Hello and welcome to exampundit. Here is the first Essay for UIIC AO 2016 about Indian Insurance Sector need Innovation. We have provided two versions of the essay which are written by Gaurav Monga and Govinda respectively.
Gaurav Monga – Indian
Insurance Sector needs
innovation
Insurance Sector needs
innovation
The Insurance industry of India
comprises of various general insurance companies and Life insurance companies.
LIC is the biggest public sector company facilitating their services to
millions of people in India and in other parts of the world. On the other hand,
non-life insurers are rendering their best in other sectors from fire insurance
to vehicle insurance, property insurance, marine insurance and so on. Now,
Despite strong efforts by the Indian government in past many years, India still
remains slow in the market. The reason behind this slow growth could be because
of lack of investment opportunities and customer focus. Though, Indian
government come up with various insurance awareness programmes benefiting a
person whether living in urban areas or rural area. The star of marked improvement
is still not up to the level. There are various insurance products available in
the market but either they themselves need innovation or the required market or
their insurers or agents. The demand for these products is likely to be
increase in future due to growth of household savings, purchasing power of a
person and India’s working population. Now, this demand can only be fulfilled
by completely innovating the “Indian Insurance sector ” and this can
only be possible, when public & private sector both concentrate more on
growing of financial sector of the industry, removing inefficiency in the
departments and maintain the level of competition between them, keeping in mind
their orderly growth. Growth of specific sector like motor insurance, or health
insurance, or even finance re-insurance can bring a drastic and significant
change in this market. insurance fosters investment and innovation by creating
an environment of certainty. An insurer contributes towards the modernisation
of financial markets. By innovating insurance sector, Indian government can
help its people through their life. Moreover, as global economy is on rapid
growth, these innovations in insurance industry and public institutions are
essential. Insurance sector play a fundamental role in any economy. It provide
a efficient way to support the country. Thus, insurance plays an important role
and contribute more towards the society. Therefore, it is very important to
innovate this sector keeping in mind “Customer Pull”-customer interest,
satisfaction.
comprises of various general insurance companies and Life insurance companies.
LIC is the biggest public sector company facilitating their services to
millions of people in India and in other parts of the world. On the other hand,
non-life insurers are rendering their best in other sectors from fire insurance
to vehicle insurance, property insurance, marine insurance and so on. Now,
Despite strong efforts by the Indian government in past many years, India still
remains slow in the market. The reason behind this slow growth could be because
of lack of investment opportunities and customer focus. Though, Indian
government come up with various insurance awareness programmes benefiting a
person whether living in urban areas or rural area. The star of marked improvement
is still not up to the level. There are various insurance products available in
the market but either they themselves need innovation or the required market or
their insurers or agents. The demand for these products is likely to be
increase in future due to growth of household savings, purchasing power of a
person and India’s working population. Now, this demand can only be fulfilled
by completely innovating the “Indian Insurance sector ” and this can
only be possible, when public & private sector both concentrate more on
growing of financial sector of the industry, removing inefficiency in the
departments and maintain the level of competition between them, keeping in mind
their orderly growth. Growth of specific sector like motor insurance, or health
insurance, or even finance re-insurance can bring a drastic and significant
change in this market. insurance fosters investment and innovation by creating
an environment of certainty. An insurer contributes towards the modernisation
of financial markets. By innovating insurance sector, Indian government can
help its people through their life. Moreover, as global economy is on rapid
growth, these innovations in insurance industry and public institutions are
essential. Insurance sector play a fundamental role in any economy. It provide
a efficient way to support the country. Thus, insurance plays an important role
and contribute more towards the society. Therefore, it is very important to
innovate this sector keeping in mind “Customer Pull”-customer interest,
satisfaction.
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Govinda – Indian
Insurance Sector needs
innovation
Insurance Sector needs
innovation
Innovation, upgrading the process
of ways of doing business or making possible changes which results in increase
in output of the company. In India insurance sector have major part of FDI
which is 49%. It plays vital role in improving countries GDP. After the
liberalisation there have increased foreign companies in India through joint
venture or in partnership. To sustain in competitive market, empowering the
business, to make efficiency in process companies needs to makes possible
changes in products, process, technology, customer relation, distribution. These
are some factors needs to be innovate. By exploring new products in market for
customers or innovating something new in existing product on the basis of
customer’s requirements & needs. By implementing new technology in the
business which makes process easier, simple and creates transparency between
the company & customers. Also by adopting new distribution channels like
bancassurance, authorised brokers or agents, internet. Which makes easy
availability of products in the market. Customer relation is also important
part of the process. To maintain healthy relation, feedback ,redress of
grievances .The impact of the innovation leads three main courses in business
those are Empowering ,sustainability & efficiency. Empowering, increases
the capacity, altitude, credit and most important it creates trust amongst
customers. Sustainability, for competing in market to beat the competition
& to lead towards growth. Efficiency, making business efficient for future
challenges and in the process. From liberalisation India’s insurance sector
spurs in less time. For maintaining position in this competitive market India
always needs to come with something new in market by innovating.
of ways of doing business or making possible changes which results in increase
in output of the company. In India insurance sector have major part of FDI
which is 49%. It plays vital role in improving countries GDP. After the
liberalisation there have increased foreign companies in India through joint
venture or in partnership. To sustain in competitive market, empowering the
business, to make efficiency in process companies needs to makes possible
changes in products, process, technology, customer relation, distribution. These
are some factors needs to be innovate. By exploring new products in market for
customers or innovating something new in existing product on the basis of
customer’s requirements & needs. By implementing new technology in the
business which makes process easier, simple and creates transparency between
the company & customers. Also by adopting new distribution channels like
bancassurance, authorised brokers or agents, internet. Which makes easy
availability of products in the market. Customer relation is also important
part of the process. To maintain healthy relation, feedback ,redress of
grievances .The impact of the innovation leads three main courses in business
those are Empowering ,sustainability & efficiency. Empowering, increases
the capacity, altitude, credit and most important it creates trust amongst
customers. Sustainability, for competing in market to beat the competition
& to lead towards growth. Efficiency, making business efficient for future
challenges and in the process. From liberalisation India’s insurance sector
spurs in less time. For maintaining position in this competitive market India
always needs to come with something new in market by innovating.
More topics will be shared.
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Team ExamPundit
