The Major Players in the Indian Life insurance industry include:.
Ÿ Life Insurance Corporation of India .
Ÿ ICICI Prudential Life Insurance.
Ÿ Birla Sun Life Insurance Company Limited.
Ÿ HDFC - Standard Life Insurance.
Ÿ Max New York Life.
Ÿ SBI Life.
Ÿ Allianz Bajaj Life Insurance Co. Ltd.
Ÿ Aviva Insurance.
Ÿ ING Vysya Life Insurance.
Ÿ MetLife Insurance.
Ÿ OM Kotak Mahindra Life Insurance.
Ÿ Tata AIG Life Insurance Company.
Emerging trends in the Indian Life Insurance Market:.
In a country of over 1 billion people, Life Insurance premium until very recently formed only 1.8% of GDP. Way back in 1999, the CII sub v/s committee on distribution and intermediaries had estimated that Life Insurance premium in the country would increase to Rs. 60, 000 crores by 2005 and cross Rs. 1, 40, 000 crore by 2010. In fact, it's in recognition of this huge potential of the market and the need to make insurance, particularly life insurance, available on a wider scale, that the government has opened the industry to private players in 2000. This move completely changed the competitive dynamics of the Indian life insurance industry. Now, private players are exploring opportunities for growth in a market that is fraught with challenges and opportunities.
In today's liberalized insurance environment, one can have sustainable competitive advantage only by building strong brands in the minds of the customers. This can only be achieved through constant innovation in products and services. This is where the ICICI Prudential Life scores over other private players. Within a short span of three years, it has established itself as India's leading private life insurer. It offers a complete range of products to meet the varying needs of the Indian customer. ICICI Prudential Life's innovative marketing strategy and strong focus on brand building has made ICICI Prudential Life a de facto leader in the life insurance category. Its strategy revolves around building strong brand equity by offering complete solutions of superior products to the consumers.
