To achieve high performance in any industry, it is the challenges that must be catered to with the highest priority. Insurance industry is no exception to the above rule. Indian insurance sector is still dominated by incumbent s even though the sector was opened for private players almost a decade ago. This puts the onus on the private sector players to differentiate themselves in terms of product innovation and customer servicing, so that they could grab a bigger share of the Indian insurance pie.
Understanding that insurance is a ‘push’ rather than a ‘pull’ product, it becomes more difficult for companies to make their products meaningful to prospective customers. Profitability is the other major concern of this industry as it is already reeling under the pressure of high upfront cost of a nationwide expansion & also facing the problem of dwindling volumes as policy lapses are increasing every year.
In a price-sensitive market like India investing only in expansion and distribution would not reap the desired benefits, it is also important to focus on client servicing and processing.
Indian insurance sector is like a troubled sea- in order to make it big you should be strong & must have a clear idea about the navigation path. Arcean Solutions with its extensive knowledge of the issues, trends and challenges that insurers face every day can help you to smoothly sail across the weeds & turbulent times. Our solutions target key business areas such as- risk management, insurance accounting, taxation, financial reporting, privacy & vital information protection & systems implementation.