Over the years, the Indian Insurance Industry has flourished and has come a long way since its inception. Having completed the journey – from an open competitive market getting nationalized and further entering into a liberal market again has been a journey to reckon! Let’s celebrate the journey of the Indian life insurance sector by showcasing the milestones.
1912 – Formation of the Indian Life Assurance Companies Act
1928 – IACA was authorized for enabling the government to collect statistical information on both life and non-life insurance businesses
1956 – Formation of LIC with a capital of 5 crores
Despite the gigantic growth, it still needs to bridge a huge gap as the insurance penetration in India stands amongst the lowest in the world today. To an extent globalization, urbanization, lifestyle has driven the growth alongside the business-friendly reforms from the Government, but yet the journey is far from being accomplished. As technology and innovation are playing the masterstroke and making their presence felt, this sector is not to be left behind.
Startups – Defining a New Era
The contribution of the startup culture is playing a vital role in expanding the footprints of the players into the tier II & III cities. Researching, collaborating with global brands, exploring new markets, these players are creating their own path of success that is a perfect blend of creativity and innovation. As new ideas continue to chip in, these players are not resisting themselves to create their own forte and niche markets.
Technology to the Core!
As the Insurance industry is a prime example of a data-rich industry, analytics plays a major role in harnessing the needs of the consumers. With the world in their palms, today’s customers are much more intelligent, curious, and diverse. Smart applications that share info at a click along with the AI-powered chat boxes are few of the innovations driving the market.
The Bigger Picture
