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Winds of change in insurance sector

Kochi: The majority of the population do not have insurance cover. This phenomenon has attracted the attention of insurance companies world over.

With the government allowing foreign entities to enter the Indian insurance segment, an intense race is on among the various players.

While the Life Insurance Corporation (LIC), with major stake in the sector, is striving to maintain the top slot, private entities are vying with one another to make a remarkable presence.

The race has also prompted various other associated segments like the human resources and management to have a fresh look at the scenario.

The emergence of a new order in the insurance horizon has given way to a more professional approach among the agents. Organisations which had been remaining dormant have come out with renewed vigour and new ones are sprouting up.

Life Insurance Agents’ Federation of India, one of the organisations, held a special convention in Kochi recently. The welfare of the agents should be a prime concern to the insurance company, said K.C. Sajeevan, a leader of the federation.

It has also demanded pension benefits to the agents. Notably, the Ernakulam Division of LIC, which had been performing well and had topped the divisions in the country in terms of first premium collection, has introduced a group insurance scheme for agents.

To approach the younger generation, the insurance agent must have adequate knowledge and confidence.

LUGI has to play an important role in this scenario, according to R. Sahasranaman, president of LUGI’s Ernakulam chapter.

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