India is a great market for all products. With diversified culture and preferences, diversified needs and changing trends, and increasing salary made India a successful market globally. The insurance sector in India was valued at nearly US$10 bn in the year 2005 and is now growing at a greater pace.
With a big giant called the LIC, which by itself is a company formed by enforcing an act called the Life Insurance Corporation of India Act of 1956 is a huge consolidated entity. Now with more number of insurance companies having proliferated the life insurance industry in India there is a need for more innovative products, new risk measurement methodologies, innovative marketing strategies, consolidation, new distribution networks like bancassurance, brokers and more qualified agents for its consistent growth.
The political system in India is very skeptical about the fact that whether more participation by the multinational giants and more investment by them in the form of capital can actually question the ethic of the industry thereby destroying the local players and pave the way for videshi market in India again. But it is true on our part to accept that new entries have actually changed the rules of the game in the insurance industry. |
