• Life insurance is a very distribution centric industry. We have to walk the talk and that is going to be the biggest challenge for marketers in life insurance
• On the General Insurance side, the voluntary open architecture will open up opportunities
• There’s a 71% chance of a customer to get an upsell since he’s already bought into a brand and 65% referral chances

Mumbai, 23 September 2015: The Indian life insurance sector is likely to grow between 12-15% in financial year 2015 -16 and will be marked with much increased reach, premiums and density. While in general insurance sector, the voluntary open architecture will open up opportunities. The 2^nd Annual Insurance Summit, organized by ETEdge, highlighted these and various other trends Indian insurance sector is set to observe.

The summit gathered leaders from the State Government and insurance industry to contemplate on relevant topics such as policy & regulatory changes, insurance in financial inclusion, technology and consumer awareness strategies. Talking about the importance of insurance in India, Sudhir Mungantiwar, Minister of Finance, Planning and Forests, Government of Maharashtra said,”It is ironically our family system that sees insurance coverage lagging behind. Traditionally, the former provides the protection that insurance normally does, but today, with the nuclear family, this no longer is entirely true. That’s why insurance is needed to cover everyone across this nation of ours.”

Listing key beneficiaries of the 49% FDI and highlighting the role of technology in driving consumers and products, Amitabh Chaudhary, MD and CEO of HDFC Standard Life Insurance said,” Customer profiles and customer behavior is changing rapidly. A lot of our parents used to go visit the branches, but a lot of us don’t do that. The customer expects one thing today, could expect something very different tomorrow. Technology can change our perspective rapidly.”

Arijit Basu, MD and CEO, SBI Life Insurance acknowledged the challenges and scope of the life insurance industry as the market grows. He opined, “I strongly believe that in the next 5-10 years, insurance will pick up, although the pace of it might vary. These changes have to continue and we need to have stronger distribution channels, trying to make insurance a product sought after by the customer.” On the other hand, Steve Hollow, Dy CEO of SBI General Insurance said, ”One of the most important challenges is getting the Indian consumer attuned to the benefits of insurance. Currently, there is reluctance and there is a huge opportunity for the industry to go out, promote and educate the masses and talk about Financial Literacy at a very early stage.”

Concluding this successful event, Mr. Deepak Lamba, President, TCL – BCCL said, “ETEdge, over decades has connected with consumers at different levels while being an inherent part of the India growth story. We do acknowledge that as the country grows along with its diversified assets, there will be a strong need of not just protecting these assets but instill a process of resurfacing without losses. In this respect, insuring people, resources and assets will become a crucial tool.”

ET Edge, is an Economic Times initiative founded to empower multiple industries and segments by sharing critical business knowledge through strategic conferences and summits.