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An explorative study that delves into how the insurance industry can begin tapping the immense opportunity that India presents.


The insurance industry is in the midst of an exhilarating journey. The industry has grown significantly over the past decade as evident from the surge in insurance penetration and density levels. Further regulatory reforms, particularly in the past few years have stabilized and created a favorable environment for the industry to grow further. These policy measures have led to the opening of the industry for private participation resulting in enhanced competition and changes in product pricing. However there needs to be consistent effort on the part of Government, industry players and regulatory authorities to create an environment conducive for the industry to rise beyond the existing levels. Post liberalisation, the insurance industry is undergoing constant changes in terms of innovative products, alternate distribution and marketing channels, use of technology, improved customerservice, demographic shifts, changing customer behaviors etc. Insurers need to swiftly adapt to these changes and create suitable business models to explore full potential of the insurance market. Further with changing dynamics of the economy, insurers are coping with challenges related to new emerging socio-economic, business and regulatory environment. Strategies that focus on long term sustainable growth will hold the key for survival and development of the industry.

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