Summary |
In the increasingly complex world that life insurance companies operate in, the keys to success would depend on a) the ability to understand the customer needs and service them efficiently and effectively at the lowest cost, b) the development of system to manage the multi-level risks faced by them, and c) practice the highest levels of transparency and corporate governance to increase customer confidence.
In the backdrop of demographic shifts resulting in ageing populations and lengthened life expectancies all over the world, including India, life insurance companies will focus more on helping their customers plan for their retirement needs through an orderly accumulation and an appropriate annuity thereafter. Life insurance companies with their investment management expertise and their actuarial skills are best positioned to ride this turmoil. Pensions will be a critical growth area for the insurance industry.
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