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Insurance Mission Mode Project
Insurance is perceived to be a big opportunity business in India today. The huge population base and largely untapped market areas have provided a strong growth to this business in the last few years. Despite the impressive growth, the penetration of insurance in the country continues to be low. A large majority of the Indian population do not have Life and Health Insurance cover. This only highlights the growth potential of this sector in the coming years. Through the General Insurance Business (Nationalisation) Act, 1972 [1], 107 insurers were amalgamated and grouped into four companies viz. the National Insurance Company Ltd. [2], the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd.
The opening up of the Insurance sector for private participation has led to dynamic changes. In the last few years, a fairly large number of insurers, both life and non life, have established their presence in India leading to increased competition for the Public Sector Insurance Companies [3]. Private players rely on technology to attract new customers through Innovative products, smart marketing and aggressive distribution. Customer service is the hallmark of this sector and hence it became imperative for the Public Sector Insurance Companies [3] Public Sector Insurance Companies to computerize their operations and leverage the latest technology to provide a world class service experience to the customers through personalized products and services. With this view, the Insurance MMP was conceptualized.