Page 40 - Insurance Times June 2024
P. 40

Growth of General



         Insurance in India



         Vis-a-vis Current


         Challenges                                                                   Capt. Dr. Gulshan Satija










           The general insurance industry in India is on a promising ascent. With a growing population and
           rising disposable incomes, the demand for insurance products and services is only expected to
           soar. The penetration of any service market depends on Pre & Post sales services which comprise
           delivery of correct and timely policies to the stake holders.



                                                              incomes, the demand for insurance products and services is
                             Abstract
                                                              only expected to soar. The penetration of any service market
           This article presents a forward-looking perspective on  depends on Pre & Post sales services which comprise delivery
           India's general insurance claim settlement process. It  of correct and timely policies to the stake holders. However,
           emphasizes the profound impact of claim settlements  the industry's growth is tightly intertwined with the service
           on customer satisfaction and brand integrity in the  quality, especially when it comes to post insurance services
           digital era, advocating for streamlined, user-friendly  specially claim settlement.
           systems with rapid Turnaround Times (TAT). It suggests
           empowering intermediaries to expedite settlements  Post claim services include delivery of accurate policies (soft
           within defined limits, thus enhancing efficiency. The call  & hard copies), regular endorsements if any as and when
           for transparency in claim quantums is made to foster  required. Policy details should be clearly written alongwith
           policyholder confidence. The article recognizes recent  major highlights of the policy and any query on mail and
           innovations in the sector, such as AI and real-time  phone be resolved without ambiguity.
           support via chatbots, while proposing actionable steps
           for stakeholders. These include digital integration for  Some of the key developments in the Indian insurance sector
           claim filing, updated training for intermediaries, clear  include:
           communication  of  claim  details,  and  feedback
           mechanisms for continuous improvement. Concluding on  Liberalization of the Insurance Industry:
           a visionary note, the article underscores the industry's  The Indian insurance sector was largely dominated by the
           pivotal role in building trust through service quality,
                                                              state-owned Life Insurance Corporation of India (LIC) and the
           ultimately shaping its future legacy.              General Insurance Corporation (GIC) until the early 2000s. In
                                                              2000, the Indian government opened up the insurance
          Introduction                                        industry to private players, allowing foreign direct investment

          The general insurance industry in India is on a promising  (FDI) up to 49%. This liberalization has led to increased
          ascent. With a growing population and rising disposable  competition, innovation, and expansion in the sector.

                                                                           The Insurance Times  June 2024     37
   35   36   37   38   39   40   41   42   43   44   45