When it comes to the insurance policies, trust and confidence of a person interested in buying one, gets tested largely. However, despite attending this issue with due care and caution, people still make mistake of choosing a wrong policy that does not suits to their needs nor does it fits in their budgetary bill. Some two decades back the insurance industry in the Indian economy was not that developed. There were only few recognizable names who were monopolizing this segment. However, inception of Foreign Direct Investment in the economic plans opened gates for private players from almost every corner of the world to come in India and try their luck in insurance business here.
Meanwhile, the event also triggered the surge of many domestic corporate players who were interested in exploring the untapped insurance potential locked in the Indian masses. Many players such Reliance two wheeler insurance, Iffco-Tokio general insurance, ICICI Lombard and many more rose to the occasion and went on to occupy a special place in the insurance segment of the country.
The story was going good until recessional blues surfaced throwing every possible business equation of the above-mentioned players in turmoil. Sabotaged by liquidity crisis, insurance industry in India and abroad, went for a crash. However, after a prolonged stretch of suffering, these insurance bodies bounced back. Recovery period soon followed as recessional chills also got diluted.
Foreseeing the green shoots, many players restructured their business plans and strategies and employed them effectively. Fortunately for them, resurgence was definitive and so was the end-result. Interestingly, companies such as Reliance & Iffco Tokio general insurance did quite an outstanding job by bouncing back. In fact the customer base too reacted favourably to their scheme of things and suddenly business profits started pouring in although profit figures were not exactly the same as they were before the recession hit the shores but even that is turning out to be encouraging enough. Talk about faith, and even this element was also getting restored.
Talking from a business point of view, policies like Reliance two wheeler insurance proved to be a success and that is despite the fact that auto-industry till some time back was going through a low phase. This product appealed to their senses and no wonder made history in terms of success. The policy manufacturers too realized the fact that after recession, it will not be the cheesy one-liners advertisements & billboards but the actual product service that will be drawing in buyers. They worked on it and made it a success.
The reason for the recent success of Iffco Tokio general insurance product is also more or less same. The market was relatively fresher and invited out-of-box insurance product ideas that are primarily focused to deliver service assumed satisfactory according to user level.
Thus, if success is of any importance to business magnates presently floating in insurance domain, they need to check their strategies and their target audience since, merely entertaining them with lucrative advertisements and deceptive Terms & conditions will not be of any good to them.