TRANSFORMATION

OF LIFE INSURANCE
COMPANIES
DIGITAL INDIA
2017
CUSTOMER EXPERIENCE REPORT

Brand Research report

 Agent

Traditional communication i
90% Call
Center

channels are insufficient in

providing end-to-end customer 85%
60%
experience. End-to-End
Customer
Experience
In 2017, Indian Insurance companies 85%
Web
have started to recognize the missing
piece to the puzzle 90%

Support

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 Agent

Social media enables building i

exceptional end-to-end 90%

Call
Center

customer experience.
85%
In 2017, 23% of Indian Insurance 100%
End-to-End
Companies are actively engaging Customer
with customers on Facebook. Experience
85%
However, 30% are active on Twitter Web

For the research, 22 Life Insurance Brands were monitored on social

media for a period of 3 months (August-October 2017) 90%
Support
Disclaimer: Simplify360 is associated with some of the life insurance brands mentioned in the report

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The advent of social media has provided customer means to
evaluate the best insurance policy and check for their
authenticity before purchasing them.

This report takes into consideration 22 Indian Life Insurance

Companies and provides insights about the life insurance
industry's customer engagement and experience cycle on
social media.

It provides a deeper understanding of the usability of

social media towards providing real time customer
experience and it's effect on brand perception.

For the research, 22 Life Insurance Brands were monitored on social media
for a period of 3 months (August-October 2017)

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 PNB MetLife and SBI Life are leading SOV,
followed by HDFC Life and Exide Life
Aviva Others
4% 5%
Future Generali
PNB MetLife In terms of SOV, there isn't a clear winner among the
17%
5%
brands. There is a negligible difference of 1%
Max Life
5% between them.
LIC
5% SBI Life However, PNB MetLife has more SOV because of
16%
campaigns and contest on their social profiles. On
Bajaj Allianz
7% the other hand, SBI Life and HDFC Life mostly have
more complaints and queries, as well as campaigns\
ICICI Prud contests
9% HDFC Life
15% In addition, Exide Life Insurance has more campaign
Exide Life
14% and contest-related buzz.
For the research, 22 Life Insurance Brands were monitored on social media for a period of 3 months SOV is defined as the percentage of conversations on
(August-October 2017) Facebook (comments, posts), Twitter (RTs. Replies), Blogs,

Total Conversations analysed were 100K across all media platforms (Twitter, Facebook, Blogs, News, News sites, Discussion Forums, YouTube, Instagram and
Discussion and so on) Google+ Comments.

Brand Research report www.simplify360.com

 FACEBOOK ENGAGEMENT MATRIX Exide Life Insurance, ICICI Prudential and SBI Life are
the most influential brands on Facebook because they
HIGH
have higher engagement with lesser brand posts
Exide Life
Actively Engaged Brands

Insurance

Influential Brands
ICICI Pru
LIC (6.5 Million) and HDFC Life (6.6 Million) have the
largest fan base compared to other companies whose fan
Post Engagement

base is in the range of 100K/500K, but their engagement

isn't very high.
Aggressive Brands

Bajaj Allianz
However, Bajaj Allianz & Future Genereli is very aggressive
PNB MetLife
despite having relatively lower engagement
Ae
go
nL
ife

Future Genereli
The size of icon determines the size of Page likes, X-axis measures the
HIGH Brand post LOW number of posts made by the brand, Y-axis measures the sum of likes,
Facebook
comments and shares recevied by the brand on Facebook.

Brand Research report www.simplify360.com

POSTS FROM INFLUENTIAL BRANDS ON FACEBOOK

Posts made by Influential brands have a very high engagement compared to other brands.
These are mostly specific campaign posts.

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 POST FROM OTHER BRANDS ON FACEBOOK

Most of the posts made by Max Life had higher engagement compared to brands like HDFC Life,
which had only few posts with higher engagement but mostly with lower engagement.
With few most investment HDFC Life can join the group of influential brands.

On the other hand, LIC doesn't have much interactive posts and engagement going on.

Brand Research report www.simplify360.com

 Exide Life Insurance is the influential brand due to
TWITTER ENGAGEMENT MATRIX higher engagement and lower brand posts. However,
PNB Metlife is also actively engaged brands on Twitter.
HIGH

Exide Life HDFC Life has the highest followers (417K) on Twitter
Actively Engaged Brands

Insurance
and are also the most aggressive brand in terms of brand

Influential Brands
posting. However, they are not as actively engaged as
other brands with follower ranges around 20K.
Post Engagement

PNB MetLife Other brands like Max Life, Edelweiss, Aviva, SBI Life
has lower engagement compared to other brands.
Aggressive Brands

ABC Life Max life

ABC Life which is the new branding for Birla Sun Life
Bajaj Allianz Edeweiss
has been actively responding to all the BSLI queries
and actively tweeting their new branding creatives.

