NIQ Study: Significant Enhancements in Health, Motor, and Life Insurance Sectors in India
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NIQ, a global leader in consumer intelligence, unveils actionable insights into the rapidly evolving Indian insurance industry. The NIQ Finance Syndicate Study highlights seismic shifts across the life, health, and motor insurance categories, reflecting evolving consumer preferences, intensified competition, and the disruptive emergence of Insurtech.
The NIQ Finance Syndicate Study aims to empower insurers to navigate this changing landscape, where consumer decisions rely heavily on instant brand recall, ensuring that insurance remains synonymous with financial security and empowerment for all.
Speaking about the emerging trends, Mitesh Dabrai, Executive Director – Consumer & Marketing Insights at NIQ in India said, “There is a surge in consumer awareness and engagement, fueled by the rise of new-age Insurtech players challenging traditional giants. The NIQ Finance Syndicate study indicates growth across various insurance sectors. For instance, life insurance has seen a 5% increase in spontaneous awareness and a 9% uptick in consideration. Likewise, health insurance shows a 10% increase in category consideration, while motor insurance demonstrates an 18% rise, highlighting the significance of network and product offerings.”
The category insights from The NIQ Finance Syndicate Study empower insurers to navigate this changing landscape, ensuring insurance becomes synonymous with financial security and empowerment:
Life Insurance:
- 5% Surge in Spontaneous Awareness: Over the past two years, there has been a notable 5% increase in the relative importance of spontaneous awareness as a category driver, indicating growing consumer consciousness towards life insurance products.
- 9% Improvement in Category Consideration: The average category consideration has witnessed a commendable 9% improvement in the last three years, underlining heightened interest and engagement among consumers in life insurance offerings.
Health Insurance:
- 10% Surge in Category Consideration: Consumer engagement in the health insurance segment has soared by 10% over the past two years, driven by heightened consumer involvement and interaction.
Motor Insurance:
- 18% Increase in Category Consideration: The motor insurance segment has witnessed an impressive 18% improvement in average category consideration, with new-age players significantly contributing to this growth.
This growth underscores the evolving nature of the insurance industry, emphasizing the importance of adopting innovative, differentiated, and personalized approaches to thrive in today’s competitive environment. Here are three key implications for insurance companies:
- Adapting to Consumer Preferences: Understanding and decoding shifting consumer preferences is imperative for insurance companies to stay ahead in the competitive landscape.
- Continuous Innovation: Continuous improvement and innovation in product offerings are essential to meet evolving consumer expectations and outpace competitors.
- Personalization Strategies: Personalization and customization strategies can enhance brand relevance and drive loyalty among consumers.
As the Indian insurance industry undergoes transformative changes, The NIQ Finance Syndicate study serves as a beacon, guiding companies towards innovation, differentiation, and alignment with regulatory initiatives. By embracing these changes, insurers can navigate the evolving landscape with confidence, ensuring a future where insurance is synonymous with financial security and empowerment for all.
About the study
The NIQ Finance Syndicate Study engages relevant online survey respondents quarterly to monitor key brand health metrics in the insurance sector. It focuses on awareness, consideration, and brand imagery while providing detailed diagnostics of media campaigns for Life/Health/Motor Insurance players. The objectives of the study include measuring brand equity, awareness, relevance, and image, as well as identifying the source of awareness and evaluating campaign effectiveness. The target group comprises owners and intenders of Life Insurance, health insurance, and motor insurance, particularly decision-makers in household financial investments. The study engages working individuals aged 22-50, belonging to Socio-Economic Classifications SEC A & SEC B, and aims to provide reliable insights to guide strategic decision-making in the insurance industry.
