Insurance Industry In India Research Articles

The Growth and Profitability of Life Insurance Industry in India – A Comparative Analysis between Public and Private Sector Companies

The Growth and Profitability of Life Insurance Industry in India – A Comparative Analysis between Public and Private Sector Companies

Growth of Life and Non-life Insurance Market in India

In the midst of high cost of health care both at the macro and micro levels, health insurance becomes a viable alternative for financing health care in India. Health insurance is fast emerging as an important mechanism to finance health care needs of the people. The insurance industry in India has witnessed an impressive growth rate over the last two decades driven by the greater private sector participation and an improvement in distribution capabilities, along with substantial improvements in operational efficiencies. The paper presents the growth of life and non-life health insurance in India

Capital Adequacy and Earnings and Profitability Analysis of Life Insurance Companies: (A Comparative Study of ICICI Prudential and SBI Life Insurance)

Insurance is seen as a dependable instrument for mobilizing public funds and has been playing a significant role in both developed and developing countries. The insurance industry in India has experienced a lot of transformations, including nationalization, privatization, deregulation, regulation, and globalization. Numerous private firms with the backing of foreign investors have been able to enter the market as a result of liberalization. A fierce rivalry between private and public sector firms, as well as among private sector competitors, has defined the Indian life insurance market since 2000. In light of this, the purpose of this study is to use metrics from the CARAMEL framework to investigate the capital adequacy profitability and earnings performance of ICICI Life and SBI Life from 2017–18 to 2021-22. A t-test is used to analyze the data further, and the findings show that there is no considerable difference in the financial results of particular insurers.

Emerging Trends and Challenges in Life Insurance Industry in India

Emerging Trends and Challenges in Life Insurance Industry in India

Efficiency Appraisal of Life Insurance Industry in India- Public versus Private Players

The article computes cost, revenue and profit efficiency scores of Indian Life Insurance companies during the period 2013-14 to 2020-21 by employing a Non-Parametric Approach, namely, Data Envelopment Analysis (DEA). The paper also examines the efficiency of Life Insurers across ownership by comparing Public and Private Insurance Sector. The concrete findings suggest that the overall performance of Life insurance companies in terms of economic efficiencies is not satisfactory. The average cost, revenue and profit efficiency is .527, .402 and .589 respectively which is far less than the yardstick of 1. The highest level of inefficiency subsists on the revenue side, which is in turn reflected in the average of profit inefficiency. Significantly inferior efficiency scores in the Private Sector seem to have marred the average efficiency scores of Insurance sector in India.

Efficiency Appraisal of Life Insurance Industry in India- Public versus Private Players

The article computes cost, revenue and profit efficiency scores of Indian Life Insurance companies during the period 2013-14 to 2020-21 by employing a Non-Parametric Approach, namely, Data Envelopment Analysis (DEA). The paper also examines the efficiency of Life Insurers across ownership by comparing Public and Private Insurance Sector. The concrete findings suggest that the overall performance of Life insurance companies in terms of economic efficiencies is not satisfactory. The average cost, revenue and profit efficiency is .527, .402 and .589 respectively which is far less than the yardstick of 1. The highest level of inefficiency subsists on the revenue side, which is in turn reflected in the average of profit inefficiency. Significantly inferior efficiency scores in the Private Sector seem to have marred the average efficiency scores of Insurance sector in India.

A Study on Perception of Investors Investing in Life Insurance Policies in North Gujarat

Life is unpredictable and uncertain. There can be chance to unsound event. Life insurance provides financial assistance against if, unsound event with earning member and earning member of family death happen. Life insurance provides both benefit one is life cover and investment in form of saving. Various insurance related factors discussed in the study Such as gender, age, occupation, income level. We collect data from primary data and secondary data collection method. For that we conduct questioner survey by using Google form. We collect responds of 100 life insurance policy holders. The study includes life insurance policy holder of North Gujarat Region. Research is based on demographic factors and tested them with the help of statistical tools of correlation. For the analyses the data, we have presented by charts and used percentage method. LIC is most valuable brand in life insurance industry in India but now a days private players increase their market share by providing batter services. This study aims to measure the satisfaction levels of the investors towards the services provided by the LIC and Study about Perception of Investors Investing in Life Insurance Corporation.

Role of WL Balance in Insurance Industry in India: A Survey Based Analysis of Insurance Advisors

Balance of work and life is a crucial aspect within the life of the employee’s overall well-being and has gained significant attention in recent years. The insurance industry, like other sectors, is recognizing why possessing a healthy WL balance is important in attracting and retaining workers. This research within the following literature review explores the role of balance within work and life in the insurance industry in India, specifically among insurance advisors. The literature review also points towards the fact that this balance has a hefty influence on satisfaction within the workplace among insurance advisors. Advisors who reported having a better WL balance also reported higher job satisfaction, lower levels of stress, and better mental health. The conclusions of this research have important stakes for the insurance industry in India. Employers in the insurance industry should prioritize WL balance and implement policies and practices that support it. This could include flexible work arrangements, reduced work hours, and programs that promote employee well-being. By doing so, employers can attract and retain talented employees, increase job satisfaction, and promote a healthy work culture.

