-based insurers

      local_grocery_store

      40 percent of customers are likely to switch insurers based on negative market sentiment and poor customer support

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      32 percent of customers are willing to pay the most for insurance providers that offer a diverse range of policies catering to different needs

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      Building brand trust and reducing customer effort are essential for maintaining an ongoing engagement with the brand post-policy purchase

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      Customer loyalty is not entirely influenced by customer satisfaction. 48 percent of customers will switch providers based on market sentiment and poor customer support

      airlines

      Hassle-free policy renewals with minimum intervention is a key attribute influencing the customer’s willingness to pay

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      New brands are performing better on pre-purchase touchpoints; however, legacy brands are driving more renewals

      3p

      47 percent of customers have stated the need for improving staff support before and during account set-up

      support_agent

      Poor service quality at the branch is driving customers towards self/ e-services, hence there is a need for the platforms to be simple and efficient

      key

      Banks are witnessing 43 percent switchers, seeking reliable customer support and transparent, trusted operations

      groups

      25 percent of customers seek assurance that their bank will consistently deliver on promises, whether it's competitive interest rates, low fees, or timely financial services

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      38 percent of customers value quality support from the staff and easy documentation while assessing the financial service provider

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      51 percent of customers emphasised experience while purchasing and availing of primary services

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      Customer retention is low for non-banking segment, with 48 percent of switchers seeking transparency in process and communication

      local_offer

      Innovative and customised financial offerings are the new customer demands

      Findings across institutes offering financial protection to beneficiaries through policyholders' premium payments
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      Findings across institutes providing coverage for motor vehicle damages and healthcare expenses, ensuring financial security in emergencies
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      Findings across institutes facilitating financial transactions and offering savings and credit services to individuals
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      Findings across institutes offering a range of financial services like loans and credit facilities to individuals and entities
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      Customers have highlighted that point-of-sale experience is a crucial area of improvement for the insurance industry. We also observed that legacy brands excel in post-purchase experience, highlighting the importance of trust in ongoing engagements. While ‘Integrity’ and ‘Expectation’ emerged as the key experience pillars impacting customer decisions, hassle-free renewal was driving customers' willingness to pay a premium. Hence, improving on these areas will foster trust and drive growth in the insurance sector

      Hemant Jhajhria

      Partner, Head of Consulting

      Hemant Jhajhria

      Our customer experience (CX) insights across sectors

      Mastering intentional experiences: India CX report' 25

      Benchmark experience from the customer’s viewpoint, to uncover prioritised attributes driving value

      Explore the report
      Mastering intentional experiences: India CX report' 25

      Key Contacts

      Nikhil Sethi
      Nikhil Sethi

      National Leader Consumer Goods and Co-Lead Customer & Operations

      KPMG in India

      Hemant Jhajhria
      Hemant Jhajhria

      Partner, Head of Consulting

      KPMG in India

      Sanjay Doshi
      Sanjay Doshi

      Partner and Head, Transaction Services and Financial Services Advisory

      KPMG in India

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