In 201 the India’s insurance industry had got Rs 10,000 crore during the event of the FDI limit being increase from 26 % to 49 %. The business models in the Indian Insurance companies is based around anticipating and diversifying risk. Pooling risk from individual payers and redistributing it across a wider portfolio is the crucial model of insurance businesses in India. The revenue of Indian insurance companies is generated majorly in two forms: charging premiums in exchange for insurance coverage, reinvesting these premiums into other interest-generating assets.

Insurance companies are now moving towards an efficient sales graph and a reduce administrative costs like the other sectors in India. It is proven that insurance plays a vital role in the economy of any country as it covers the future earnings of individuals and companies, enabling risk transfer. The GDP of the country is protected with insurance as it smoothens out the risk patterns. Hence, It is because of this reason said that measuring the premiums as a percentage of GDP and deciding the level of penetration is not appropriate. The premiums are fees to protect the GDP. An effective measure is needed to see what proportion of the GDP the sums assured cover.

Therefore we presume that adequate penetration must be measured in the following manner :

1. The total assured life insurance amounts will be around 5–10 times of the total incomes generated.
2. The economy should cover upto 80% – 90% of the total assets and liabilities generated.
3. To identify the average percentage of insurance covered people that are above the poverty line, the density of insurance must be taken into consideration.

AdWISE ASSURE Team of professional insurance consultants has efficiently supported in reviewing and reporting the parameters for the New Business Team of most popular Life Insurance companies in India.

The main objective of insurance consultants in Group Business operations includes:

• Evaluating the information provided in the application form by the client.
• Assessing and sharing the risk parameters with the New Business Team.
• Adhering to the set TATs with appreciative inputs.
• Claiming Insurance Underwriting Operations

AdWISE ASSURE Team has efficiently conducted a review of various processes for the Group Operations and Policy Servicing Team.

It included:

1. Understanding the as-is process and draw the framework.
2. Connecting the dots/ gaps from the as-is process.
3. Presenting the statistics of insurance to the Leaders and the Management Team.
4. Recommending the feasible solutions to close the loops.

The mass accumulation of the above figures will provide an accurate assessment of insurance penetration. Although India may still feature among the low penetration economies, some surprises may be welcomed.

Technology and automation of processes will alone not eliminate inefficiencies. The rise of new technology will demand for new skills and methods which needs to be redesigned and trained accordingly so to reduce wastage and thereby delight customers.

Insurance companies need to digitalize and a change in approach is the need of the hour whereby technology is viewed as a vital business tool rather than just an operational and process tool. The usual inhibition in a regulated industry can be bestowed with if companies in India work with all stakeholders, including regulators and the government hand in hand.