{"id":1488,"date":"2023-06-01T10:05:08","date_gmt":"2023-06-01T10:05:08","guid":{"rendered":"https:\/\/eminencestrategy.com\/reputation-score\/?page_id=1488"},"modified":"2026-09-29T11:57:01","modified_gmt":"2026-09-29T06:27:01","slug":"general-insurance-industry","status":"publish","type":"page","link":"https:\/\/eminencestrategy.com\/reputation-score\/general-insurance-industry\/","title":{"rendered":"General Insurance Industry"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
<\/div>\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

Reputation Study:

\nGeneral Insurance Industry<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t
<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t\t
<\/div>\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

Reputation Study:

\nGeneral Insurance Industry<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t
<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

Introduction<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

The COVID-19 pandemic gave the Indian consumer a realisation that they need to \u2018future-proof\u2019 their lives and change their perspectives towards insurance in general. The focus on health insurance thus saw a strong growth as stated in the government\u2019s Economic Survey 2022-23. The gross direct premium of non-life insurers (within and outside India) registered a year-on-year growth of 10.8 percent, primarily driven by health and motor segments. Post-pandemic the rulebook across the industry has been rewritten to match the new age customer needs by the introduction of new plans for medical expenses incurred overseas, insurance options for the differently abled, and OPD add-on cover with zero waiting period. OPD cover is the most noticeable offering of the category in recent times.<\/p>

Digitisation, like any other industry, has propelled the general insurance space as well with digitally savvy consumers finding it convenient to buy insurance online, complemented by the use of AI\/ML and high-end technology features. While the numbers are encouraging, experts also hint towards higher possibilities of consolidation as companies start focusing on profitability and not only growth numbers to sustain in the highly competitive space.<\/p>

While the scenario is optimistic for the general insurance space, the Eminence Reputation Study \u2013 a non-financial metric to gauge an organisation\u2019s performance,\u00a0 indicates a moderate score of 26<\/b><\/u>. This score is based on metrics arrived at through a weighted average of four key parameters of corporate reputation. This score is a composite weighted average of stakeholders\u2019 perceptions, right from the customers, to the workforce they employ, shareholders who invest in the organisation\u2019s vision, the perception about the corporate governance practices, and the positive impact the organisation has on society as a whole.<\/p>

\u00a0<\/p>

As per the study, the general insurance sector has a positive disposition with new-age product launches, CEOs giving their expert views on the future of the industry, and discussions on technological upgrades. However, concerns about customer service and employee satisfaction pulled down the overall score. Delays in claim settlement or non-settlement of dues were the most prominent pain points of the customers. Given the financial and emotional weight of the hospitalization\/illness, customers\u2019 reaction to general insurance companies was unforgiving. Court cases further added to the negative visibility of the industry.<\/p>

Another parameter that pulled down the score was the concerns expressed by the employees of general insurance companies, on public platforms about unhealthy work culture, imbalanced work-life balance, and low payment. A large part of the grievance was regarding the reporting manager, reflecting a considerable gap in the vision of the company and the on-ground realities.<\/p>

General Insurance companies need to take cognizance of these realities to better their imagery amongst their stakeholders.\u00a0<\/p>

This report is an attempt to bring you an exploratory picture of the general insurance space in India through non-financial metrics of gauging the industry\u2019s progress through the lens of reputation. We hope you will enjoy reading this report and we look forward to receiving your valuable feedback.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t

Eminence Reputation Score: A comprehensive model capturing multiple reputation dynamics<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

General Insurance Industry Coverage\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t
General Insurance Companies<\/div>\t\t\t
\n\t\t\t\t<\/span>\n\t\t\t\t1<\/span>\n\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t
Months Period of Study<\/div>\t\t\t
\n\t\t\t\t<\/span>\n\t\t\t\t1<\/span>\n\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

January – December, 2022<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t
Data Points<\/div>\t\t\t
\n\t\t\t\t<\/span>\n\t\t\t\t1<\/span>\n\t\t\t\t+<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

Data Sources<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Social Media Conversations I Employee Reviews I Customer Reviews I Media Coverage<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t