Overview

India's life insurance sector is the biggest in the world with about 360 million policies which are expected to increase at a CAGR of 12 to 15% over next 5 years. The insurance industry plans to hike its penetration levels to 5% by 2020. The countries insurance market is expected to quadruple in size over next 10 years from its current size of USD 60 billion. With such a phenomenol growth, the industry has its own challenges which are summarized below:

  • Challenging economic times,
  • Increased expectations from Consumers,
  • Shrinking revenue
  • Skyrocketing expenses
  • Pressing regulatory changes, and
  • Increased competition for market share

Focus On

  • Focus on operational efficiency and expense control across the value chain
  • Scale to capture increased demand for select products
  • Expand distribution channels with excellence in customer service
  • Remove paper and automate case management support to reduce cost
  • Reduce Cycle times for settlement within the claims life cycle
  • Introduce technology to :-
    • Leverage the available data
    • Provide value to customers