NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2008/05/29 - Rural India is providing vast growth opportunities for insurance players, provided they offer innovative, cost effective products and improve distribution channels.
The Indian insurance industry has been strongly growing for the last few years, says RNCOS new report, “Emerging Rural Insurance Market in India”, due to the introduction of innovative products, organized distribution channels, rationalized sales system, and targeted marketing and campaigns.
The report also says that India has shown huge growth opportunities for the life insurance industry due to fast growing economy and huge middle-class households. Moreover, the Indian life insurance sector is at the nascent stage but has huge growth potential. Besides this, the report also identifies that rising per capita income, insurance awareness and growth in supply-side will help in increasing the penetration of life insurance especially in rural areas where a major part of the Indian population resides.
With the entry of private players in the insurance sector and imposition of rural and social sector business obligation by IRDA, the Indian rural areas have seen the launch of several individual and group insurance products by private players. These insurance products feature low premium rates as well as low levels of coverage. Apparently, the rural areas are still largely untapped, offering big growth opportunities for insurers. But insurers have to develop strategies to capitalize on the Indian rural region by focusing on consumer awareness, cost-effective distribution channels, and affordable insurance products.
The growth opportunities in the Indian rural region for life insurance players are just a section of “Emerging Rural Insurance Market in India”. Other than this, the report also extensively analyzes the Indian insurance sector in relation with Gross Domestic Product (GDP), Disposable Income, Lending by Financial Institutions, and Non-life Insurance Premium. After thoroughly examining all the segments of the insurance sector, the RNCOS report provides future forecast on insurance premium, lending, disposable income etc to provide a leading edge to client.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.