The CII–EY report on the Indian Insurance Industry titled ‘Building Growth, Building Value’ recommends chasing efficiency in distribution by finding greater synergy among the different channels. This will help in well-rounded industry growth and enable maximum value creation for all the stakeholders. The report also states that insurers must be careful in identifying the right ways to employ additional capital inflows that they may receive over the next few years with capital infusion from the foreign partners.
The report highlights that:
- Skill development at an industry level and better service integration between the
insurer and the distributors will help in distribution efficiency
- The potential capital infusion must be effectively utilized to drive awareness and
reach out to the under penetrated segments
- Insurers must embrace digital with a resilient cyber security framework to disrupt
the traditional business structures
The report also shares a view on issues in the global markets identifying themes which may play out in the Indian context in the future. The Indian insurance industry has witnessed both volatility and success over the last decade and must strive to maintain high governance standards and eliminate risks.