Best Life Insurance Company of the Year
- Total New Business Premium
- Individual premium
- Persistency Ratio -13th and 61st month
- Profit after Tax
- Asset Under Management
- Total expense ratio
- Number of complaints per 10,000 policies
- Claim Settlement Ratio
Best General Insurance Company of the Year
- Gross Written Premium
- Technical Reserve to Net Premium Ratio
- Combined ratio
- Profit after tax
- Retention Ratio
- Solvency Ratio
- Claim Settlement Ratio
- Number of complaints per 10,000 policies
Company with the Best Health Insurance Coverage of the Year
- Gross direct premium
- Solvency Ratio
- Combined Ratio
- Claim settlement ratio
- Profit after tax
- Retention Ratio
- Number of complaints per 10,000 policies
- Repudiated Claim Ratio
Company with the Best Risk Management Strategy of the Year (Life/General)
- Persistency -13th month & 61st month – for LI Companies
- Risk Retention Ratio – for GI companies
- Reserve Adequacy Ratio
- Solvency Margin
- Average TAT to resolve customer’s grievances
- Claim Repudiation Ratio
Best strategies for ‘Insurance Spreading’ for the Year
- Number of branches
- Distribution Spread – 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
- Rural and Social sector policies
Best Broker of the Year
- Number of insurance companies with which policies have been placed
- New Business Growth (growth in clients, policies written, new business)
- Number of claims settled vis a vis claims raised by clients
- Persistency Ratio/ Retention Ratio/ NPS Score
- Total Number of POS (Point of Sales)
- % of employees with valid Insurance qualification to the total number of employees
- Details of innovation and adaptability in the areas of – new sales and marketing strategies, adoption of regulatory changes, enhancement in the areas of customer experience and risk management
Best Innovations led by Technology and Insurtech’s
- Innovative and diversified product percentage to total sales
- Reason to consider the product/process as innovative
- Provide Details of Impactful New Process leading to Better Customer Experience/Service
- Tech Enablement that impacted service standards – mention area of impact and results
- Digital transformation initiatives to enhance insurance penetration e.g., AI, Robotics, Chatbots, Big Data, Cloud, etc. and its overall impact in improving customer experience.
Best Customer Oriented Company (Life/General/Health)
- New Business Premium
- Persistency -13th month & 61st month – for LI Companies
- Risk Retention Ratio – for GI companies
- Average number of complaints per 10,000 policies
- Claim Settlement Ratio
- Total Settlement TAT
- Number of Products which cater to women, minority groups, people with disabilities and LGBT individuals
Women in Insurance Leadership
- Number of women in top management with details of role
- Number of products cater to women specifically
- Total number of women employees to total employees
- % of women into intermediaries /Agents
- % of policy sold to women
Best Practices in Crop Insurance
- Percentage of crop insurance premium to total premium
- Retention Ratio of Crop Insurance
- Loss Ratio of Crop Insurance
- Servicing innovation for rural areas
Best Reinsurer of the Year Region Wise (Life/General/Health)
- Shareholder capital.
- Reserve Adequacy Ratio.
- Number of claims settled
- 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
