EMERGING TRENDS IN INSURANCE – A STUDY IN INDIAN LIFE INSURANCE INDUSTRY

Authors

  • Dr. Deepali K. Mankar Sinhgad Technical Education Society, NBNCOCS, Lonavala, Pune
  • Prof. Dipak S. Umbarkar Sinhgad Technical Education Society, NBNCOCS, Lonavala, Pune

Keywords:

Life Insurance, Regulator, Plan, Insurance Industry

Abstract

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.

References

Gupta, P.(2011), „Insurance and risk Management‟, Second edition, Himalaya Publishing House

IC 33 (2007), Life Insurance,(New Syllabus),Insurance Institute of India, Mumbai, India.

KPMG (2013),„Insurance Industry – Road Ahead, Path for sustainable growth momentum and increasing profitability‟, Available from : www.kpmg,com./in, [15 May 2014]

BCG (2013), „India Life Insurance: Negotiating the troublesome teens‟, Available from: www.bcg.com. [16 May 2014]

Jain, A.(2011), „Global Trends in Life Insurance: Policy Administration,

Key policy administration trends and their implications for the life insurance industry‟, Capgimini, Available from: www.capgemini.com/insurance, [16 May 2014]

Annual report(2012), „Insurance Regulatory and development authority‟(IRDA), Govt of India, Available from: www.irda.gov.in, [16 May 2014]

Ernst & Young(2012), „Insurance industry: Challenges, reforms and realignment‟, Available from: www.ey.com/in, [16 May 2014]

Zeithaml, V. & Bitner, M. (2003), „Services Marketing‟, Third Edition, Tata Mc Graw-Hill Publishing Company Limited, New Delhi, p. 60-80

Additional Files

Published

15-06-2017

How to Cite

Dr. Deepali K. Mankar, & Prof. Dipak S. Umbarkar. (2017). EMERGING TRENDS IN INSURANCE – A STUDY IN INDIAN LIFE INSURANCE INDUSTRY. International Education and Research Journal (IERJ), 3(6). Retrieved from http://ierj.in/journal/index.php/ierj/article/view/1152