Life insurance firms must take inputs from youngsters for customised products, here’s whys
The reason is not far to trace. The growth in number of policies sold is just 1.7% and the industry has narrowly escaped a negative scenario in this regard. Sometimes I wonder why the untapped potentiality has been eluding the insurers. Unless and until life insurers together achieve 15-20% growth in sale of policies “providing insurance cover to all” will remain an elusive target.With introduction of so much of technology, there is a need to reach out to a large number of people. Insurers are deciding on business strategies without the consumer involvement. Every year, LIC selling more and more single premium policies is nothing but chasing a mirage. They want to accomplish success through this route but when the year ends they find the success drifting away from them. The growth of total premium of the industry has been just 10.73% and LIC’s market share in regular premium business dwindled down to 40%.