Awards Categories 2021

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?