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The Indian Insurance sector has observed tremendous growth since its liberalisation over a decade ago. Since the market was opened to foreign players, it has witnessed entry of some of the largest multinational insurers in the market. The relatively low penetration and insurance density among the emerging markets has opened tremendous opportunities to gain market share. However, post the global economic crisis, the industry is facing increased challenges to improve profitability, to manage risk while responding effectively to regulatory changes. Focus has now shifted from mere growth to profitable growth and innovation is expected to play a larger role in the next wave of market expansion.

Deloitte’s dedicated insurance team is part of the Global Financial Services Industries practice, helping insurers deal with these emerging challenges. Our practice leaders combine the industry knowledge and insight with technical expertise, to provide strategic advice and strategic solutions to key business issues.

Our team can help insurers refine market strategy, assess and enhance the operating model, optimize cost structures, realize efficiencies in distribution, improve online channel effectiveness, refine customer management and define innovative products. Our teams can assist in planning and deploying leading technologies to improve business performance and channel integration. Our understanding of the industry trends and insight into the regulators’ thinking help clients prepare for the future.”


      Insurance Sector in India: Insurance industry in India has now been through a cycle involving high growth and more recent moderation. The next wave of growth will be of different nature and complexity, led by players who change the market dynamics through innovation. With a decade of experience and learning about customer behavior and business economics, Indian insurers are well-placed to select and diffuse innovative ideas. However, this would require that insurers bring about fundamental difference in mindset on how they perceive the role of innovation in achieving profitable growth. The insurers will need to align the people strategies to create a culture of generating new ideas and implementing those using optimal resources. Insurers have the choice of adopting innovation and leap ahead or lag behind.

India Insurance Market Update: As the emerging markets of Asia begin to greatly influence the global insurance industry, many Western insurers have started shifting their focus to the emerging markets of the East, with the aim of increasing their competitive advantage.

In this October edition of the Insurance Market Update, we consider some of the opportunities for growth within one of the fastest growing emerging markets within Asia – the Indian life insurance market.  As well as opportunities for growth, our article looks at the challenges that threaten to dampen this growth and the characteristics of the companies that will emerge as the winners over the next decade





Alternative insurance distribution models in Asia Pacific: Insurance companies are making unprecedented entry into the capital markets, and to be competitive insurers will need to revisit their business models to ensure they have the necessary products. It will be critical for insurers to enhance their client interface to help accelerate growth. One of the key levers to growth is distribution, and to excel at it, insurers will need to adopt a new mindset that sees distribution not as a cost centre, but as a profit centre and lynchpin of success.

This report examines emerging insurance distribution channels in the Asia Pacific region and highlights that a “one size fits all” model is not the best approach. With economic growth and creation of wealth in Asia continuing to outpace other regions, insurers need to be well positioned with multi-channel strategies and products to capitalise on these opportunities. Adapting distribution channels to the unique characteristics of Asia Pacific demographics, culture, and regulatory systems, and having a multi-pronged approach are likely to be successful strategies.




  Rethinking Business Operating Models in Insurance: This paper focuses on how Insurers’ priorities are changing fast and their business operating models are struggling to respond in mature markets while also generating new revenue growth in emerging markets. Based on feedback from analysts, the paper discusses how the balance sheet and risk management will remain the central focus until 2012, while beyond 2012 operational efficiency comes to the fore as the best way of delivering value in mature markets.

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