Best Life Insurance Company of the Year
- Claim Settlement Ratio
- Net worth/Shareholder Capital
- Persistency Ratio -13th and 61st month
- New Business Premium CAGR
- Number of complaints received per ten thousands customers
- Investment In Training
- Number of services of the insurance company that are quality certified
Best General Insurance Company of the Year
- Technical Reserve to Net Premium Ratio
- Combined Ratio
- CAGR of Premium
- Shareholder Capital
- Number of complaints received per ten thousands customers
- Claim Settlement Ratio
- Investment In Training
Company with the Best Health Insurance Coverage of the Year
- Numbers of Health Insurance Policies in operation
- Average Time to settle a Health Claim
- Average Claim Size
- Retention Ratio
- Number of complaints received per ten thousands customers
- Investment In Training
- Claim Settlement Ratio
- Repudiated Claim Ratio
Award for the most effective adoption of Technology into the insurance business
- Ratio of expenditure made on IT cell to total operational expenditure
- Ratio of IT Professionals to total employees
- Ratio of number of online policies sold vis a vis total policies sold
- Ratio of number of claim settled online vis a vis total claim settled
- Persistency Ratio average over 5 years (policy)
Company with the Best Risk Management Strategy of the Year (Life/General)
- Persistency -13th month & 61st month
- Reserve Adequacy Ratio
- Solvency Margin
- Average TAT to resolve customer’s grievances
- Claim Repudiation Ratio
- Risk Retention Ratio
Best strategies for ‘Insurance Spreading’ for the Year
- Number of branches
- Percentage of growth in number of Agents/Brokers/Corporate agents
- New Digital initiatives Insurance Company for penetration in all levels of society.
- Number of policies CAGR
Best Broker of the Year
- Number of insurance companies with which policies have been placed
- New Business growth CAGR
- Number of claims settled vis a vis claims raised by clients
- Persistency Ratio
- Average number of complaints per hundred customers
Best Innovation and Diversification (Product/Process) introduced by a Company in the Year
- Innovative and diversified product percentage to total sales
- Reason to consider the product as innovative
- Provide Details of Impactful New Process leading to Better Customer Experience/Service
- How innovative process deliver value to customer
Best Customer Oriented Company (Life/General/Health)
- Protection of New Business CAGR.
- Number of Products which cater to women, minority groups, people with disabilities and LGBT individuals
- Narrate the diversity and inclusion strategy implemented
- Persistency Ratio-13th Month
- Average number of complaints per thousand customers
Women in Insurance Leadership
- Number of years in top management with details of role
- Number of products cater to women specifically
- Total number of women employees to total employees
Best Practices in Crop Insurance
- Percentage of crop insurance premium to total premium
- Retention Ratio of Crop Insurance
- Loss Ratio of Crop Insurance
Best Reinsurer of the Year Region Wise (Life/General/Health)
- Shareholder capital.
- Reserve Adequacy Ratio.
- Countries Covered in Re Insurance.
- No of Life and General Insurance Companies Covered in Re Insurance (average of last 3 years)
- Risk Management Strategy
- Percentage of Risk Premium ceded to the Reinsurance companies by the Life and Non-Life Insurance companies
Best Micro Insurer Of The Country/Region
- Total No of micro insurance policies sold per year (last 3 years).
- What proportion of total policies sold are in Micro Insurance (average of last 3 years)?
- What is the proportion of division of micro insurance between life and general (average of last 3 years)?
- Is the premium collection through cash or digital?
- What is the Persistency Ratio -13th month?
- What is the Claim Settlement Ratio?
- What is the no of Customer Complaints per 1000 Customers?
