Indian Insurance Sector - Issues and Challenges Opening up of the insurance sector will foster competition, innovation and product variations. However, in this context one has to consider various issues at stake. These include demand for pension plan, separateness of banking from insurance sector, role of IT, possible use of postal network for selling ins urance products And above all, the role of Insurance RegulatoryAuthority.
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8/6/2019 Indian Insurance Sector - Issues and Challenges
Issues and ChallengesOpening up of the insurance sector will fostercompetition, innovation and product variations.
However, in this context one has to consider variousissues at stake.
These include demand for pension plan, separatenessof banking from insurance sector, role of IT, possibleuse of postal network for selling insurance products
And above all, the role of Insurance Regulatory Authority.
8/6/2019 Indian Insurance Sector - Issues and Challenges
� Further rationalization of core policy administration,underwriting and claims management processes to formµmega processes¶ across multiple products will enhance scale,
standardization and operational agility
Service innovation:
� Only insurance organizations with the foresight to capturecritical client data at multiple stages of the customer
interaction lifecycle and to leverage this knowledge will fully realize cross-sell and up-sell opportunities and improvedservice capability
8/6/2019 Indian Insurance Sector - Issues and Challenges
� Process innovation involves re-engineering key operationalprocedures to identify duplication, inefficiencies or synergies in theform of insurance mega processes. Recent market trends includeusing offshore service providers to complete commoditized, non- value-add operational tasks and processing.
8/6/2019 Indian Insurance Sector - Issues and Challenges