Insurance Industry: E-Commerce as a Key Enabler for Economic Growth

Challenges and Opportunities in the Indian Insurance Industry

Abstract

The Indian insurance industry is confronting various difficulties, for example, low client entrance, deficient insurance scope, failing dissemination channels, grave cases management structure, diminishing loan fees and an advancing administrative system. Also, organizations all around are being disturbed, raising the request and desire of customers. While there is no preventing the hidden potential from securing the Indian insurance advertise, safety net providers need to react to these difficulties and changes to keep on remaining important later on. In mmodern era, insurance has come up into a multifaceted and complex industry including a variety of disparate products and services. The present insurance industry scene is distinctively hybrid in nature, offering everything from health and life insurance to property and setback. Several insurance companies also offer financial services, for example, resource management and in addition business and lending. Various challenges have tested the insurance industry now days, bringing about stagnating deals in both the lifehealth and propertyloss parts. Some studies highlighted some factors like- The development of financial related products, for example, annuities and mutual funds have attracted customers far from traditional life insurance products, Skyrocketing expenses of medical coverage, Customers are swinging to self-insurance and other hazard management elective measures instead of conventional propertysetback products, Intra-industry rivalry because of deregulation, for example, banks that are extending their scope of services.