Page 284 - India Insurance Report 2023- BIMTECH

272 India Insurance Report - Series II

Table 2 : Scoring by Area of Engagement (1=very high; 5=very low)

Area of Importance Engagement Relevance for Link to
engagement to customers of own insurer insurance purchase sustainability
p value <0.001 <0.001 <0.001 <0.001

p value w/o Data <0.001 <0.001 0.23 0.06
Data 1.66 2.01 1.90 1.91
Investments 1.91 2.38 2.18 2.01

Footprint 1.92 2.18 2.23 2.03
Society 1.99 2.23 2.21 2.11
Claims Adjusting 2.02 2.39 2.20 2.11
e-Mobility 2.12 2.28 2.32 2.07

Graphing the relative scoring vs. the average in Figure 6, we see that insurers roughly match their
engagement to the areas deemed most important by customers, with Data scoring best in both dimensions.
The position of e-Mobility suggests that companies are overweighting their engagement in this area with
respect to the importance customers attribute to it, whereas more emphasis could be devoted to Investments
and Claims Handling. Importance also links directly to relevance for purchase, suggesting that customers
are consistent between overall ranking and purchase decisions by topic. The analysis is weakened, however,
by the low distinction between the relevance scoring once Data is removed from the analysis.

(a) (b)

Figure 6 : Engagement and Relevance for purchase vs. Importance to customers by area of engagement

Similar to Figure 5 showing the link between engagement and relevance by age and gender, we can
investigate the existence of a similar link by area of engagement, as shown in Figure 7. Companies seem
to have prioritized activities and/or communication efforts in the Data area. For the other areas the
picture is more nuanced and impacted by the lack of differentiation for the relevance for the purchase
decision. The result, however, seems to be consistent with Figure 6(a), with Investments and Claims
Handling under-represented with respect to their relevance.