Life Insurance Market in India 2019

Life Insurance Market in India 2019

Nov 2019 Netscribes (India) Pvt. Ltd. Banking89 Pages Price :
$ 950
The Indian financial services sector is a highly volatile sector, influenced by fiscal and monetary policies, government regulations, trade rules, tax changes, and technology changes. The insurance industry in India is regulated by the Insurance Regulatory and Development Authority of India (IRDAI), which is an autonomous body established in 1999.

Market segment insights
In India, currently there are 24 life insurance players, which comprise 1 public sector and 23 private sector players. The Indian life insurance market is exhibiting immense growth, next to banks for mobilized savings, and is a formidable part of the Indian capital market. In FY 2019, the life insurance sector accounted for approximately 2.68% to Indias gross domestic product (GDP).
LIC is the sole public sector life insurance company in India. However, private life insurance companies have been penetrating the market since 2000, mainly through unique customer services.
In terms of the number of new policies issued, shares of both LIC and private insurers have increased during the FY 2017-FY 2018 period. In FY 2018, LIC held a share of ~75.67% in terms of the number of new policies issued, the rest being acquired by private insurers. The demand for LIC policies is usually high, owing to the handsome maturity value offered by the company at the end of the policy terms.
Considering the amount of premium collected in FY 2018, LIC alone held a share of ~69.36%. However, the share of private insurers, in terms of premium collected, had increased during the FY 2017-FY 2018 period at a rate of ~19.17%, mainly due to innovative product mixes offered by the companies. In FY 2018, out of the top private insurers operating in India, ICICI Prudential had the highest market share (~5.9%), followed by SBI Life (~5.53%) and HDFC Standard (~5.14%).

Key growth drivers of the market
On the macroeconomic front, the Indian economy has been gaining momentum since FY 2018. Moreover, Indias young population with increased purchasing power and greater inclination towards security products is growing. However, the penetration of life insurance in India is shallow, compared to the advanced and emerging economies of the world. In a way, life insurance companies are utilizing the opportunity of penetrating the Indian market, thereby taking advantage of its expanding economy and rising individual income level.

Key deterrents to the growth of the market
High lapse ratio, due to low persistency, is having a detrimental impact on the overall business of insurers. This is because lapsation of insurance policies result in a negative impact on customer retention, product performance, pricing factors, product image and workforce planning.

Companies covered
Life Insurance Corporation of India
HDFC Life Insurance Company Limited
ICICI Prudential Life Insurance Company Limited
SBI Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
Bajaj Allianz Life Insurance Company Limited
Max Life Insurance Company Limited
PNB Metlife India Insurance Company Limited
Reliance Nippon Life Insurance Company Limited
Tata AIA Life Insurance Company Limited
Chapter 1: Executive summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction
3.1. Market definition and structure
3.2. Major global players using AI-based manufacturing process

Chapter 4: India artificial intelligence market overview
4.1. India artificial intelligence market overview
4.1.1. India artificial intelligence market size and growth forecast
4.1.2. Funding in the Indian AI start-ups

Chapter 5: India manufacturing industry overview
5.1. India manufacturing industry overview
5.1.1. India gross value added (GVA) of manufacturing

Chapter 6: Artificial intelligence in the Indian manufacturing industry
6.1. Impact of artificial intelligence in the Indian manufacturing industry

Chapter 7: Use cases of AI in the manufacturing industry
7.1. Use cases of AI in the manufacturing industry

Chapter 8: Case studies
8.1. Case study Blue Star Ltd.
8.2. Case study TVS Motor Company Ltd.
8.3. Case study JK Tyre & Industries Ltd.
8.4. Case study Bajaj Auto Ltd.
8.5. Case study Asian Paints Ltd.

Chapter 9: Market influencers
9.1. Market drivers
9.2. Market challenges

Chapter 10: Competitive landscape
10.1. Abee Research Labs Pvt. Ltd.
10.1.1. Company information
10.1.2. Business description
10.1.3. Products/services
10.1.4. Key people
Similar information covered for remaining companies
10.2. EroNkan Technologies Pvt. Ltd.
10.3. Flutura Business Solutions Pvt. Ltd.
10.4. LivNSense Technologies Pvt. Ltd.
10.5. Universal Robots (India) Pvt. Ltd.
10.6. Altizon Systems Pvt. Ltd.
10.7. IBM India Pvt. Ltd.

Chapter 11: Appendix
11.1. Research methodology
11.2. About Netscribes
11.3. Disclaimer

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