Challenges Faced in Insurance Markets
Tags :
Insurance, Life insurance, savings, investment, security, challenges, Insurance Markets
Industry :
Insurance
Functional Area : Performance Management |
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About "Challenges Faced in Insurance Markets" topic:
With financial services becoming market-driven, and with unforeseen fluctuations in interest regime, insurance companies have to exercise utmost care in product designing and pricing in Indian Insurance. Discuss Issues and Challenges of Insurance industry in India here......
1 trends
, 3 insight
, 5 debates
, 4 idea contests
, 3 question
on topic: "Challenges Faced in Insurance Markets"
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1
Reduces Future Profitability
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insurance should be done in good time when we dont need it
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vishab veer singh rana
| Supported idea
"insurance should be done in good time when we dont need it"
| 2 years ago
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i believe insurance should be done at a time when require it least.because at that time when we dont require it.is a best time to take by which we can make sure that in any future troubles.we would not be sufferred with any trouble in life.so...
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vishab veer singh rana
| Added idea
"insurance should be done in good time when we dont need it"
| 2 years ago
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Insurance should be done at a time when we dont require it.
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Malik Abrar Altaf
| Supported idea
"Reduces Future Profitability"
| 3 years ago
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yes definitely the present economic crisis will reduce future profitability , but not only for firms or industry-vide, but from the consumers point of view. as we know that most of the population in india which is insured contains irrational...
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Ideate: "How Is the Financial Crisis Impacting the Insurance Industry?" deleted from your view.
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So it seems the private life insurance companies (PLIs) in India have finally realized the importance of renewal premia (ref. Economic Times Delhi 9-Mar-09 ‘Ulips add premium to life insurance renewals’). The other day at the Economic Times insurance conclave, the head of one of the PLIs indicated that the industry perhaps had a misplaced emphasis on new business, and new measures of performance need to be evolved. In another context, critical today in view of current liquidity problems in which almost all enterprises find themselves in the current economic environment, a host of mavens and industry experts have emphasized the need to conserve cash and in fact wring the last drop of cas...
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Dushyant Hada
| Commented
| 2 years ago
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Renewals are bread and butter for insurance company, any company who is looking to be long term player in industry must have to look forward to its persistency ratio.
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Samir Das
| Commented
| 2 years ago
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Mr.Debashis although insurance companies are focussing on renewed premium but what do you think how will they overcome the slowdown which we are seeing in the insurance industry.
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Insight: "Insurance industry in India - 'renewed' focus on renewal premium" deleted from your view.
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(rate this)
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1
Training & Development
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Market Segmentation and Insurance products and services that cater to the needs and wants of these segments
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Niranjan Meena
| Supported idea
"Training & Development"
| 2 years ago
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I also support my friends idea regarding the training and development in the insurance companies. Many people in India are unaware of the insurance policies, this is due to lack of proper training to agents who promote insurance policies. So...
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Meetu Sardana
| Supported idea
"Training & Development"
| 2 years ago
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There is a greater need to train people in this sector. The major factor which is acting as a hindrance to growth of Indian insurance sector is the lack of trained professionals.
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A.Mohamed Ali
| Supported idea
"Training & Development"
| 2 years ago
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Hi, The basic qualification of any sales person is " Understanding Customer's needs and delivering accordingly. Understanding the customer's need can only be achieved by listening and observing the suctomer. We must make the customer speak
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Ideate: "How to grow and survive in the Indian Insurance Market ???" deleted from your view.
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(rate this)
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1
insurance in the bad market
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Slowdown = Bag full of Challenges
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Maria Colaco
| Added idea
"Sales a challenge"
| 2 years ago
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In the Indian Context Insurance is still viewed as a tax instrument and not as a need. Customers are still not aware of the adequate insurance they need. Most of the customers have purchased insurance to save taxes and not for the reason that...
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Jithesh Ramesh
| Supported idea
"insurance in the bad market"
| 2 years ago
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Definitely I support Mr.Krissh completely.If the insurance agents or advisors are not keeping in mind the needs of customers and are offering them the policies or products which they are not in need of then that will definitely bring down...
