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International Journal of Economics & Management Sciences

Insurance Marketing – A New Paradigm Shift

Prasanna Kumar N*
Department of Internationals Business Studies, Acharya Nagarjuna University, Guntur- 522510, Andhra Pradesh, India
Abstract :

troduction Last one decade of reforms in India have started yielding the results in the Indian economy. The Government’s resolve to push the reforms measures further, less bureaucratic hurdles, absence of red tapism, investors’ friendly business environment all put together have given tremendous boost to the industries in terms of FDI and investments from FIIs. Though the impact is felt in all the sectors, service sector is the one which is most benefited out of all those reforms and the contribution of service sector to the GDP of the country has grown manifold. New economy organizations are spreading their wings into service industry like banking, financial services, insurance, communication, entertainment, telecom and so on. And no wonder why India is considered to be the most preferred nation in the world for Business Process Outsourcing (BPO). The service industry in India has achieved a phenomenal growth in the recent past and among them, Insurance is one sector, which has witnessed high decibel growth thanks to the investor friendly regulator in the name of Insurance Regulatory Development Authority (IRDA). The growth the market has achieved in terms of 18-20% in life insurance and 15-17% in nonlife insurance stands testimony to that. In this scenario, this paper makes an attempt to understand the paradigm shift that taking place in marketing of the insurance products and the strategies adopted by the players in the market [1].

Keywords :
A New Paradigm Shift

Date Deposited : 04 May 2016 21:17

Last Modified : 13 May 2016 21:14

Official URL: http://www.omicsonline.com/

Volume 3, Number 5, December 2014 , ISSN 2162-6359

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