logging in or signing up life insurance industry jitendraverma Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 1034 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: August 07, 2010 This Presentation is Public Favorites: 1 Presentation Description Why world brands of Life Insurance Industry are coming to India. Comments Posting comment... Premium member Presentation Transcript National Conference on “Emerging Trends In Insurance Sector – A Happening Industry” : National Conference on “Emerging Trends In Insurance Sector – A Happening Industry” Title: Recent Trends in Consumer Buying Behavior for Life Insurance products In Tier Two & Tier Three Cities of Central India Name of the Author Jitendra Verma Lecturer, Department of Marketing Chameli Devi Institute of Management & Research, Indore Socio-Economic comparison India with its moral competitor China : Socio-Economic comparison India with its moral competitor China www.jitendra--verma.blogspot.com Global Population Pie Chart : Global Population Pie Chart www.jitendra--verma.blogspot.com Transformation in the socio-economic status of Indian Population : Transformation in the socio-economic status of Indian Population www.jitendra--verma.blogspot.com Why International Players are looking for India? : Why International Players are looking for India? Why all of a sudden world was eagerly waiting for India to dissolve LICs monopoly on this industry? Why in almost every alliance foreign players have invested the most they could do as per the governmental constraints? Why Indian government is on the pressure of increasing FDI cap more than 49%? It was the baby boom generation in Europe & America when these insurance companies have made tremendous money, now is the time they are paying it back to those whose policy is in maturity (Such data is huge) and for that reason they need more money to keep liquidity at the required rate. Over the period of their existence they have earned lots of reputation and trust into their consumers and when they are paying back the made commitment of those era, they are becoming even more reputed and trustworthy 113 million of Indian population will grow old by 2015 and around 179 million by 2026 out of them hardly 14% of the population (i.e. 15.82) will get the benefit disposable income of this giant and young country will be huge. www.jitendra--verma.blogspot.com Wide measure of Indian Life Insurance Market : Wide measure of Indian Life Insurance Market www.jitendra--verma.blogspot.com Why Indians, Why India? : Why Indians, Why India? www.jitendra--verma.blogspot.com Rural Market and its challenges for life insurance industry : Rural Market and its challenges for life insurance industry 72% of Indian population belongs to rural area. Rural literacy rate have swollen to 59% from 37%. 53% of the total FMCG consummation is of rural market 59% of the total durable goods get consumed in rural market alone. Products like TV, DVD players and mobile phones have registered 200% growth. If the above mentioned figure aren’t seems impressive consider this, Rural households have more than 42 million saving bank accounts then 27 million of urban. www.jitendra--verma.blogspot.com Life Insurance as product for Rural Market : Life Insurance as product for Rural Market Strength This market is largely unorganized and do understands the emotional quotient of life insurance product and so here companies can adopt and fore-foot the risk cover factor then the tax rebate or investment factor of LI products. Tangled law and order system, scarce of health service and medications further provokes the need of life cover. Organizations having pre-existing consumer base like ‘bank account holders’ and fairy multiply their business. Weakness Several ill-motivated organizations have foiled the trust level of rural market, especially in financial instruments. In most of the cases the benefit of the loop holes in polices of some organizations have betrayed the rural people. This have erased the good memories and soured the city-village relationship. Re-establishing this trust amongst them is a challenging task. Cost of employment, logistics and IT services will be a big challenge. www.jitendra--verma.blogspot.com Life Insurance as product for Rural Market : Life Insurance as product for Rural Market Opportunity 72% of total Indian consumer base recites in towns and villages. Increase in literacy rate have created educated leadership in communicates and this effect have multiplied the demand of life cover need. Consumerism has also soared by more than 200%. Sensible competition among life insurance companies operating in rural market will have wide scope to create positive tide curve. Clusters of communities can spark ‘mass policy selling drive’. Threats Unhealthy competition can ruin the ‘trust built-up’ of this industry which is greatly required. Uneven and unsure income variation can create challenging task for premium collection. Defaulted policies and counterfeiting practices (like miss commitment and documentation forgeries) can be increased and if not noosed by the management this entire industry may greatly suffer. www.jitendra--verma.blogspot.com India lives in the village Pt. Jawahar Lal Nehru : India lives in the village Pt. Jawahar Lal Nehru Thanks a ton to the Management of Medicaps Institute, LIC and the Delegates for this wonderful platform to me… Jitendra Verma www.jitendra--verma.blogspot.com You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
