Karnataka   

‘Competition has given us better products’

MANGALORE: Have the customers benefited from the gradual erosion of monopoly in the insurance sector — life and non-life in India?

The answer was a resounding yes from experts in the field. Opening up the insurance sector has not only exposed the life insurance behemoth, Life Insurance Corporation of India, to competition but has also forced competitors to come up with new and innovative products aimed at a vast segment of customers.

General Manager, Corporation Bank, K. Ramamurthy, who inaugurated a seminar on “Challenges and Opportunities in Insurance Industry” organised by S.D.M. Post Graduate Centre for Management Studies and Research here on Tuesday, said the presence of more players in the field has resulted in a windfall for customers.

“The opening up of this vital service sector has helped break the shackles of monopoly,” he said.

Entry of new players saw the infusion of capital and adoption of international “best practices”.

However, the single biggest benefit from the development was that competitors have since started looking at areas which they hitherto were not paying attention to, especially rural places.

Competition has not only ensured lower premium but has also forced players in the field to come up with tailor-made products to suit every strata of their clientele, he said.

Director of the centre Devaraj K. presided over the function. Zonal manager of IDBI Fortis Insurance Company Ltd. S.V. Balaji observed that for the brave hearts, life insurance is the opportunity of a lifetime.

The field holds immense promise for young business graduates who can take a call on balancing risks with returns, Mr. Balaji noted.

Dean of Business Management programme M.C. Pinto welcomed the gathering. Faculty of the centre Seema Shenoy proposed a vote of thanks.

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