Performance of Multiple Marketing Channels of Life Insurance Industry in India

Performance of Multiple Marketing Channels of Life Insurance Industry in India

Health Insurance Industry in India

Health Insurance Industry in India

Financial soundness of life insurers in India

Financial sector is an integral part of economy; an effective financial system helps to grow productivity and economy. Insurance is a constituent of Indian financial system, which is working for risk mitigation, mobilization of savings and transfer of surplus to deficit economic units. Insurance industry in India has grown exponentially over the years and there are opportunities for further growth too, growth in insurance industry not only comes from customer focus and market offerings, but also from better capabilities and presentation of financial position of the insurers. After amendment in IRDAI regulations, 23 private and foreign companies have been allowed to carry on life insurance business along-with Life Insurance Corporation of India; therefore, it has become essential to understand, whether life insurance industry is financially solvent, operationally sound and have adequate capital base, so the present study has been undertaken vide which six life insurance companies comprising one from public and five from private sector have been selected on the basis of their highest market share, further these companies are occupying lion’s share of the life insurance business in India, to arrive at the framed objectives their financial position have been tested using CARAMEL Model and its’ constituents have been tested using two tailed ANOVA.

ASSESSMENT OF LIFE INSURANCE SERVICE QUALITY DIMENSIONS AND CUSTOMER SATISFACTION THROUGH THE SERVPERF MODEL

The present research focused on assessing the life insurance service quality and customer satisfaction through the SERVPERF model. In the wake of Liberalization, privatization, and Globalization (LPG) has significantly impacted the insurance industry in India. This leads to the emergence of private and foreign players in the country. The private and foreign insurance companies established in the country provide effective service using the latest technology. All foreign players operated in India through joint ventures with private players. In this cutthroat competition among life insurance companies, consumers are very much aware of the alternatives available concerning services and the provider organization. Now consumer expectations are rising, and service provider organizations should be aware of these expectations. The present study's objective is to compare and analyze the service quality perception of customers about public and private sector life insurers through the SERVPERF model. A total of 400 respondents completed the field survey conducted in Chennai city. Out of 400 respondents, 100 were from LIC, and the rest 300 respondents were from private sector life insurance companies of ICICI Prudential, SBI Life, and HDFC Life Insurance Company Limited. The private players have been adopted based on their market share. The collected data are analyzed with the help of SPSS package version 21. Based on the analysis researcher found that both public and private sector life insurers offered quality services to customers equally.

Do macro-economic factors influence the life insurance industry in India An empirical approach

The insurance industry has marked its importance in augmenting the process of economic growth through its prominent contribution in terms of financial intermediation, capital accumulation, resource allocation and risk protection. The Indian insurance industry has shown a sharp rise since the formation of Insurance Regulatory and Development Authority in 1999. Assuming the important and potential role of insurance, this study aims to investigate the macro-economic factors that may influence the life insurance sector in India with time-series data covering a period of 39 years (1980-2018). Employing Engle-Granger co-integration, ordinary least square regression and causality analysis it is found that foreign direct investment (FDI), broad money (M2) and gross capital formation (GCF) positively and significantly influence insurance sector growth in India. Engle-Granger causality test reveals one way causal relationship from GCF to life insurance penetration, whereas FDI and M2 are in reverse causality that runs from insurance penetration. The practical implication of this study lies in utilising the findings of this study by the policymakers in framing favourable policies to ensure sustained growth of the life insurance sector in India. The study is limited to the consideration of macro-economic factors only.

A Study on Perception of Taking Life Insurance Products with Reference to Chennai City

The insurance industry in India has seen an array of changes in the past one decade. The year saw an uprise in the Indian insurance sector as major structural changes took place with the ending of the government monopoly and the route of the Insurance Regulatory and Development Authority (IRDA) Bill lifting all entry restrictions for private players and allowing foreign players with some entry restriction and limits on direct investment ownership. With the fast-changing liberalization, globalization and privatization policies, the changing and growing needs and demands of people have made the insurance industry more competitive. Both public and private players now offer greater choice in terms of products and services. They also make valuable efforts to create awareness about the benefits and significance of insurance although there is still a blocking point among the people. This paper analyzes and rates all the life insurance companies by analyzing certain variables, measuring the customer perception, purchase behavior, and consumer awareness regarding the life insurance industry.

Climate Change and the Insurance Industry in India: Challenges and Opportunities

Climate Change and the Insurance Industry in India: Challenges and Opportunities

Concept and Reasons of Growth for Online Insurance Penetration in India

The insurance industry in India has seen rapid growth in recent years. In India, the insurance sector is at the forefront of economic growth. Over the last decade, gross premiums have grown at an average rate of 7.2%, making the Indian insurance industry one of the largest in the world. Customer behavior has also changed significantly during this time, with 20-25% of them increasingly using digital channels to understand and compare insurance options. In addition, businesses are now more connected and aware thanks to the Internet of Things (IoT) and other technologies that have rapidly taken hold. Although a number of changes have been made to boost the growth of the sector, it still has a long way to go, as its share in the global insurance market is still staggeringly low. The problems facing the sector include low market penetration and density, lack of investment in insurance products, the dominance of state insurers and their declining financial health. Addressing these issues is critical to building a strong insurance business, as India's economic growth depends on how resilient its economy is to shocks.

