India's Leading BFSI Companies 2016

India's Leading BFSI Companies 2016

Your views on the current scenario of the non-life insurance sector?

Comments on the company’s financial performance during FY15? What are your company’s plans for expansion and growth over the next five years?

Brief us about your company’s new product launches planned for the current fiscal?

What is the marketing and distribution strategy adopted by your company? And how is it different from your competitors?

Indian insurance industry is highly untapped and under penetrated. What according to you can be the strategies adopted by the insurance companies to increase their penetration in the market? What according to you will be the key growth areas in the near future?

Way forward

The Indian insurance market is poised for strong growth in the long run. It stands at the threshold of moving towards a stable position, delivering stable profitable growth. Significant latent market - The insurance market has a considerable amount of latent potential, given the fact that the Indian economy is expected to do well in the coming decades leading to increase in per capita incomes and awareness.

Channelizing industry focus - In meeting the significant potential, the industry has an increased role and responsibility. Three areas of focus could be a) product innovation matching the risk profile of the policy holders b) reengineering the distribution and more significantly c) making sales and marketing more responsible and answerable.

Distribution - Distribution channels evolved in response to market dynamics and changing consumer preferences. The alignment of economic incentives with distribution dynamics should be driven by market forces rather than regulatory intervention.

Regulation - The industry should be given time to adjust to regulatory changes in a phased manner aligned with a regulatory impact assessment. Regulations need to drive transparency and simplification of products and services.

The stakeholders should eventually work toward maintaining a favorable environment for stable growth, increasing the penetration of insurance to rural and underpenetrated areas and increasing the contribution to the economy.

Financial inclusion is a priority in the Government’s agenda. According to you, what role is information technology playing to fulfill the goal of financial inclusion?

How will the adoption of digital technologies transform the BFSI sector in the next ten years?

In your opinion what can be the additional measures to be undertaken by the regulator / government to support the growth of Indian insurance industry?