The insurance industry’s potential for growth in India has attracted numerous organizations, each armed with their most efficient strategies. India’s life insurance market is undergoing a transformation, marked by fierce competition and changing consumer preferences. Public and private life insurance companies and emerging insurtech (insurance technology) companies coexist, intensifying the competition for coverage in a rapidly expanding market. This comprehensive case study delves into the complex world of India’s life insurance distribution, examining the strategies employed and challenges faced by all contenders as they strive for market share, customer loyalty, and sustainable growth. The study critically evaluates the performance of existing distribution channels, raising questions about their relevance and effectiveness in this dynamic environment, in order to gain insights into the intricacies of India’s life insurance sector and shed light on the strategies and innovations required to realize the vision of the Insurance Regulatory and Development Authority of India’s (IRDAI) Insurance for All by 2047.
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