Survey says brand recall, intention to buy policies go up sharply.
KOLKATA: Insurers are on a brand recall high - both on awareness or mindshare and 'consideration', which expresses the intention to buy a policy from the insurer within the next one year.
While Life Insurance Corporation (LIC) retains the highest rank, private players have zoomed ahead on the right connect with Indian consumers over the last one year.
The latest A C Nielsen ORG-MARG report on the Life Brand Health Monitor of April 2006, which is available with DNA Money, has tracked various brand health dimensions of life insurance companies.
While the awareness factor of private insurance brands are, in most cases, above 60%, the consideration factor has also registered a substantial increase over the last one year.
Awareness of the brand always does not translate into buying a policy, but rise in consideration levels reflects the keenness to buy a policy, at least within a short time-frame.
Insurance behemoth LIC has the highest awareness level of 100% for both the years, which means that everyone has been aware of the brand. The intention to buy has moved up to 98% in April 2006 from 95% the previous year.
ICICI Prudential Life registered the highest count on both these parameters among private players in April 2006.
In fact, while the total awareness count increased to 98% in April 2006 from 95%, the consideration to purchase moved up by 9 percentage points to 71% in April 2006.
Other private players like HDFC Standard Life, Tata AIG, SBI Life and Bajaj Allianz registered high awareness levels between 75% and 92%.
The corresponding consideration factor also moved up sharply in a year's time. People expressed their intention to buy policies from these companies within a year's time.
Interestingly, although these four to five companies recorded the highest count, other private companies also moved into the mindshare over last year. Awareness and consideration factors also grew for Birla Sun Life, Max New York Life and MetLife.
