Market segment insights
In India, currently there are 24 life insurance players, which comprise 1 public sector and 23 private sector players. The Indian life insurance market is exhibiting immense growth, next to banks for mobilized savings, and is a formidable part of the Indian capital market. In FY 2019, the life insurance sector accounted for approximately 2.68% to Indias gross domestic product GDP .
LIC is the sole public sector life insurance company in India. However, private life insurance companies have been penetrating the market since 2000, mainly through unique customer services.
In terms of the number of new policies issued, shares of both LIC and private insurers have increased during the FY 2017-FY 2018 period. In FY 2018, LIC held a share of ~75.67% in terms of the number of new policies issued, the rest being acquired by private insurers. The demand for LIC policies is usually high, owing to the handsome maturity value offered by the company at the end of the policy terms.
Considering the amount of premium collected in FY 2018, LIC alone held a share of ~69.36%. However, the share of private insurers, in terms of premium collected, had increased during the FY 2017-FY 2018 period at a rate of ~19.17%, mainly due to innovative product mixes offered by the companies. In FY 2018, out of the top private insurers operating in India, ICICI Prudential had the highest market share ~5.9% , followed by SBI Life ~5.53% and HDFC Standard ~5.14% .
Key growth drivers of the market
On the macroeconomic front, the Indian economy has been gaining momentum since FY 2018. Moreover, Indias young population with increased purchasing power and greater inclination towards security products is growing. However, the penetration of life insurance in India is shallow, compared to the advanced and emerging economies of the world. In a way, life insurance companies are utilizing the opportunity of penetrating the Indian market, thereby taking advantage of its expanding economy and rising individual income level.
Key deterrents to the growth of the market
High lapse ratio, due to low persistency, is having a detrimental impact on the overall business of insurers. This is because lapsation of insurance policies result in a negative impact on customer retention, product performance, pricing factors, product image and workforce planning.
• Life Insurance Corporation of India
• HDFC Life Insurance Company Limited
• ICICI Prudential Life Insurance Company Limited
• SBI Life Insurance Company Limited
• Aditya Birla Sun Life Insurance Company Limited
• Bajaj Allianz Life Insurance Company Limited
• Max Life Insurance Company Limited
• PNB Metlife India Insurance Company Limited
• Reliance Nippon Life Insurance Company Limited
• Tata AIA Life Insurance Company Limited
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.2. Major global players using AI-based manufacturing process
Chapter 4: India artificial intelligence market overview
4.1. India artificial intelligence market overview
4.1.1. India artificial intelligence market size and growth forecast
4.1.2. Funding in the Indian AI start-ups
Chapter 5: India manufacturing industry overview
5.1. India manufacturing industry overview
5.1.1. India – gross value added GVA of manufacturing
Chapter 6: Artificial intelligence in the Indian manufacturing industry
6.1. Impact of artificial intelligence in the Indian manufacturing industry
Chapter 7: Use cases of AI in the manufacturing industry
7.1. Use cases of AI in the manufacturing industry
Chapter 8: Case studies
8.1. Case study – Blue Star Ltd.
8.2. Case study – TVS Motor Company Ltd.
8.3. Case study – JK Tyre & Industries Ltd.
8.4. Case study – Bajaj Auto Ltd.
8.5. Case study – Asian Paints Ltd.
Chapter 9: Market influencers
9.1. Market drivers
9.2. Market challenges
Chapter 10: Competitive landscape
10.1. Abee Research Labs Pvt. Ltd.
10.1.1. Company information
10.1.2. Business description
10.1.4. Key people
Similar information covered for remaining companies
10.2. EroNkan Technologies Pvt. Ltd.
10.3. Flutura Business Solutions Pvt. Ltd.
10.4. LivNSense Technologies Pvt. Ltd.
10.5. Universal Robots India Pvt. Ltd.
10.6. Altizon Systems Pvt. Ltd.
10.7. IBM India Pvt. Ltd.
Chapter 11: Appendix
11.1. Research methodology
11.2. About Netscribes
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