Advantages And Disadvantages Of Private Insurance

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Liberalization and the entry of private insurance companies in the insurance industry in India began characters of significant change. It was not long, have private insurance purchased 13 percent of the life insurance market and 14 percent of non-life market. However, there is still a large untapped demand for insurance. Insurance companies have a central role in the insurance products that meet the needs of the needs of the population, would also affordable to offer. Some of the challenges for the insurance industry in terms of demand, industry competition, product innovation, supply and distribution systems, use of technology and regulation. Insurance is the backbone of the risk management system of a country. Risk is an integral part of…show more content…
Managing expectations distribution partners, ie., Banks, agents, brokers and consulting firms and helps to keep costs manageable, while breaking new players also relatively short. Increasing rural penetration of insurance is also a consequence of the above factors and hang distribution distribution reach that mark allows the insurer. Technological progress: A key factor in the growth in life insurance is to end a long-term technology such as data management, underwriting, fund management, actuarial process efficiency and end to the critical breakthroughs characteristics, service delivery. The technology offers the top in terms of improving the dissemination of the police and the regulator over time. Quality of work: Insurance is a people intensive company in human resources and a clear differentiator aligned as in any other retail sector. He pulled the quality of the workforce and usable by insurers and how their skills and ambitions get the test for the…show more content…
It began in March 2008 after only five months on the creation of new growth companies insurance premium of Rs 100 Cr Garner companies .The offers its services through an extensive network through the branches of IDBI Bank and Federal Bank also has an extensive network of consultants and partners. January 31, 2012 was the company's 3.60 lakh lakh policies with over Rs 14,230 cr of the sum
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