Page 35 - Insurance Times July 2019

VIVID ANALYSIS OF

CURRENT TRENDS

IN INDIAN NON-

LIFE INSURANCE

MARKET

nsurance companies around the globe have worked channels (as the access points) are not just a boon for
I diligently since the global financial crisis, to reduce insurers; they are increasingly on the must-have list for
operational costs, and improve effectiveness. Their
insurance customers-who expect the same anytime/
initiatives are now paying dividends, but market
conditions remain tough, with few insurers able to raise anywhere/any device service to which they are accustomed
in other areas of their lives.
rates as their dire need, as they would like, and investment
income is still lagging. The marketing channel and other preferences of insurance
customers by analyzing data from the available resources
Insurers are nevertheless turning their attention to boosting that were developed to provide the granular views of how
revenues, and reducing acquisition costs-an expense that customers perceive the quality of their service interactions
has remained stubbornly high revenue growth - depends across three dimensions: products, networks/channels, and
heavily on keeping existing customers and attracting new customer lifecycle. The data they have captured through the
ones, preferably by utilizing low-cost direct-sales channels voice of the Customer Survey, which queried more than
(through internet and mobile), which reduce the need for 12000 customers during 2018 (specially belonging to the
costly intermediaries. But direct distribution networks and northern & western sectors of the country) on their general
satisfaction with their insurer, and also inquired more
specifically about the importance of specific channels for
About the author
executing different types of transactions, and for different
types of products.
Anabil Bhattacharya
B.M.E. (Honours), F.I.I.I., Risk Inspecting
India's this deregulated market of non-life insurance
Engineer & Insurance Counselor,
Retired Chief Manager, H.O., National industry is invariably in a nascent stage compared to the
Insurance Co. Ltd., Kolkata. other countries. Insurance penetration and per capita
premiums - both are still very low, except for compulsory
The Insurance Times, July 2019 35