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A BROKERS' PERSPECTIVE

JANUARY 17th, 2020, NEW DELHI

BROKER-FRIENDLY INSURERS:

INSURANCE BROKERS ASSOCIATION OF INDIA

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Insurance Brokers Association of India (IBAI) is the only apex body of licensed Insurance Brokers recognized by the Insurance Regulatory and Development Authority of India (IRDAI). As per the IRDAI (Insurance Brokers) Regulations, 2018, all licensed brokers are required to be members of IBAI.

IBAI’s vision: To make broking a preferred channel for customers by promoting the highest standards of professionalism among members.

IBAI’s main objectives are to promote interaction among broker members and to encourage, promote, facilitate and protect the interests of the members of IBAI. The IBAI provides an avenue to members for further education and training in all fields of insurance & reinsurance.

IBAI is a member of Indian Merchants Chambers (IMC), Mumbai, Bombay Chamber of Commerce and Industry (BCCI), Mumbai, Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (FICCI).

Direct Insurance Brokers, Composite Insurance Brokers and Reinsurance Brokers (totaling444 licensed insurance brokers as on November 30, 2019) are members of IBAI. Only those insurance brokers who are licensed by the IRDAI are considered for admission intothe membership of IBAI.

ABOUT IBAI

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This survey is the continuation of the previous surveys released in 2019 and 2018. It evaluates insurers on brokers' perspectives and promotes insurer accountability towardsthe broking community.

It also captures information on factors that are typically difficult to analyze but importantin insurance.

• The results are completely based on a broker survey.• 148 broker members responded -80% were Principal Officers, Managing Directors or

Directors. 20% were senior executives in underwriting and sales. Total respondents were 162.

• The Net Promoter Score concept has been used for the broker survey – in this concept the net score of an insurer is the number of recommenders who gave a score of 9 or 10 minus the number of detractors who gave a score of 6 or less.

• Life insurers are excluded from the survey.• The NPS survey for 2018, 2019 and 2020 has been normalised for responses received,

so that data across years is comparable.• We have rounded off the normalised NPS score.

ABOUT THE IBAI BROKER-FRIENDLY INSURER SURVEY 2020

METHODOLOGY

SCORING METHODOLOGY

Rating Score Percentile

A 76 - 100 percentile (Quartile 1)

B 51 - 75 percentile (Quartile 2)

C 26 - 50 percentile (Quartile 3)

D 0 - 25 percentile (Quartile 4)

Note: If multiple insurers on the rating cusp have the same score, we have rated all theseinsurers upwards

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The focus is on Policyholders and Broker-orientation

1. Overall recommendation2. Fairness and reward payment3. Integrity, particularly non-poaching of renewal clients4. Timely and accurate brokerage & GST payment

5. Health claims and grievance handling6. Corporate claims and grievance handling7. Responsiveness on claims; including the processes of data collection and surveyor handling

8. Competitive pricing & coverages9. Timely turnaround of RFQ and accurate endorsements

10. Technology orientation & presence of a digital platform

QUESTIONS ASKED

Broker-oriented distribution

Claim and grievance handling

Quality of policyplacement

Technologyexpertise

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BROKERS' VOTE ON AN OVERALL BASIS(NET PROMOTER SCORE, %PROMOTERS - DETRACTORS)

INSURER 2018 2019 2020 Rating

New India 47 39 57 ATata AIG 47 41 48 ABajaj Allianz 34 33 41 AICICI Lombard 27 35 38 AHDFC Ergo 27 33 34 AGo Digit - 16 20 AFuture Generali 12 17 18 AIFFCO TOKIO 16 13 15 ARoyal Sundaram -7 6 15 ABharti AXA -14 13 10 BUnited India 10 2 10 BLiberty 1 9 9 BApollo Munich Health -5 11 2 BReliance General -12 10 2 BSBI General -1 2 1 BReligare Health -2 0 -1 BOriental -4 -2 -2 BStar Health -14 -7 -4 CRaheja QBE -10 -2 -4 CCholamandalam MS -34 -6 -6 CAditya Birla Health - 6 -6 CManipal Cigna Health -16 1 -14 CMagma HDI -29 -9 -14 CNational -16 -9 -14 CShriram General -20 -13 -14 CKotak Mahindra -14 -8 -14 CEdelweiss General - -11 -15 DMax Bupa Health -32 -16 -19 DUniversal Sompo -31 -17 -20 DAcko - -9 -24 DDHFL General - -14 -28 D

Total Responses 146 127 162

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BROKERS' VOTE ON FAIRNESS AND PAYMENT OF REWARDS (NET PROMOTER SCORE, %PROMOTERS - DETRACTORS)

