Distribution management systems - a boon for insurance carriers in India
With the Indian insurance industry registering double digit premium growth year-on-year, the market share battle is fierce. The insurance carriers in the market have been increasing their share of the distribution pie through strengthening distribution channels. Yet, the insurance penetration rate — the ratio of insurance premiums paid and the GDP of the country — is only 3.6%, which is quite low compared to the 6.13% globally. With the tremendous scope for growth, the market is expected to quadruple in size over the next decade. This will require strengthened distribution capabilities, use of technology in distribution, and better developed distribution networks.
Suggested reading: PMACS® - A comprehensive suite of producer and distribution management software modules specifically designed for the financial services industry.