Insurance industry is expected to reach US$ 350-400 billion in premium income by 2020, making India amongst top 3 life insurance markets and top 15 non-life insurance markets, says FICCI-BCG Report

The report also defines a six-point agenda for life insurance companies:

1. Fix the agency operating model

2. Build strategic, long term non agency partnership

3. Incubate, experiment and develop alternative channels

4. Develop a customer centric operating model

5. Target customer / product white spaces

6. Go lean — “lean is in”



Similarly, for non–life insurers, BCG has also defined a six-point agenda for the path to a sustainable profitable business:

1. Create optimal product portfolio

2. Innovate to target product/customer white spaces

3. Move towards risk based pricing

4. Develop next generation claims management processes

5. Go direct — build alternate channels for retail products

6. Define and enhance agency sales force operating model

“The report also highlights that the Regulator/Government has a key role to play in enabling the journey of the insurance industry through the troublesome teens to sustained profitability”, added Alpesh Shah.



The regulatory / government agenda will need to cover:

1. Relax ownership norms

2. Define IPO norms

3. Enhance banca distribution through multi tie–ups

4. Enable “direct” channel

5. Refine outsourcing guidelines

6. Enable electronic statements of insurance

7. Refine investment norms

8. Define flexible norms to enable Indian insurers to go international

9. Build depth in debt / bond / derivative market

10. Ensure appropriate taxation policies

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