INSURER 2019 2020 Rating

New India 36 49 AHDFC ERGO 27 27 ABajaj Allianz 15 23 AICICI Lombard 20 22 AGo Digit 11 21 AIFFCO TOKIO 8 14 ARoyal Sundaram -3 13 ABharti AXA 6 12 AFuture Generali 10 12 ATata AIG 17 11 BLiberty 12 10 BReliance General 13 5 BSBI General 0 2 BUnited India 3 2 BOriental -13 -4 BRaheja QBE -10 -7 BReligare Health -7 -8 BCholamandalam MS -20 -10 CMagma HDI -12 -12 CShriram General -11 -12 CEdelweiss General -19 -13 CAditya Birla Health -9 -17 CStar Health -17 -17 CApollo Munich Health -15 -17 CNational -25 -17 CKotak Mahindra -10 -17 CAcko -19 -18 DUniversal Sompo -20 -20 DManipal Cigna Health -6 -20 DMax Bupa Health -31 -21 DDHFL General -20 -22 D

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BROKERS' VOTE ON INTEGRITY, PARTICULARLY NON-POACHING OF RENEWALCLIENTS (NET PROMOTER SCORE, %PROMOTERS - DETRACTORS)

INSURER 2018 2019 2020 Rating

New India 38 36 47 ATata AIG 43 36 40 AUnited India 29 24 28 AHDFC ERGO 19 26 27 AFuture Generali 23 21 24 ARoyal Sundaram 12 6 22 ABajaj Allianz 25 25 22 AIFFCO TOKIO 22 20 19 ALiberty 11 13 17 BOriental 23 18 16 BNational 18 20 16 BGo Digit - 10 10 BBharti AXA 1 14 10 BReligare Health 5 9 4 BReliance General -10 1 4 BICICI Lombard -5 -2 3 BRaheja QBE 12 8 2 CCholamandalam MS -8 6 2 CSBI General 1 5 1 CApollo Munich Health 3 9 1 CAditya Birla Health - 5 -2 CManipal Cigna Health -5 2 -2 CKotak Mahindra -1 4 -2 CUniversal Sompo -6 -6 -4 DEdelweiss General - -5 -4 DShriram General -2 0 -6 DStar Health -7 3 -6 DMagma HDI -1 6 -7 DMax Bupa Health -13 -11 -9 DDHFL General - -5 -15 DAcko - -9 -17 D

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BROKERS' VOTE ON TIMELY AND ACCURATE BROKERAGE & GST PAYMENT(NET PROMOTER SCORE, %PROMOTERS - DETRACTORS)

INSURER 2018 2019 2020 Rating

New India 39 46 49 ATata AIG 36 29 44 AICICI Lombard 34 39 40 ABajaj Allianz 29 31 36 AHDFC Ergo 12 24 29 AUnited India 25 19 25 AGo Digit - 8 21 AIFFCO TOKIO 14 22 17 AOriental 8 12 17 ARoyal Sundaram -3 3 15 BBharti AXA -15 15 15 BFuture Generali 20 24 14 BLiberty 10 10 10 BSBI General -3 8 10 BReligare Health 3 5 8 BReliance General -2 25 7 BApollo Munich Health 4 2 4 BCholamandalam MS -20 -10 1 CStar Health -9 -4 1 CAditya Birla Health - 0 -2 CManipal Cigna Health -7 -3 -2 CRaheja QBE 1 4 -4 CMagma HDI -12 -3 -4 CNational -10 -17 -4 CUniversal Sompo -21 -13 -6 DKotak Mahindra -5 -4 -6 DShriram General -6 -6 -7 DEdelweiss General - -12 -8 DMax Bupa Health -27 -18 -10 DDHFL General - -12 -17 DAcko - -13 -18 D

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BROKERS' VOTE ON HEALTH CLAIMS & GRIEVANCE HANDLING(NET PROMOTER SCORE, %PROMOTERS - DETRACTORS)

INSURER 2018 2019 2020 Rating

Bajaj Allianz 38 30 38 ANew India 21 16 32 AICICI Lombard 36 24 30 ATata AIG 17 22 27 AHDFC ERGO 18 11 21 ABharti AXA 1 6 9 ARoyal Sundaram 5 2 8 AFuture Generali 13 11 7 AIFFCO TOKIO 11 7 7 ALiberty -1 7 6 BUnited India 3 -5 5 BApollo Munich Health 8 5 2 BReliance General 0 7 0 BAditya Birla Health - 2 -1 BGo Digit - - -1 BReligare Health 1 7 -1 BOriental -8 -5 -5 BSBI General -5 0 -6 CStar Health -2 5 -7 CCholamandalam MS -8 -3 -7 CManipal Cigna Health -2 2 -7 CNational -11 -15 -12 CMax Bupa Health -10 -5 -13 CKotak Mahindra -5 -6 -15 CRaheja QBE -9 - -17 DShriram General -12 -9 -18 DEdelweiss General - -9 -19 DMagma HDI -12 -6 -19 DUniversal Sompo -13 -9 -20 DAcko - - -22 DDHFL General - -10 -22 D

