On the cusp of a new growth phase

'The 16-odd months gone by did have an impact on industry practices, customer preferences, and the overall working cultures of companies', says the author

Twenty years ago, around this quarter, the Indian life insurance industry was opened up to private players. Around 11 of them commenced operations then. A lot has changed since, but it is opportune to strengthen the foundations and commence the journey into the new phase.

The industry is guided by a strong regulator whose direction and support has enabled several players to set global benchmarks. Leading global players brought in best practices through partnerships with local business houses. Life insurance products were being customised to needs such as a child’s marriage or buying a house. Agency-led insurance business saw the distribution