Emerging Trends in the Indian Life Insurance Industry

Abstract

India’s life insurance industry is rapidly expanding. This Sunrise sector has provided a solid foundation for economic growth and job creation. Because the insurance industry has become more competitive since liberalisation, the insurance regulation and development authority has developed new and formative rules for both products and services. It’s a time when firms’ flagship Unit related plans are bringing in a lot of money. Both technology and investment knowledge are critical during this period. It has been difficult not just to change traditional items to Unit connected products, but also to maintain profitable margins. Customer preferences, fierce competition, and governmental oversight are all driving the development of new products and services. The policy is based on advisers’ recommendations, and internal marketing and motivation are essential. A sustainable and robust system is also required for claim handling and the procurement of new policies. The internet and online policy purchases are a new trend that has motivated businesses to become more significant. The paths to policy sourcing will be high in volume and poor in profit. Rural, social, and micro insurance are new options to consider. The emerging trends and problems that the current industry is facing are discussed in this study. Our research is limited to the life insurance industry.