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BROKERS' VOTE ON CORPORATE CLAIMS & GRIEVANCE HANDLING(NET PROMOTER SCORE, %PROMOTERS - DETRACTORS)

INSURER 2018 2019 2020 Rating

Tata AIG 40 39 47 ABajaj Allianz 33 25 35 AHDFC ERGO 20 23 33 AICICI Lombard 18 28 31 ANew India 8 12 27 AIFFCO TOKIO 16 13 12 ABharti AXA -5 6 12 AFuture Generali 21 24 10 BGo Digit - 3 9 BRoyal Sundaram 5 11 6 BReliance General -6 6 4 BLiberty 3 6 2 BUnited India -5 -3 -2 BSBI General -4 5 -2 BCholamandalam MS -14 -7 -5 CRaheja QBE 2 2 -7 COriental -15 -18 -8 CKotak Mahindra -2 -1 -10 CEdelweiss General - -7 -14 CAcko - -9 -15 DMagma HDI -5 -1 -15 DShriram General -3 -4 -15 DNational -23 -19 -15 DUniversal Sompo -16 -9 -15 DDHFL General - -6 -22 D

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BROKERS' VOTE ON RESPONSIVENESS ON CLAIMS; INCLUDING PROCESSESOF DATA COLLECTION AND SURVEYOR HANDLING(NET PROMOTER SCORE, %PROMOTERS - DETRACTORS)

INSURER 2019 2020 Rating

Tata AIG 35 36 ABajaj Allianz 24 35 ANew India 9 31 AICICI Lombard 22 29 AHDFC ERGO 21 28 AFuture Generali 12 15 ABharti AXA 8 14 ARoyal Sundaram 6 14 AGo Digit 6 12 BIFFCO TOKIO 16 12 BLiberty 6 8 BUnited India -8 7 BReliance General 9 2 BSBI General 2 0 BReligare Health -2 -1 BApollo Munich Health 3 -2 BAditya Birla Health 2 -4 CStar Health -2 -5 CCholamandalam MS -5 -6 CRaheja QBE -3 -8 COriental -16 -11 CShriram General -6 -12 CManipal Cigna Health 1 -12 CEdelweiss General -7 -16 CUniversal Sompo -8 -16 CMagma HDI -2 -17 DMax Bupa Health -8 -18 DKotak Mahindra -3 -18 DNational -19 -18 DAcko -9 -21 DDHFL General -7 -24 D

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BROKERS' VOTE ON COMPETITIVE PRICING & COVERAGES(NET PROMOTER SCORE, %PROMOTERS - DETRACTORS)

INSURER 2019 2020 Rating

ICICI Lombard 43 50 ANew India 30 44 ATata AIG 31 30 AHDFC ERGO 31 29 AIFFCO TOKIO 20 24 AOriental 6 20 AUnited India 18 20 ABajaj Allianz 6 17 ABharti AXA 21 16 BGo Digit 13 13 BRoyal Sundaram 8 13 BReliance General 18 12 BLiberty 13 11 BFuture Generali 9 9 BSBI General 6 7 BStar Health 6 7 BNational 1 4 CApollo Munich Health 0 -2 CReligare Health 3 -3 CCholamandalam MS -6 -3 CRaheja QBE -2 -7 CAditya Birla Health -1 -9 CKotak Mahindra -6 -12 CManipal Cigna Health 1 -14 CUniversal Sompo -8 -15 DShriram General -6 -16 DMagma HDI -4 -19 DMax Bupa Health -6 -19 DEdelweiss General -8 -19 DAcko -9 -20 DDHFL General -6 -23 D

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BROKERS' VOTE ON TIMELY TURNAROUND OF RFQ AND ACCURATE ENDORSEMENTS (NET PROMOTER SCORE, %PROMOTERS - DETRACTORS)

