SWOT ANALYSIS OF INSURANCE SECTOR Strengths: Consumer Grievance Redressal The Insurers have to face the redressal of the consumers, grievances for deficiency in products and services. The Insurance Regulatory Development Authority (IRDA), the regulatory body has already appointed Ombudsman for looking into the grievances of the policyholders. His judgment will be binding on the insurers. Further under Consumer Protection Act, 1986, the consumer courts are operating at the district, state and national levels. This is a major strength from the consumer point of view as they could easily fight for their rights. Increasing customer awareness The gradual growth of the industry and also the increasing number of claims settled has slowly led to the increase in the awareness in the minds of the customers. These aware customers are now potential clients which can be used by the companies and converted into new clients. Channels Insurance companies are getting savvy. Enhanced marketing thus is crucial. Already, many companies have full operation capabilities over a 12-hour period. Facilities such as customer service center are already into 24-hour
Life Insurance – Need Of the Hour.
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