Over the Hump:Insurance

Insurance in India has crossed an inflection point and is well on its way to becoming the next hot thing in financial services.The earth moved with the revolution in telecom and retail banking.Well ,it is moving again with insurance.

Penetration and density are on the rise

country insurance penetration insurance density

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USA 9.61 3755.1

INDIA 2.88 22.7

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Across the industry,trained manpower ,consumer education and awareness,good quality data and use of technology at the customer interaction level are already getting in the way of growth.

Insurance industry is currently poaching from other aligned industries such as telecom and retail,but then it is equally at risk of attrition due to people leaving for other indudstries .However ,the biggest hurdle in the way of the industry's growth is a lack of capital.The section that follows tellls you what innovative methods insurers are using to overcome the constraint.

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1956.............Govt.sets up LIC OF iNDIA

2000............ Irda 's licences to private insurers.......ICICI Prudential and HDFC Standard Life ...first to sell.

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web addressses of private insurers

avivaindia.com

bajajallianz.com

bharti-axalife.com

birlasunlife.com

hdfcinsurance.com

iciciprulife.com

ingvysyalife.com

kotaklifeinsurance.com

maxnewyorklife.com

metlifeindia.com

reliancelife.co.in

saharalife.com

shriramlife.com

tata-aig.com

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