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Discussion Forum : Has opening up of insurance delivered? | Business Standard
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3yrs 13days 16hrs 37mins ago | COMMENTS [7] | Economy

Has opening up of insurance delivered?

Even 14 years after the government opened its doors to private companies, the insurance sector has not lived up to the initial promise on penetration, on growth, on profitability, etc. Life Insurance Corporation still continues to dominate the sector by a huge margin. So, what ails India's insurance industry -- is it a victim of regulatory activism or is it their own making? The Business Standard Insurance Round Table will bring together leading stakeholders in the insurance sector to discuss issues concerning the industry. Please send us brief questions that you may want to ask the distinguished panelists. We will raise them with the panelists at the Round Table, which will be held this month itself.

a healthy competition is always welcomed, & i feel LIC is doing superb in all aspects maintaining quality staff, brand value , and faith among customers making it difficult for other companies to challange
Saturday 8th of February 2014 12:17:13 PM
LIC has a trust factor, which is lacking in private sector. Private companies will become more responsible once they list on the stock markets and come under the close scrutiny of Sebi. LIC does not need to prove itself to the public, but private insurers need to. But the question is will the private sector be content with their single digit market share and keep postponing the IPO plans, since 49% FDI is a distant dream.
Saturday 8th of February 2014 11:39:06 AM
First of all, what is the necessity for so many players in life and general insurance. Instead of having healthy competition, there is only cut throat competition. Then, what meaningful role brokers play? Why auto dealers are paid payouts? In health insurance, what remarkable change we find after allowing pvt. insurers. Why should claims settlement be handled by a third party organisation called TPA. Policy holders are taken for a ride by the private insurance companies.
Tuesday 4th of February 2014 09:27:30 PM
Insurance sector has a lot more issues to deal with. Namely, protection of policyholders from fraudulent agents, better grievance redressal and timely disposal of complaints and need-based product offerings. Too many regulatory changes in very little time have spoiled the game. Though it is not good to go to any extreme, cancelling licenses of private insurers for grave violations of rules is the immediate need..
Tuesday 4th of February 2014 05:26:21 PM