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Contact for More Project 09413991847 SUMMER TRAINING

Contact for More Project 09413991847 SUMMER TRAINING

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Published by sajjan kumar swami

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Published by: sajjan kumar swami on Jan 17, 2010
Copyright:Attribution Non-commercial


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Submitted toRAJASTHAN UNIVERSITY, JaipurIn the partial fulfillmentOf the award of the degree ofBBA (Bachelor of Business Administration)Project guide:- Submitted by:-Ms. Mridula Mudgal Gauarv KhandelwalSr. Lecturer BBA Part IIIAlwar Managemant StudiesNorth extension road Alwar1
IET Groups of institutionsPREFACEThe liberalization of the Indian insurance sector has beenthe subject of much heated debate for some years. Thepolicy makers where in the catch 22 situation wherein forone they wanted competition, development and growth ofthis insurance sector which is extremely essential forchanneling the investments in to the infrastructure sector.At the other end the policy makers had the fears that theinsurance premium, which are substantial, would seep outof the country; and wanted to have a cautious approach ofopening for foreign participation in the sector.As one of the rare occurrences the entire debate was puton the back burner and the IRDA saw the day of the lightthanks to the maturing polity emerging consensus amongfactions of different political parties. Though some changesand some restrictive clauses as regards to the foreignparticipation were included the IRDA has opened the doorsfor the private entry into insurance.2
Whether the insurer is old or new, private or public,expanding the market will present multitude of challengesand opportunities. But the key issues, possible trends,opportunities and challenges that insurance sector willhave still remains under the realms of the possibilities andspeculation. What is the likely impact of opening up Indias
insurance sector?The large scale of operations, public sector bureaucraciesand cumbersome procedures hampers nationalizedinsurers. Therefore, potential private entrants expect toscore in the areas of customer service, speed andflexibility. They point out that their entry will mean betterproducts and choice for the consumer. The critics counterthat the benefit will beslim, because new players willconcentrate on affluent, urban customers as foreign banksdid until recently. This seems to be a logical strategy. Startupcosts-such as those of setting up a conventionaldistribution network-are large and high-end niches offerbetter returns. However, the middle-market segment toohas great potential. Sinceinsurance is a volumes game.Therefore, private insurers would be best served by amiddle-market approach, targeting customer segmentsthat are currently untapped3

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