Is it a growth industry?
Each year more and more people become aware of the benefit of having insurance propelling the industry’s growth. Since the privatization of the industry in 2000, 24 new companies have begun operations in India, emphasising the potential our country holds. In fact, the insurance industry has grown at 9.2% in the financial year 2015, considerably outperforming the country’s GDP growth.
But the growth story of insurance goes beyond financials. It’s a story of creating a nationwide footprint that has created jobs for over 100,000 people across the length and breath of India. It is a story of ensuring timely availability of medical care, of improving standards of healthcare, of giving people courage to buy homes and of giving businesses a safety net. It’s a never-ending cycle of evaluating customer needs, innovating products, outreach programs and partnerships. Most of all, its an unseen, but essential cog in our country’s march towards the future.