Current status of Insurance sector in India
In last few decades India has emerged significantly in insurance development with privatization and implementation of online insurance policy structure. But, now country has reached at watershed of it's development. In last few years using the scenario to buy insurance online, online distribution, legal online regulations and online insurance policy the turnover growth rate has increased by 17%, which was Rs 12,000 crore in 2002 now it is Rs 70,000 crore annually.
Importance of Insurance sector in India
The Insurance sector plays a crucial role in country's economy by reinvestment of funds, major employment provider and the cost of catastrophes. Insurance transfer risk from individual and corporate customer by safeguarding there exists in society.
Key Trends shaping Insurance sector in India
The following four area development's will lead to fulfil the vision demonstrated by country and India is moving forward to work on following themes or trends to have a progressive insurance sector in 2025. The Internet platform will play a key role by making processes like compare insurance, buy online insurance, creating global connectivity, online insurance policy availability and much more.
GLOBAL FORCES INVOLVMENTS
MODIFYING CONSUMER EXPECTATIONS AND BEHAVIOUR
MANIPULATING AND SHIFTING DEMAND IN FOLLOWING SECTORS
POLICY AND REGULATORY INITIATIVES
Global Forces Involvements
India, China and Southern Asia are considered as emerging powers in global insurance by 2025. However, India is considered as major source of growth globally. The technical excellence, online development and growth in online insurance policy is considered as reason for these winning role. The technologies like social media, cloud, mobility will help for sophisticated business, customer connectivity and mobility to buy insurance online.
Customer behaviour and expectation
To fulfil the different behaviour and expectations of customer the process to buy online insurance serves as best method for growth. The expectation of customers to have a solution-oriented approach gave birth to online insurance policy and functionality on Internet platform.
Manipulating and shifting demand in following sectors
There are initiative made by Indian government to shift demand on sectors like healthcare, auto and many more that are linked with general insurance. For, vision fulfilment of 2025 insurance industry will require significant technical talents like underwriters, claims, assessors and surveyors to function on online platform and provide technical facility to buy insurance online, compare and conduct.
Policy and regulatory initiatives
The IRDA and government have provided guidelines for online insurance policy process that makes these online-based activities authentic all over country for industries and people. But, still there is need to strengthen insurance industry structure, guide efforts, ensure customer protection and capital environment attraction for growth amendment in 2025.
Source : articlesbase.com
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