Page 40 - Insurance Times June 2024

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