HIGH Brand post LOW The size of icon determines the size of Twitter Follower, X-axis measures
Twitter the number of tweets made by the brand, Y-axis measures the sum of
ReTweets, replies and likes received by the brand on Facebook.

Brand Research report www.simplify360.com

TWEETS FROM INFLUENTIAL AND ACTIVELY ENGAGED BRANDS ON TWITTER

Tweets from Actively Engaged and Influential brands were generally found to be campaign
driven with certain themes and creatives.

Brand Research report www.simplify360.com

TWEETS FROM AGGRESSIVE BRANDS ON TWITTER

However, tweets from aggressive brands were generally contest and giveaway
driven with active tweeting and postings.

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 ADITYA BIRLA CAPITAL'S ACTIVITY

Aditya Birla Capital has been aggressively pushing their creatively around their new brand
communication with campaigns such as #MoneyProject and #OneBrand.

Their activity is very high but the engagement isn't enough.

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 AVERAGE CUSTOMER RESPONSE TIME ON SOCIAL MEDIA
FOR 3 MONTHS (AUG-OCT 17)

FRT (First Response Time) is one of the most crucial metric to measure the performance of brands on social
media in terms of their customer support activities

5.8 HRS 5.0 HRS

FRT ON FACEBOOK FRT ON Twitter
Average time taken by Average time taken by
85%
brands to respond on brands to respond on
Facebook. Twitter.

90%

Response Time is calculated by taking difference between the first response of brand and the customer query on social media.
Only queries generated during the brand's working hours between 10AM to 8PM, Monday to Friday, are considered.

Brand Research report www.simplify360.com

 COMPARISION OF FRT BETWEEN
TOP LIFE INSURANCE COMPANIES

List of Insurance Companies arranged with respect to their respond time on Facebook and Twitter.
*Note that only public responses are counted. FB Inbox and Twitter DMs are not considered.

Bajaj Allianz SBI Life Insurance ICICI Pru

HDFC Life Insurance Kotak, Aviva, Aegon
Max Life Insurance PNB MetLife
Exide Life Insurance

ABC Life Insurance

SBI Life Insurance ICICI Pru PNB Met Life Max Life Insurance,
Exide Life Insurance HDFC Life Insurance Kotak, Aviva
Bajaj Allianz

90%

The tone of the color from GREEN to RED denotes the customer experience. Green is great, while RED is worst

Note: ABC Life, Aegon, Future Generali, Edelweiss, SUDLife, LIC, Reliance
Nippon, Bharati Axa, Tata AIA and India First were not actively responding on Facebook or have negligible engagement.

Brand Research report www.simplify360.com

 WHY RESPONSE TIME MATTERS?
Our research shows that the FRT on social media for life OVER 78% OF PEOPLE
insurance companies is much higher when compared to the
E-commerce companies and banks, i.e. 5.8 hours against 5
COMPLAINING ON SOCIAL
minutes for E-Commerce and 5.8 hours against 2.5 hours MEDIA, EXPECT A RESPONSE
average of Banks. WITHIN 60 MINUTES.
- Lithium Technologies Research
With response time being one of the key measures of
customer experience, Insurance companies should restruc-
ture their social response strategy to achieve faster response OUT OF THIS 32% OF THE
time. COMPLAINERS EXPECT A
RESPONSE WITHIN AS
A gradual shift of complaints from Facebook to Twitter has
been observed and 53% of the social media complainers on
LOW AS 30 MINUTES.
- Edison Research
Twitter expect a response within 1 hour. Faster response time
helps in reducing negativity around a brand on social media by
stemming off a conversation before it turns bitter.

Brand Research report www.simplify360.com

 CUSTOMER EXPERIENCE

UNDERSTANDING LIFE INSURANCE

COMPANIES' CUSTOMER ISSUES 85%

Analysing top 4 key issues customers of life insurance

companies face and complain about on social media. 90%

Brand Research report www.simplify360.com

 Top 4 issues with Life Insurance Companies

There were mainly 4 major grievances raised

by customers on social media regarding Life
Insurance Companies.

Complaints regarding Customer Care were maximum.

This shows that social media is predominantly a
85%
medium for escalation rather than the first touch
point for support

For the research, 22 Life Insurance Brands were monitored on social 90%
media for a period of 3 months (August-October 2017)

Total Conversations analysed were 100K across all media platforms

(Twitter, Facebook, Blogs, News, Discussion and so on)

Brand Research report www.simplify360.com

 38% of issues were related to Customer Care.

Customer care is basically the most common

issue across the industry verticals and its no your ivr asks to enter 11 digit policy number, and the number
different for insurance companies. have alphabet.. what is this joke

tried ivr 6 times during the day. call never gets connected to
executive. pls help with my existing policy.

Not being able to get through IVR was one of if i don't get any proper response from your end, i will go as per
the most repetitive problems faced by the the law.

customers. This was followed by delayed not customer friendly from top to bottom. neither got proper
response and unsolicited calls and emails response from lower level nor from top as u.

from the brand. i called so many times to your customer care number 85%
but no one
bothers to pick up phone.