life insurance industry jitendraverma Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 1034 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: August 07, 2010 This Presentation is Public Favorites: 1 Presentation Description Why world brands of Life Insurance Industry are coming to India. Comments Posting comment... Premium member Presentation Transcript National Conference on “Emerging Trends In Insurance Sector – A Happening Industry” : National Conference on “Emerging Trends In Insurance Sector – A Happening Industry” Title: Recent Trends in Consumer Buying Behavior for Life Insurance products In Tier Two & Tier Three Cities of Central India Name of the Author Jitendra Verma Lecturer, Department of Marketing Chameli Devi Institute of Management & Research, Indore Socio-Economic comparison India with its moral competitor China : Socio-Economic comparison India with its moral competitor China www.jitendra--verma.blogspot.com Global Population Pie Chart : Global Population Pie Chart www.jitendra--verma.blogspot.com Transformation in the socio-economic status of Indian Population : Transformation in the socio-economic status of Indian Population www.jitendra--verma.blogspot.com Why International Players are looking for India? : Why International Players are looking for India? Why all of a sudden world was eagerly waiting for India to dissolve LICs monopoly on this industry? Why in almost every alliance foreign players have invested the most they could do as per the governmental constraints? Why Indian government is on the pressure of increasing FDI cap more than 49%? It was the baby boom generation in Europe & America when these insurance companies have made tremendous money, now is the time they are paying it back to those whose policy is in maturity (Such data is huge) and for that reason they need more money to keep liquidity at the required rate. Over the period of their existence they have earned lots of reputation and trust into their consumers and when they are paying back the made commitment of those era, they are becoming even more reputed and trustworthy 113 million of Indian population will grow old by 2015 and around 179 million by 2026 out of them hardly 14% of the population (i.e. 15.82) will get the benefit disposable income of this giant and young country will be huge. www.jitendra--verma.blogspot.com Wide measure of Indian Life Insurance Market : Wide measure of Indian Life Insurance Market www.jitendra--verma.blogspot.com Why Indians, Why India? : Why Indians, Why India? www.jitendra--verma.blogspot.com Rural Market and its challenges for life insurance industry : Rural Market and its challenges for life insurance industry 72% of Indian population belongs to rural area. Rural literacy rate have swollen to 59% from 37%. 53% of the total FMCG consummation is of rural market 59% of the total durable goods get consumed in rural market alone. Products like TV, DVD players and mobile phones have registered 200% growth. If the above mentioned figure aren’t seems impressive consider this, Rural households have more than 42 million saving bank accounts then 27 million of urban. www.jitendra--verma.blogspot.com Life Insurance as product for Rural Market : Life Insurance as product for Rural Market Strength This market is largely unorganized and do understands the emotional quotient of life insurance product and so here companies can adopt and fore-foot the risk cover factor then the tax rebate or investment factor of LI products. Tangled law and order system, scarce of health service and medications further provokes the need of life cover. Organizations having pre-existing consumer base like ‘bank account holders’ and fairy multiply their business. Weakness Several ill-motivated organizations have foiled the trust level of rural market, especially in financial instruments. In most of the cases the benefit of the loop holes in polices of some organizations have betrayed the rural people. This have erased the good memories and soured the city-village relationship. Re-establishing this trust amongst them is a challenging task. Cost of employment, logistics and IT services will be a big challenge. www.jitendra--verma.blogspot.com Life Insurance as product for Rural Market : Life Insurance as product for Rural Market Opportunity 72% of total Indian consumer base recites in towns and villages. Increase in literacy rate have created educated leadership in communicates and this effect have multiplied the demand of life cover need. Consumerism has also soared by more than 200%. Sensible competition among life insurance companies operating in rural market will have wide scope to create positive tide curve. Clusters of communities can spark ‘mass policy selling drive’. Threats Unhealthy competition can ruin the ‘trust built-up’ of this industry which is greatly required. Uneven and unsure income variation can create challenging task for premium collection. Defaulted policies and counterfeiting practices (like miss commitment and documentation forgeries) can be increased and if not noosed by the management this entire industry may greatly suffer. www.jitendra--verma.blogspot.com India lives in the village Pt. Jawahar Lal Nehru : India lives in the village Pt. Jawahar Lal Nehru Thanks a ton to the Management of Medicaps Institute, LIC and the Delegates for this wonderful platform to me… Jitendra Verma www.jitendra--verma.blogspot.com