By Novi Dewan (auth.)
Due to its big inhabitants, sound financial basics, dynamic advancements within the coverage regulatory framework and an expanding wisdom among Indians concerning the relevance of insurances, India deals large possibilities for marketplace access and enlargement within the assurance undefined.
"The ebook finds insightful principles concerning the Indian coverage besides a dialogue at the most sensible practices of the promoting combine. Novi's striking thesis, which kinds the root of this publication, brought on me to give a contribution to her examine with an India viewpoint. i'm certain that this publication might be a massive reference fabric for rising markets with related development dynamics."
dealing with Director
Tata AIG lifestyles coverage corporation Ltd.
“The research offered stands proud by means of being in accordance with an intensive figuring out of India and the existence and medical insurance investigated.”
Professor Dr. Martin Fassnacht
affiliate Dean and Endowed Chair of Marketing
WHU – Otto Beisheim university of Management
“Only only a few insurance firms relatively stick with a powerful market-driven process. I think about this publication a must-read for coverage executives, not just if you have an interest within the Indian industry yet for all of these who are looking to instil extra market-orientation into their organisations.”
Dr. Dirk Schmidt-Gallas
accomplice and international Head of coverage
Simon-Kucher & Partners
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Extra info for Indian Life and Health Insurance Industry: A Marketing Approach
SBI (State Bank of India) is one of the largest banks in the country; thus bancassurance continued to be SBI Life’s key distribution channel contributing to 43% of the premium underwritten, consequently massively reducing costs of operations, leading to an earlier break even. All private insurers reported a deficit in their revenue accounts 2005–2006 and thus necessitating further injection of capital by shareholders. LIC continued to report a surplus of 50 2 Life Insurance Rs. 127 billion, of which Rs.
The points in the illustration that are not preceded with a “D” are unrelated to the de-tariffing aspect and would have progressively occurred irrespective of the de-tariffed scenario. TPA = Third Part Administrator Facets explicated Marketing Facets – Pricing: • Industry experts predict that fire and motor premiums would go down by 30–35% (these were part of the tariffed, thus profitable businesses). This is attributed to the tendency of players to undercut one another, due to free market 20 1 Insurance Industry in India Barriers to Entry ✔ FDI Ceiling ✔ Capital requirements ✔ Experience with respect to understanding of the market Buyer/Customer Power ✔ D+ Widening product range ✔ D– Increasing price sensitivity of customers ✔ D± Increased competition in a de-tariffed scenario ✔ D– Large corporate clients ✔ D– Switching costs ✔ D+ Good risk customer will not longer subsidize bad risk customer ✔ Low penetration, thus less number of buyers ✔ Yearly renewal for non-life products ✔ Multiple distribution ✔ Sale of Bancassurance ✔ Elaborate distribution requirements ✔ “Lock-in” of buyers Suppliers’ Power ✔ D– Reduced commission Industry Rivalry ✔ D– Initial effects of Detarifed scenario ✔ Industry concentration in both life and non-life ✔ Foreign players entering ✔ Restricted competition due to regulations ✔ Solvent Margin requirements ✔ Low penetration of insurance Threat of Substitutes ✔ D– Increased competition, thus offered by reinsurance companies with de-tariffing ✔ D- Increased efficiency of Brokers necessitated ✔ Limited actuaries in the marked ✔ Reinsurance concentration ✔ Lock in & high switching costs for firms ✔ Cession to the National Insurer ✔ Dependence on IT providers ✔ Dependence on TPAs ✔ Orphaned customers due to high attribution of agents substitutes due to de-tariffing ✔ Government pension schemes ✔ Tax savings instruments ✔ Emerging substitutes ✔ Switching costs of customers ✔ Dependence on Children in rural India Figure 11: Porter’s Five Force Analysis of the Insurance Industry (Author through accumulated readings and research) pricing policy, thus resulting in some type of cut-throatism and a price war.
9% of Asia-Pacific market value. 9% of gross premiums written within the global insurance market. 2% respectively of global gross premiums written. 7986% of the global gross premiums written in 2005. 38 1 Insurance Industry in India A Snapshot of the Competitive Landscape [a] The competitive landscape of the Indian Insurance Market India’s large rural population is migrating to urban areas, creating a large “new customer” demographic for India’s insurance companies. India’s booming economy is also conducive to a positive performance from insurance companies.