For the research, 22 Life Insurance Brands were monitored on

social media for a period of 3 months (August-October 2017)
List of Sample complaints from Social Media

Total Conversations analysed were 100K across all media platforms

(Twitter, Facebook, Blogs, News, Discussion and so on)

Brand Research report www.simplify360.com

 24% of issues were related to Paying Premium

Paying the premium is obviously the major

activity performed by the customer on since morning i m trying to pay lic premium every time same
regular basis, but across the brands the error. plz check & update correct message.

experience is not seamless. haven't been able to pay a premium on @hdfclife online system
since morning. got a system failure message right now.

Customers were facing technical errors on when i am trying to pay my premium online, its showing invalid e
the websites and were very disappointed by mail id.

the service. what nonsense is this? adjusted my survival benefit with my

premium. by whose permission? how dare you do that?

85%a whole
i cannot believe that the ability to pay online is down for
week. there seems to be no other way to pay our premium

For the research, 22 Life Insurance Brands were monitored on

social media for a period of 3 months (August-October 2017)
List of Sample complaints from Social Media

Total Conversations analysed were 100K across all media platforms

(Twitter, Facebook, Blogs, News, Discussion and so on)

Brand Research report www.simplify360.com

 22% of issues were related to Policy Refunds/Maturity.

A major chunk of grievances was around

policy refunds and its maturity. Customers i was need to talk to someone senjoe now. this is going on since
were finding it very difficult to receive their a month and ull are not paying me back my own money

refunds and take actions like canceling the how many days you take for giving matured policies money and
policy. which date nav you calculate pls clarify.why take advantage

policy declined: 517062090251 its been 15 days i din't get my

Because this is directly connected with,
money the nature of complaints and
sentiments towards the brands is very harsh.
refund yet please initiate refund immediately. its urgent , thanks
my claim is not processed yet. please don't create a drama.
people are still suffering
85%but they
he tried contacting the sales guy for cancelling the policy
didn't answer.

For the research, 22 Life Insurance Brands were monitored on

social media for a period of 3 months (August-October 2017)
22% of issues were related to
List of Sample complaints from Social Media
Policy Refunds/Maturity.

Total Conversations analysed were 100K across all media platforms

(Twitter, Facebook, Blogs, News, Discussion and so on)

Brand Research report www.simplify360.com

 16% of issues were related to Insurance Agent

The experience of buying insurance is all

about trust and that trust is generally your policy agents are fraud, trapping illiterate people into poli-
provided by Agents selling the policy. cies that are documented in english.

till today i don't even know why people take policies of #lic they
their agents all are thugs

However, customers unhappy with the i request you to all kindly do not purchase any policy with hdfc
agents are taking on social media to complain life they make fake promises and they have fake agents too.

about their bad experience with the agents lic agents only sell policy and go back, when mature you keep on
and bash the brand by calling them fraud chakkar to chakkr to lic

my mother has been duped and misled by your 85% agents

(abbrokers).please give contact to redress.many letters/escala-
tions done!

For the research, 22 Life Insurance Brands were monitored on

social media for a period of 3 months (August-October 2017)
List of Sample complaints from Social Media

Total Conversations analysed were 100K across all media platforms

(Twitter, Facebook, Blogs, News, Discussion and so on)

Brand Research report www.simplify360.com

 Brand Perception Map based on Issues faced by Customers

Customer Care was the most common issue

segment among all the insurance companies. Customer care
However, LIC Forever had higher concerns around
'paying premium', whereas Exide Life had concerns
around their Agents.

The spider chart shows the relative distribution of

volume of complaints received by each brand under Policy
Agents
Refund
each category. The point further away from center,
higher the percentage of the volume of complaints.

For the research, 22 Life Insurance Brands were monitored on

social media for a period of 3 months (August-October 2017) Paying Premium
Total Conversations analysed were 100K across all media platforms
(Twitter, Facebook, Blogs, News, Discussion and so on)

Brand Research report www.simplify360.com

 ABOUT SIMPLIFY360

Simplify360 is one of the leading social customer service

platforms.

We provide integrated social enterprise solutions for large

enterprises across industry verticals like Telecom, Retail,
Media, Banks, Insurance, FMCG & Internet companies.

The platform is also widely used by digital media agencies

for social listening, reporting and engagement.

COMPANIES WITH THE HIGHEST

CUSTOMER EXPERIENCE, TYPICALLY
GROW AT MORE THAN DOUBLE THE
RATE OF THEIR COMPETITORS.

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CONTACT US TODAY TO REVOLUTIONIZE YOUR
CUSTOMER EXPERIENCE.

THANK YOU 85%

HAVE A NICE DAY!

90%
WWW. S IMP L I F Y 3 6 0 . COM

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Contact@simplify360.com

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