Life Insurance Providers- Competition Increased In Private Sector
India with about 200 million middle class household shows a huge untapped potential for players in the insurance industry
. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. The insurance sector in India has come to a position of very high potential and competitiveness in the market. Indians, have always seen life insurance as a tax saving device, are now suddenly turning to the private sector that are providing them new products and variety for their choice.Consumers remain the most important center of the insurance sector.After the entry of the foreign players the industry is seeing a lot of competition. The competition in the industry has impacted consumers in a positive manner. Various life insurance providers are bringing in lot of synergies to their businesses as well as ultimate consumers. Below are some of the privatization impacts on the insurance sector in India:
The improvement of the customer service in the industry. Private life insurance companies are known for their quick service and fast response and as a consumer; immediate responses are required by them. Privatization has made this industry efficient and consumer problems are resolved very quickly.
Computerization of operations and updating of technology has become domineering in the current scenario. This has resulted in quick releasing of policies.
Private life insurance companies in collaboration with their foreign partners are bringing in international best practices in service through use of latest technologies. For example, you can buy insurance online without any hassle of going to any agent for their help resulting in saving of costs incurred.
Life insurers are providing lot of choices to the customers. People have incredible choice from a large variety of products from pure term (risk) insurance to unit-linked investment products. Customers are offered products with a variety of benefits as riders from which they can choose. More customers are buying products and services based on their true needs.There are lots of saving and investment plans in the market.
Multiple distribution channels have come into picture leading to more and more reach of the insurance products. Private companies have more or less successful in tapping rural market of India.
The emergences of various life insurance providers have benefitted the society. More and more people have understood the importance of insurance which can be attributed to marketing by various life insurers.
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