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Ideate: "What challenges are faced by Insurance companies during this slowdown period ????" deleted from your view.
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As the inflation in the past few years has been growing with a rapid rate it has become a major concern for people. Insurance could not be differentiated from inflation as the calculation of the total return due on insurance company and underwriting profit margins are dependent Consider an example Suppose there is a contract to insure $1 against inflation that is equivalent to a call option on the consumer price index. When there is no deductible this call option is equivalent to a forward contract on the CPI. Its price is the difference between the prices of a zero coupon real bond and a zero coupon nominal bond, both free of default risk. Provided that the risk-free real rate of inter...
Insight: "Inflation And Insurance" deleted from your view.
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(rate this)
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Big businesses
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9
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3
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Small businesses
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Nikhil
| Argues in support of
"Big businesses"
| 1 year ago
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I agree with Mr Aiyer , Insurance is not a busniees which is carried on at smaller levels It is money and patience wherein break even takes nearly 7-8 years and in present scenarios it will run upto more than a decade A individual or a samll...
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A.R.Arunachalam
| Argues in support of
"Small businesses"
| 2 years ago
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Small business( Retail business ) will give regular business in no of policies as well as premium size. Searching only big business will not help us, searching big business among no of small retail case will give good consistency business in all...
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mohd arif bootwala
| Argues in support of
"Big businesses"
| 2 years ago
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I would agree with Mr.Aiyer, however IRDA our govt regulations are very strict in this matter, however other aspects are all secondary for appointing an insurance company, most well estabilished companies and Banks are in into insurance these days.
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Debate: "Insurance companies-Big businesses or Small businesses" deleted from your view.
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i am an mba with 3 years of experience looking for change in equity research what should i do to make change and also what are the sector in finance which can grow with stable job
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Dushyant Hada
| Answered
| 2 years ago
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Is you got any domain exp. in equity research?
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Answer: "i am an mba (marketing) with 3 years of experience in financial market looking for chance in stable field at present..." deleted from your view.
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Answer: "How important is the payment of Claims with respect to the number of Claims filed and also with respect to continuous New..." deleted from your view.
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Various challenges faced in Insurance Markets are 1. Industry Challenges (i) Commoditization in personal line products. (ii) Shifting consumer requirements( everyone wants products tailored to them, customization) (iii) Heightened competition. (iv) Global economic meltdown. 2. Business Challenges The key business challenge for most of the insurers is to reduce the turnaround time and improve their speed to market their products. Distribution Channel pressures and emerging consumer demands for mass customization and hydrid products are moving rapid product development from being a competitive advantage to a necessity. 3. Process Challenges Lack of stream lined processes, change management,au...
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Debashis Gupta
| Commented
| 2 years ago
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The need for an increased focus on renewals, in the face of performance measures almost exclusively devoted to new business, remains a challenge - See my separate post under the topic 'Challenges faced in insurance markets' at http://toostep.com/i...
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Asha Valarmathy
| Commented
| 2 years ago
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I view global economic meltdown as an opportunity rather as a threat because we are not dependent of other countries as much as other countries are on each other. So an investor in India needs security for his funds than returns at this moment, he...
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Insight: "Challenges faced in Insurance Markets" deleted from your view.
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(rate this)
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Yes
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37
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5
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No
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John D Nevin
| Argues in support of
"Yes"
| 2 years ago
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Yes, I agree. There is a huge potential for growth of the insurance sector in the rural areas. This is because the awareness about the insurance products is picking in the rural areas thanks to the advertising that the insurance companies do in...
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Niranjan Meena
| Argues in support of
"No"
| 2 years ago
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Amar is right. Income of villagers is too less. They cannot even afford their basic needs properly. Moreover majority of them are illiterate who don't know anything about insurance which gives birth to many myths against insurance. The population...
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ish kumar banga
| Argues in support of
"Yes"
| 2 years ago
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Well in my view, i strongly with the point that rural market is one of the fastest growing market. As a Insurance Sales Professional, I have visited many rural villages and most of my bank branches are in one of most backward areas of Rajasthan...
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Debate: "Is rural sector a market for Insurance" deleted from your view.
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