Reaching Rural Masses through Insupreneurship: A Study with Reference to Life Insurance in India

India boasts of 16% of the world population, but has only 1.68% of the world insurance market (Capgemeni). Around 80% of insurable population of India is not covered by insurance and there is a mine of opportunity untapped in the rural areas. Lack of Corporate Entrepreneurship is one of the causes resulting in deprivation of life insurance to the rural people. The needs of the customers are not analyzed before canvassing life insurance and hence insurance is almost always sold and never bought. In order to analyze the insurance needs and the canvassing pattern, a survey is conducted and responses are gathered from 500 customers and 200 agents of Bangalore and Kolar rural districts. The data is tabulated and by applying SPSS package, necessary statistical tests are conducted to analyze the trends. The secondary data is collected from various data bases and the government journals.

The results indicate that the insurers and the agents are using “yesterday's techniques for today's problems”. It is highly imperative to take a second look and equip agents with entrepreneurial skills. Innovation and application of new methods are key for spreading the message of life insurance to the nook and corner of India. An attempt is made in this article as to how entrepreneurial ideas can help develop viable alternatives in mass rural coverage and help in inclusive growth of the rural people.