Question

Challenges and problems in enlarging insurance business in india

Answer 1

Lack of entrepreneurship: This is most important criteria because this is only Business with Zero Investment with Highest Rate of Returns but people hardly can continue doing well after they are done with Natural Market. Natural Market is our Family, relatives, Friends. Noone thinks of Business in long term and with that they forget to take references to create their secondary market.Proper Follow up: Insurance is the Business of solicitation and so noone will come to you to buy for insurance. Each of your lead will require proper guidance, service and follow up to close business because with 26 insurers, there is na insurance agent almost in every 3rd house nearby you !Knowledge: Knowledge is the key of success as with insurance you must have knowledge of other financial instruments like Mutual Fund, PPF, FD, Bonus and Returns of other Insurer, Tax Benefit, MWP, Employer-Employee, Keyman Insurance, Group Insurance, Riders and list goes on…

Answer 2

Insurance Sector is a fast growing sector in India and it faces with a number of challenges and problems like to other sectors. There are number of private insurance companies that have entered the market and the growing competition has added to more challenges

Explanation:

• The insurance business in India is growing at a fast pace and it is also a factor that has added to the employment for people in the country and to the economic growth of the country. in India is growing. There are many private insurance agencies that have emerged to add to the competition in the market.
• There is increased competition in the insurance sectors and the changes in the demands of the consumers have added to the problems of the sector. The changing demands of the people with higher aspirations have made the working of the insurance sectors very challenging.
• There are legislation and laws in the country that monitor the working of the insurance sectors. The insurance agencies have to follow the law and also work towards satisfying their customers.

To know more about insurance agencies

Which organisation in India was established for regulation of insurance agencies ?

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