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Total premium of Insurance industry till 2020

Total premium of Insurance industry till 2020

According to the report, the total premium of the overall insurance industry in the country is projected to the reach about 25 trillion by 2020. Through the extensive use of the digital channels the country is yet to traverse the path of insurance distribution which was mentioned in the CII-KPMG report. All over the country all the insurance companies is going to the reach point of 26 trillion rupees. It is completely suggested that the this kind of transition has to be supported by rise in the number of the intermediaries which is involved in the distribution of insurance. It is yet to traverse. The insurer need to keep focus on the redesigning the channel strategy and the financial awareness of the customer and the channel of the partners insurance landscape. To reach to the highest amount in the insurance industry, the billion distributor need to create the workforce team and to tap the under-penetrated financial distribution market in the industry. It is said in the recent update.
This photo from Consult Club, IIM Ahmedabad

Since last decades, it has been seen that the customers are likely to get involved in the insurance
companies. There has been a shift from pushing products to boost the customer experience. V Ganesh,Chairman gives this statement. After getting the penetration-premium as a percentage of GDP is enhance to 2.6 percent for the life insurance and 0.7 percent for the non-life insurance.

As compared to USA the mutual fund penetration is currently low at 7%. The report said that about the pension fund in the country is still in nascent stages. It impact the growth of the employee pension in the country and it is litigation on the contribution base and lack of the portability of accumulated corpus. With the solid and great technologies the fintech players are entering and taking the business away from the traditional distributors.

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