Growth Potential in Insurance Sector in India
With a population of 1.2 billion, India is surely one of the most prominent countries for the growth in the insurance sector. As per experts in the field, after IT and BPOs, the insurance sector will dominate the country for the next 25 years. A horizontal as well as vertical growth is expected in the industry.
Current Scenario of the Insurance sector Currently, only 20% of the population is covered by life insurance, 0.9% is covered by general insurance and only 3% have a health insurance. With such a large population and only around 23 companies in the insurance sector, the growth prospects are definitely phenomenal. In India, only life insurance has grown to a certain extent and you will often hear people say that they want to become LIC agent in Bangalore or want to buy LIC policies. People are still unaware of the insurance products and compared to the developed countries, the penetration of insurance in our country is extremely poor.
The Anticipated Future As the Central Government’s plans, it is targeted that life insurance will reach up to 50%, health insurance to 30% and general insurance will penetrate around 15% in the population by 2020. This means that there is tremendous potential in the insurance sector. The ASSOCHEM report mentions that there will be a need of 20 lakhs of manpower in the industry by the year 2020. This creates a strong need for LIC agency professionals to enter the industry and help it grow. India is fast moving towards becoming an insurance hub for the world. A number of global insurance companies are outsourcing their core insurance functions to India. Due to the low cost and IT infrastructure in our country, a number of giant insurance leaders are choosing India to fulfill their core functions in the business. It is believed that insurance will play a major role in boosting the economy of our country in the years to come. If you are looking for LIC recruitment in Bangalore , this is the perfect time to grab the opportunity and secure a rewarding future for yourself.