Online insurance market is growing slowly but steadily. It gives the customers a lot of options to compare features, cost, benefit etc. The time for issue of policy is significantly reduced online since policy can be downloaded immediately after payment. However the human touch is missing online as the customer has to decide on its own conscience. Though he can get assistance on chat but still the aspect of Independent advice is missing.
GST may enhance the cost of insurance premiums however the government could have excluded low cost and micro insurance from its ambit.
Cyber Insurance is still in its nascent stage in India but with the growing vulnerabilities the demand will pick up for cyber insurance. Online selling has become an integral part of business of many companies and they cannot afford to operate without cyber insurance. IRDAI has issued some guidelines which we have covered in this issue.
LIC has declared record profit for the fiscal year 2016- 17 to the extent of Rs 48000 crores which is the best ever net performance of LIC. The public sector Insurance companies are planning to launch their IPO. Maybe by the year we can see some positive development in the listing of companies.
The menace of mis selling is haunting the Insurance Industry and the regulators has not been successful in stemming the insurance fraud. There are call centers that are employing thousands of telecallers to missell insurance products. I fail to understand how can Insurers, IRDAI fail to catch the culprits where there are ample live cases of fraud.
