Insurance Industry in India must focus from Growth to Development

Dr. P. Nandagopal, MD & CEO, India First Life Insurance Co. Ltd.while addressing the ASSOCHAM seminar said “Peering into the next decade, we realize the way forward is by shifting the focus from ‘Growth to Development’ for all stakeholders which includes customers, distributors,

employees and shareholders. An equitable development ensures customer interests are taken care of first.  

If a customer gets consistent, long term return as maturity benefit, and a fairly priced, efficiently serviced and honestly delivered risk cover to go  along with his savings plan he will surely wake up to the product advantages sooner or later.”

India’s growth story is never in doubt. If an economy is growing at about 9% in the last few years, and its people are saving more  than 1/3rd of its GDP and the penetration is as low as 4% – we can be sure that we will grow the insurance sector. India is already  the 10th largest insurance market in the world. . Boston consulting group report says that we will be 4th largest in the world by 2020.