Happy New Year 2020 –
Love hurts, Insurance heals
Its an era of twenty-twenty cricket & twenty-twenty has also arrived in calendar also. Like in 20-20 cricket match, things are going to change very quickly this year. There can be lots of ups & downs for the general insurance industry.
Things to watch
1. Merger of three public sector insurance companies.
2. Rationalizing of the the branch offices & work force
3. VRS or golden hand shake scheme for the employees
4. High incurred claim ratio of general insurers
5. Declining growth of public sector insurers
6. Big changes in motor insurance policy
7. Changes in motor dealer tie-up business
8. Fall in motor premium rates under tie-up business
9. Subsequent fall in motor business ICR
10 Implementation of new surveyor regulations
11 Future of surveyor’s profession
12 implementation of artificial intelligence & other technology platform by insurers for client service
13 Increase in FDI limit to in insurance co’s 74%
14 Entry of new foreign insurers
15 Entry of foreign intermediaries like brokers & surveyors, TPA’s, web aggregators, IMF’s etc.
So keep watch & hope the change is for better 2020