In this world everyone wants to secure his/her future, because today's life is very unsecured and unpredictable, anytime a mishap in life can occur. In India more than 54 percent of people are uninsured so this is the biggest market for big cos so all international big insurance companies are eying on India, but the biggest problems are that more than 50 percent of people are living in villages and rural areas where there is a very limited way of communicate with these people, so the first thing to do business here is to develop a communication center in rural areas which is very difficult to do. It is because India is a country where more than 1400 regional languages are spoken and so many tribal communities are there.
Right now India is developing very fast and the middle class has been growing tremendously. They are earning enough money to secure their own future but the biggest challenge is how to convince them to trust on private companies because in India there is very bad record of private insurance companies. So many people have lost their money, which they have invested in those companies, which has run away from India. Now Indian government body IRDA has been watching everything very carefully and now company has to get prior approval to do business here.
Some of the companies that are doing business successfully are: -
LIC
General Insurance Company
ICICI
Birla Sun life
Tata Aig
Met life
The new India insurance company
ING Vysya
Max New York life insurance Company
United India Insurance Company
Royal sundaram Insurance Company
Bharti AXA life insurance Company
Relience life insurance Company
Aviva Bajaj Allianz
