AN EMPIRICAL ANALYSIS BETWEEN PUBLIC AND PRIVATE GENERAL INSURANCE COMPANIES IN INDIA
Mohammed Shaybaaz
Dr.G.Vijay Kumar (Associate Professor)
(Department of School of Management & Commerce)
Mallareddy University
Maisammaguda, Dulapally
Hyderabad-500043, Telangana
ABSTRACT
The government of india made history on October `24 2000’ by privatizing insurance businesses i.e., Both Life insurance and Non-life insurance. Which had earlier been abolished twenty-four years ago. The opening of the insurance sector was facilitated through the Insurance Regulatory And Development Authority Act 2000. Today organizations are competing in complex business environments characterized by continuous changes in economics, social-political legal and regulatory factors. The insurance sector along with other elements of marketing s well as financial infrastructure have been touched and influenced by the process of liberalization and globalization in india.
The general insurance industry has undergone numerous transitions since covid-19. The pandemic has accelerated phenomenal pace of rapid digitalisation of the industry, reflected an increased in health insurance plans, and covid-19 plans, which created the need for new products ,and stiff competition among all the insurance companies.
Since covid-19 the entire operations of insurance companies has totally changed from a traditional approach to digital approach, from acquiring leads to sustaining those leads. all has become completely digital. Besides the IRDAI in its efforts to achieve the mission of “Insurance for all by 2047” has unveiled a slew of measures to boost the growth in the insurance industry. The opportunity for all insurance players to grow is rife with the IRDAI predicting that the Indian insurance market will reach $200 Billion dollars by 2047. In 2023 the drive for cross-selling and upsell is likely to go hand in hand with the growing need for personalized insurance plans and premiums. Customers will choose customized plans over currently available “off-the-shelf-products” in this digital economy perhaps in the long run it is anticipated by the experts, advisors, & analysts, that P2P insurance, flexible coverage options and microinsurance will be the best options.
Keywords: Liberalization, Privatization, Globalization, Digital Insurance, Digital Economy, Insurance Trends, And Covid-19.
