Banking Finance and Insurance in Private Players in Isurance

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Your Ad Here	Private Players in Insurance - It was only in 2001 that the private sector was allowed to enter the insurance industry. The Insurance Regulatory and Development Authority of India (IRDA) regulates the insurance business in India. Many corporates and scheduled banks are jumping into the fray of insurance business.
Till October 2006 31, companies registered with IRDA of which 16 were in the business of life insurance and 15 in general insurance. They have established there branches several cities. These companies have been expanding their product range keeping in view the emerging needs of the consumers. Creative and innovative marketing strategies are being evolved and introduced to fetch more and more business, beat the competition and opening up lucrative career options for the career seekers.
Based on Malhotra Committee recommendations, the government opened up the insurance sector to the private players. This has been done in order to widen the scope of insurance in India. This is all the more significant because as on date there is a substantial insurable population which does not have any kind of life or health insurance cover.
The big change in recent times in this sector has been the entry of private players, many of whom have tie-ups with large, overseas insurance players. Some of the Private Life Insurance Companies that have started operation in India not long ago, forcing the govt. sector to become more competitive, are ING Vysya, Max New York Life Insurance Company, Om Kotak Mahindra, Tata AIG Life Insurance Company, Birla Sun Life Insurance, Reliance Life Insurance, HDFC Standard, ICICI Prudential Life Insurance etc., while in the Non-life segment, the major private players are Royal Sundaram, Reliance General Insurance, Tata AIG General Insurance etc.
Your Ad Here	These new players have brought with them a variety of products, more competition and Innovation. The aggressive marketing techniques adopted by these players is expected to raise awareness about the need to buy insurance products for the coverage they offer, rather than for tax exemption.

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