INSURER 2018 2019 2020 Rating

New India 24 23 35 ABajaj Allianz 5 9 23 AICICI Lombard 15 20 22 ATata AIG 28 24 20 AGo Digit - 10 19 AFuture Generali 12 14 18 AHDFC ERGO 15 16 17 AIFFCO TOKIO 18 9 12 ALiberty 8 10 11 BRoyal Sundaram 8 6 10 BBharti AXA -8 9 9 BReliance General 5 17 9 BUnited India 2 -1 3 BReligare Health 3 5 1 BStar Health 4 2 0 BOriental -2 -17 -1 BRaheja QBE 2 -2 -3 CSBI General 1 -5 -4 CApollo Munich Health -1 0 -4 CCholamandalam MS -14 -3 -4 CManipal Cigna Health -10 -3 -8 CAditya Birla Health - 4 -9 CMagma HDI -8 -4 -10 CKotak Mahindra -5 -7 -11 CShriram General -1 -6 -12 DAcko - -11 -14 DMax Bupa Health -12 -9 -14 DEdelweiss General - -6 -15 DNational -9 -24 -17 DUniversal Sompo -12 -12 -17 DDHFL General - -13 -24 D

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BROKERS' VOTE ON TECHNOLOGY ORIENTATION AND PRESENCE OF A DIGITAL(NET PROMOTER SCORE, %PROMOTERS - DETRACTORS)

INSURER 2018 2019 2020 Rating

ICICI Lombard 54 39 48 AGo Digit - 37 47 ABajaj Allianz 47 29 38 AHDFC ERGO 35 31 33 ATata AIG 30 26 28 ANew India -1 2 9 AIFFCO TOKIO 6 -1 4 AFuture Generali -1 -2 4 AReliance General 8 11 4 ARoyal Sundaram -3 -8 3 BBharti AXA 2 -1 2 BApollo Munich Health 8 4 1 BAcko - 6 1 BLiberty 5 6 -2 BAditya Birla Health - -1 -3 BSBI General -13 -11 -4 BReligare Health 10 4 -4 BKotak Mahindra -5 -11 -9 CCholamandalam MS -16 -9 -9 CManipal Cigna Health -1 -3 -11 CRaheja QBE -12 -11 -11 CMagma HDI -14 -9 -13 CStar Health -6 -17 -14 CMax Bupa Health -5 -9 -15 CEdelweiss General - -9 -15 CShriram General -16 -18 -17 DUnited India -29 -23 -20 DOriental -27 -31 -23 DDHFL General - -16 -25 DUniversal Sompo -16 -17 -27 DNational -38 -33 -28 D

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GLOSSARY

This survey mentions insurance companies by the short nomenclature that they are popularly known by. The full names of the companies are given below as a glossary:

GENERAL AND HEALTH INSURERS

Sr.No Short Nomenclature Full Nomenclature1 Acko Acko General Insurance Co. Ltd.2 Aditya Birla Health Aditya Birla Health Insurance Co. Ltd.3 Apollo Munich Health Apollo Munich Health Insurance Co. Ltd4 Bajaj Allianz Bajaj Allianz General Insurance Co. Ltd5 Bharti AXA Bharti AXA General Insurance Co. Ltd.6 Cholamandalam MS Cholamandalam MS General Insurance Co. Ltd.7 Manipal Cigna Health Manipal Cigna Health Insurance Co. Ltd.8 DHFL General DHFL General Insurance Co. Ltd9 Edelweiss General Edelweiss General Insurance Co. Ltd.

10 Future Generali Future Generali India Insurance Co. Ltd.11 Go Digit Go Digit General Insurance Co. Ltd12 HDFC ERGO HDFC ERGO General Insurance Co.Ltd.13 ICICI Lombard ICICI Lombard General Insurance Co. Ltd.14 IFFCO TOKIO IFFCO TOKIO General Insurance Co. Ltd.15 Kotak Mahindra Kotak Mahindra General Insurance Co. Ltd.16 Liberty Liberty Insurance Ltd.17 Magma HDI Magma HDI General Insurance Co. Ltd.18 Max Bupa Health Max Bupa Health Insurance Co. Ltd19 National National Insurance Co. Ltd.20 New India The New India Assurance Co. Ltd21 Oriental The Oriental Insurance Co. Ltd.22 Raheja QBE Raheja QBE General Insurance Co. Ltd.23 Reliance General Reliance General Insurance Co.Ltd24 Religare Health Religare Health Insurance Co. Ltd25 Royal Sundaram Royal Sundaram General Insurance Co. Ltd.26 SBI General SBI General Insurance Co. Ltd.27 Shriram General Shriram General Insurance Co. Ltd.28 Star Health Star Health & Allied Insurance Co.Ltd.29 Tata AIG Tata AIG General Insurance Co. Ltd.30 United India United India Insurance Co. Ltd.31 Universal Sompo Universal Sompo General Insurance Co. Ltd.

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INSURANCE BROKERS ASSOCIATION OF INDIAA - Z Industrial Premises Co-op Soc. Ltd., 1st Floor, Unit No. 165,

G. K. Marg, Lower Parel, Mumbai - 400 013Tel. No.: 022 - 22846544 | Email: ibai@ibai.org | Web: http://ibai.org