insurance penetration

2. Our industry sees significant growth of the
financial services over the next 10 years
 there was magnificent growth in awareness
about the financial products in urban areas
 but failed to attract rural population which
is a key segment of our country

3.  Penetration of life insurance still stand at 2.7
percent of the total GDP
 General awareness regarding life insurance
continues to be extremely low
 Despite of the launch of PMJJBY. Only 8 to 10
percent of the rural household have some life
insurance
 Poor distribution channels links with low
awareness results in large number of un -
insured

6.  Emotional counseling needed to attract the rural
market
 Bundled protection will be provided by the insurer in a
single product
 Fixing awareness program in gramPanchayat and
aggregators like vegetable ‘ mandis’
 Giving them satisfaction that insurer will be there even
at the time of claims.

7.  Despite of having technology insurance products
mainly distribute through agents
 80% of the business comes through agents
 Insurance company have to spread their reach in rural
areas by appointing their agents to take care of their
customers
 IRDAI seems incapable in deep penetration of
insurance.