The new horizons of Indian insurance sector challenges & Strategies

The insurance sector has been one of the highest powered sector in India's economy. The increased growth in the Indian middle income group has posed incremental growth in the insurance sector in India. The average Indian now spends much on life insurance as what he did in the past. It encourages individual, to save money. Organization of Industry: commerce and trade entirely depend on insurance for their operations. The funds collected by insurance companies from their policy holders are made available to the industries and traders in the country. The sector is mobilizing more and more insurance schemes, facilitating the growth of trade and commerce, thus assisting the individuals and firms in efficient management of crisis. The increased growth in the Indian middle income group has posed incremental growth in the insurance sector in India. The present paper makes an attempt to highlight the growth of Insurance Sector in India. As the business in this sector is growing, the challenges are also increasing and the insurance companies have to adopt various measures to sustain themselves in future. Therefore, efforts have been made to enlist major marketing, financial and Human Resource challenges faced by this sector. Finally, certain strategies have been suggested to overcome these challenges.