Recent
developments in the insurance industry
Ø Growing
importance of IT: today customers can pay their premium and check their policy
status online.
Ø Bancassurance:
bancassurance is when banks partner with insurance companies to sell insurance
products to bank’s customers.
Ø Micro
insurance: micro insurance products provide insurance as low as Rs. 15to low income groups.
Ø Grievance
redressal: insurance companies have set up internal customer grievance cells
also, an insurance ombudsman has been established .
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