A recent survey by IBAI (Insurance Brokers Association of India) revealed lower associations of brokers with Acko General Insurance company. The survey was conducted between Dec 2022 to Feb 2023 and was partaken by 162 brokers. The respondents included individual brokers and members of varying positions in broking firms.
The survey surprisingly revealed very low interest in ACKO and very high interest in TATA AIG and ICICI LOMBARD GIC in terms of likelyhood of working of brokers with these companies. TATA AIG scored the highest with 71% respondents inclining to keep working with TATA AIG. As in general business sourced through Agency verticals i.e through brokers, is more profitable vis a vis an OEM channel, this comes as a very good news for both TATA AIG and ICICI LOMBARD.
Another surprising reveal of the survey was that in terms of professionalism New India was rated higher than most private insurers like Go Digit, HDFC Ergo, ICICI LOMBARD, Bajaj Allianz etc. This should come as a shock to private insurers who generally regard their processes and professionals as being more professional than government insurers. This also reveals the need to insurers to focus on employee training and allocation of doable workload on their employees.
Lastly the survey revealed that again TATA AIG and ICICI LOMBARD were ahead of the curve in terms of claims servicing and use of Technology from a servicing perspective.
Entire survey document is attached below for reference
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