The liberalization of FDI norms in the Insurance sector has galvanized the Insurance Industry, attracting several renowned foreign insurance companies, bringing along with them solid competition and operational efficiency, which would go a long way to raise the penetration level.
Other factors that are likely spur the Insurance Industry in the coming days include:
• Sale of a range of insurance products under Life & Non-Life Insurance segments, under PoS. This is expected to improve insurance penetration.
• Extension of insurance portability facility to other insurance products.
• Differentiated pricing on e-policies and customized health insurance policies.
According to a report by an Indian Industry body and Boston Consulting Group, India’s Insurance population is likely to reach 750 million and record US$ 400 billion in premium income by 2020, when life-expectancy is expected to reach 74 years. The report also reveals that India would be among the top three life-insurance markets in the world and among the top 15 non-life insurance markets by 2020.
Driven by high-technology and latest regulatory practices, the Insurance Industry will see high-growth and also generate plentiful employment opportunities. To meet this eventuality, India needs to have enough number of skilled Insurance professionals with the requisite domain expertise and skills to harness the employment opportunities and make a great career for themselves.