More customer oriented

Mostly better service oriented

More competitive

Better satisfaction, more value addition and strategic development can help any insurance sector to sustain in the present era.

New Market Scenario & Insurance

Insurance market in present scenario though is a booming sector, but the market has changed from simpler to complex, less challenging to more challenging. Going domestic to international is a very difficult task. Understanding market synergy and cognisation of perception of customer in the insurance field is very difficult. The Regulatory Board like 'IRDA' is playing a very crucial role for the benefit of the insurance holder. The premium and interest rate can't be violated for better profit and development. The market is becoming tougher gradually.

Globalization of Insurance Market

Historically, insurance has been an integral part of financial services system and recognized as a corner-stone of a country's financial health and symbol of progress. Insurance provides for the financial security of citizens and their families. It offers valuable investment advice and serves as an effective step towards both individual and national financial stability.

After the terrorist attack on the World Trade Center in September 2001, the momentum of growth of world economy suffered some temporary setback. According to 3rd Annual Globalization Index Report of World Watch Institute, the growth rate fell sharply from 4% in 2000 to 1.3% in 2001. But the world had become stabilized after that and the economic growth was back with entry of so many MNCs and insurances.

Triggered by the sound fundamentals in global economy and internationalization of world markets, several countries turned towards free market regimes in banking and insurance, putting an end to several decade-old state-owned controlled markets. The insurance market in China & India is brighter. The leading reinsurance company like Swiss Re & Munich Re has projected 20-25% growth in life and health insurance market by 2015, particularly in countries like India & China.

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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.