TESTING THE IMPACT OF INPUT AND OUTPUT SUBSTITUTABILITY IN NONPARAMETRIC PRODUCTION ANALYSIS: EVIDENCE FROM LIFE INSURANCE INDUSTRY IN INDIA

In this paper, two different variants (constrained and unconstrained) of a data envelopment analysis (DEA) model are used to compare inferences about production correspondence of the life insurance industry in India. While the unconstrained model implicitly assumes input substitutions and output transformations without their empirical verification, the constrained model explicitly incorporates weight restrictions on those inputs and outputs that are not substitutable and transformable, respectively. Our key findings are as follows. First, although the constrained model seems closely related to the notion of industry (structural) efficiency model, this link remains unexplored: we suggest a link between both models. Second, though the constrained model generates efficiency scores that are no more than those of its unconstrained counterpart, both models are in broad agreement in revealing that the life insurance industry experiences a sustained surge in its efficiency due to competition arising from insurance reforms adopted by the government over years, thus supporting the competition and X-efficiency hypothesis. Third, when the economic requirement of input substitutions is absent, both the models are found to give statistically significant results on efficiency ratings, returns to scale possibilities, and total factor productivity growth. In such a case, the unconstrained model generates benchmarking results based on an incorrect production frontier, which are potentially misleading and can hardly be used in managerial contexts. This finding, therefore, cautions the researchers not to blindly use any unconstrained model to evaluate the efficiency, productivity growth and returns to scale characterizations of firms without empirically verifying the presence/absence of input substitutions and output transformations.

Significant Value Orientation, Recent Trends, Major Challenges and Growth Measures and Avenues Related to Banking and Insurance Sector in India

The two most crucial elements for a nation's economic growth and general stability are thought to be finance and risk management. These two industries are expanding together with trade, commerce, and industry. It can be observed using three phases; the formal banking system was introduced to India in a premature phase. In a mature phase, banks were regulated and different acts were adopted, with the primary role of the RBI. These are the primary characteristics of this stage. Liberalization, the arrival of domestic and international players, fintech institutions, and government attempts to promote financial inclusion are some features of the innovation phase. When it comes to the insurance industry, India fell behind other nations since general insurance products were used to launch the industry. LIC and GIC, two major competitors in this market since their founding in 1956 each (inception 1973). Doors for the private sector were opened in and after 1999 as a result of the LPG strategy. This increased competition in the insurance industry and enabled it to start meeting consumer demands. In this essay, the Indian banking and insurance industries are examined critically along with their current trends, characteristics, problems, and solutions. The insurance industry in India has experienced rapid growth during the past several years. Although a number of changes have been put in place to boost the sector's growth, there is still a long way to go since its percentage of the world's insurance market is still dismally low. This essay analyzes the Indian insurance industry and traces its development and expansion. We also point out the sector's main difficulties. The issues facing the sector are highlighted in the study, and include low penetration and density rates, reduced investment in insurance products, the dominance of public sector insurers, and their declining financial health. Addressing these issues becomes crucial for creating a strong insurance business because India's economic growth depends on how shock-resistant its economy is.

Comparison Between Offline and Online Distribution Practices for the Insurance Industry in India

Insurance has been the back bone of Indian society and economy. For India, a developing country, insurance does serve the need to a limited extent as social security practices are absent in India compared to foreign nations. Insurance has been sold mainly through traditional channels with Agency garnering major share of the pie. The study started with robust literature review, formulating the objectives to examine existing offline distribution channels for insurance and the relative significance of emerging online distribution channel for insurance. Accordingly hypothesis were promulgated for understanding difference between online and offline insurance in terms of cost and convenience, difference between economies of scale and accuracy, beneficial to customer and/or company and on the growing trend of young internet users being a high potential target market for insurance business suitable to online channel. The study further gives suggestions and recommendations for promotion of online channels and highlights its relative significance to various stakeholders.

Growth and Development of Health Insurance in India

A person or a group can acquire health insurance in advance after paying a charge known as a "premium." It is an additional funding source for expanding access to high-quality healthcare. Health insurance products is offered by general insurance and life insurance companies in India. A nation's health indicators are evaluated using factors such as fatality rate, pregnancy-related death. Since independence, India has made significant progress in every sector. However, according to the 11th Plan, the country's healthcare services cost was higher in private industry than in the public sector. To lighten the burden on the poor, a study group formed by the Ministry of Health recommended investigating a risk pooling scheme. This paper is based on growth and development of health insurance in India. Secondary data has been used for the study purpose and collected from various sources. This study is completely based on secondary data. The data was collected from reports published by WHO, IRDA, research articles and review articles pertaining to the health insurance industry in India. The market for health insurance in India is primarily untapped. The main target population is the medium-income group, which provides the brightest future for this industry.Classification-JEL: I12, I13