'From returns to protection'
You are the latest entrant in the life insurance space. What opportunities and challenges do you see in this market?
We are the 21st player to enter this market. First, life insurance penetration in the country is at 4.8 per cent, which is pretty low compared with other countries. So there is huge opportunity even for new players. Second, if you ask a group of, say, 100 people, if they have life insurance cover, almost 60-70 will say yes. But ask a second question: in case something were to happen to them today, how many people have life insurance policies that will take care of their families for next 10 years or so? Just two or three people will be confident. This has been seen across geographies. People are just not aware of how much life insurance they need.
As for the challenges, it is critical for companies like us that have entered late to come out with innovative products, and to be careful in addressing customer needs.
Agents have always been the lifeline for the life insurance business. How to do plan to make the best of this channel?
We want to build a strong distribution channel that is high on quality and advice. Today when
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