BUSINESS DEVELOPMENT STRATEGIES AT NEW INDIA ASSURANCE

Book excerpt: The opening of the Indian insurance sector has been regarded as a watershed moment in the country's economic liberalisation. The existing insurance industry is increasing at a rate of 10% per year, but Indian players have only tapped into a small portion of it. With a population of over 1 billion people, India's insurance sector offers huge prospects and can easily support more than 100 insurers. The Indian insurance sector appears to have a lot of potential. In terms of diffusion and penetration, India is one of the least insured countries. The changing demographic profiles of the economy, as well as the changing nature of risk as a result of the adoption of new technology and talents, are some of the elements that make the Indian insurance market so appealing.