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After globalization, the insurance market is booming in India. So many players are doing better business in the same sector. The leading reinsurance company, Swiss Re & Munich Re, has projected that there would be 20-25% growth in life and health insurance
market by 2015, particularly in countries like India and China. The IRDA is the major body, which is providing better opportunities for the private player in India. GIC & LIC's monopoly market approach is no more prevalent in India. The new market scenario for insurance is growing; no doubt it is a flying bird.

Change is the eternal law of nature. Everything is changing according to the need of the time. Economic growth and social development in present scenario is due to sudden change in industrial policy and economic planning. Globalization has been the basic mantra after 1991, so every one thinks of being global. Liberalization, privatization and globalization is the basic concept of success in all aspect of development. Competition is tough now due to globalization. Business has positioned the entire economy, and industrialists think about making things global. There are no stringent rules or regulations for making any business house or industry. Government gives more emphasis on export and entrepreneurship. This is a changing world. Everyone has to compete for better success. Marketing is the major concept for developing any type of business. After globalization, marketing has taken a new dimension and it is the most challenging task now. The new horizon of marketing in the field of finance and insurance in present scenario is a good sign of development.

Globalization - "The Dynamic Force"

Many people consider globalization nothing new - societies have been interconnected for years. The world has never experienced globalization at this level of intensity before, or the speed at which it is transforming and integrating societies.

Herman E. Daly, an analyst of Global Policy Forum, characterizes globalization as, "Global integration of many former national economies into global economy, mainly by free trade and free mobility, but also by easy or uncontrolled economic purposes." He further clarifies that globalization is not internationalization - globalization brings about a single, integrated, global economy, while internationalization is a federation of nations cooperating as sovereign units to advance the national interest of all members.

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Prof. Sanjit Kumar Dash is currently Academic Head at Magnus School of Business, Bhubaneswar. He has done MBA from Institute of Business & Computer Studies (IBCS), Bhubaneswar with specialization in Marketing & Systems, and M.Phil. (Business Administration) from Annamalai University, Tamilnadu. He is also doing his Ph.D. in Business Administration from Utkal University, Bhubaneswar at present.