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

Dr. Deepali K. Mankar , Prof. Dipak S.Umbarkar

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 insuranceproviders offer diversity of products to business, providing protection fromrisk thereby ensuring financial security. It helps individual and organization tominimize the consequences of risk which impart significant cause on the growth and development of insurance industry. Indian insurance industry isfacing major challenges in reaching out willing customers, providing themservices, acquiring and retaining players, product and distribution innovationetc. Apart from addressing the challenges of customers, improving theperformance to achieve profitable growth is another big challenge faced byIndian life insurers. Life insurance sectoranticipate different segments of customers with different needs thereby raisingthe 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. 


Keywords


Life Insurance; Regulator; Plan; Insurance Industry.

Full Text:

PDF

Refbacks

  • There are currently no refbacks.

Comments on this article

View all comments




Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Copyright © 2020 INTERNATIONAL EDUCATION AND RESEARCH JOURNAL