EMERGING TRENDS IN INSURANCE – A STUDY IN INDIAN LIFE INSURANCE INDUSTRY
Keywords:Life Insurance, Regulator, Plan, Insurance Industry
Indian Life insurance sector is growing at a faster rate. This sun rising industry has given a platform for economic growth and employment. The great extent of importance realized after it has opened to the private players in the post liberalization period. With many players in business, the insurance regulatory and development authority came with innovative and constructive guidelines for both products and services.
Insurance is the backbone in managing the risk of the country. The insurance providers offer diversity of products to business, providing protection from risk thereby ensuring financial security. It helps individual and organization to minimize the consequences of risk which impart significant cause on the growth and development of insurance industry. Indian insurance industry is facing major challenges in reaching out willing customers, providing them services, acquiring and retaining players, product and distribution innovation etc. Apart from addressing the challenges of customers, improving the performance to achieve profitable growth is another big challenge faced by Indian life insurers. Life insurance sector anticipate different segments of customers with different needs thereby raising the importance of new and competitive dynamics.
This paper discusses the new trends and challenges that the present industry is facing. Our study is only limited to life insurance sector. The suggestion and recommendation will help both academician and industry personnel to re- engineer their thought in insurance sector.
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