Insurance Business: Rajesh Kanna May'18
Insurance Business: Rajesh Kanna May'18
Insurance Business: Rajesh Kanna May'18
Business
Rajesh Kanna
May’18.
Contents
1. Industry Dynamics
2. Advantage India
3. Structure- Offline & Online- Emerging players
4. Why selling Insurance ?– Revenue and Value addition
5. Challenges in Current model( TATA AIG)
6. Why corporate Agency?
7. Way forward
8. Business Projection
9. Support&Stakeholders.
Insurance Industry- Summary
•The overall insurance industry is expected to reach US$ 280 billion by 2020
•The domestic life insurance industry registered 17.65 per cent y-o-y growth for new business premium
in
Rapidly growing •Gross direct premiums for general and health insurance segment reached Rs 1.28 trillion (US$ 19.88 billion) in
FY 17
insurance •Gross direct premiums for non-life insurance industry increased by 17.7 per cent y-o-y in FY18 2
segments
•The market share of private sector companies in the non-life insurance market rose from 13.12 per cent in
FY03 to 48.01 per cent in FY18 3 ( Big Advantage).
Increasing private
sector contribution
•Pradhan Mantri Fasal Bima Yojana (PMFBY) covered 50.9 million farmers in India in 2016-17.
•Enrolments under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) reached 130.41 million in 2017-18.
Crop, health and •Strong growth in the automotive industry over the next decade to be a key driver of motor insurance.
motor
insurance to drive
growth
Advantage India
Strong Demand Attractive Opportunities
Leading Insurance Companies spend more money in Building Emerging Channel even
though Business contribution is at <20% to overall Business- Invest in Future.
Why Insurance as Product line for us?
• First in the Industry
Differentiator • Reason for selecting
in Market NP over others ?
Place
• New on-boarding
Story
• New Category
Create new
Retailers-Travel
segment Agents , Insurance
Retailers-Non and Telecom (large
Remittance & base)
AEPS outlets
• Help us in driving 5
lakh Retailer Tgt
Why Corporate Agency?
1.Margin will be highest for this Channel. In general Life Ins pays upto
40% and non life up to 25%.
2.Can get Brand pull by driving co branded activity in our website as
well as @Retailer touchpoints.
3. More options- Integrate up to 3GI&LI . Selling entire range of
products allowed. With this Retailer can compare between 3 quotes
while selling( todays drawback).
4. Negotiation -Schemes and promos will help us in driving Volume.
45 Days Process – Create login /Submit Docs/Appoint PO/AO/Take Test/Get CA Licence