India’s insurance sector has seen significant activity and growth since inception. The sector has attracted many foreign as well as a large number of domestic players to enter the market and witnessed a strong growth in the last decade. However, the industry is facing a challenging business environment since the last couple of years, led by regulatory changes aimed at driving greater customer centricity.
The key stakeholders namely insurers, regulator and government will have to make a concerted effort to revive growth and put the industry back on the path of sustainable growth. Insurers will have to think hard on the way the industry functions in terms of expanding to newer customer segments, appropriate and cost effective distribution channels, improving customer servicing and improving the overall efficiency of operations.
The CII-Ernst & Young report profiles the insurance industry to date, the challenges facing it and suggest steps that the key stakeholders can take to revive growth in the industry to sustainable levels. The study was released at the 16th CII Insurance Summit held on 14 August, 2013 at Mumbai.