A big Hi to all the Indian Insurance Companies 🙂 How are you all? I am okay.
Let me provide some space to share a Business idea with you all. It might seem bogus to you, but for me it’s a challenge. I am not an Insurance professional. Though I did some work with US insurance market. And I think this could be a great opportunity to share this with you people.
The Life Insurance Corporation of India is still enjoying the larger part of the market share both in the urban as well as in the rural areas. For the private players it is really a tough job to tap the rural segment with the health or life insurance components. As the awareness level and the faith for the company is concerned. People are not ready to hand over their hard earned money easily to the private players. Though the agents are working hard by day and night.
But here is an opportunity before the private biggies to tap that rural market. The idea has popped up to my mind from the last few days.
You all know that Bird Flu has struck the west Bengal and this is perhaps the second time in India in a large and destructive manner. Private Players can enter the rural segment with the help of livestocks Insurance. They can try out to make people understand that government compensation is not enough to outweigh the amount of loss. If they could avail some livestock or fisheries insurance, their loss would have overcome. In crisis, it is easier to crack.
Once the Companies have some client base with this kind insurance, they can extend their market share with life, health. The rest of the tapping process you people know better than me 🙂
This is a great opportunity. So don’t waste your time. Go, get the market. Beat the time.
By the way, Actuaries can start to calculate the compensation, financial costs, premium levels and the profitability of Companies.