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Operational Excellence in the India Insurance Sector

Operational Excellence in the India Insurance Sector

This IDC study highlights key initiatives taken by India-based insurance players to combat rising costs and inherent system inefficiencies.

India is a vibrant market as far as insurance is concerned. The India market continues to be one of the least penetrated markets, thus making this a high-potential industry. The need for insurance as a necessary instrument of financial risk protection and investments is not yet completely realized, leading to low penetration rates. The young population far outnumbers the older generation, and there is rising demand for insurance offerings from the emerging middle class. "Though the past few years have been slightly discouraging, the crystal ball for the India insurance sector shows promising days ahead," exclaims Kannagi Shekhar, senior market analyst, IDC Consulting.

This study also captures the key measurable benefits of these initiatives to these organizations. Whereas the focus of the insurers in 2005–2010 was on gaining market share, the current areas of their concern are business acquisition costs, retention of business, and persistency. The ratio of customer acquisition costs and operational expense is still very high — marring the bottom line. Although most general insurers have been turning to operational profits, many life insurers are still far from realizing operational profits.

Please Note: Extended description available upon request.


IDC Opinion
In This Study
Situation Overview
IDC Operational Efficiency Framework
Initiatives in the India Insurance Sector
Motor Claims Assessment App on Android
Business Challenges
Functions Affected
Results
Underwriting Process Automation: A Mobility Implementation Genie
Business Challenges
Business Triggers
Functions Affected
Results
Proactive Underwriting Approval System
Business Challenge and Solution
Functions Affected
Results
Agent Virtual Office
Business Challenge/Trigger
Functions Affected
Results
Customer Propensity Model
Business Challenges/Triggers
Functions Affected
Results
Enterprise Mobility for New Business Sales
Business Challenges/Triggers
Functions Affected
Results
Future Outlook
Essential Guidance
Learn More
Related Research
Synopsis
Table: IDC Operational Excellence Framework

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