The document discusses the IT landscape of the insurance industry in India. It notes that the industry spent around INR xyz billion on IT in 2011, with insurers spending INR aa billion and INR cc billion on IT and telecommunications respectively. The key technologies identified in the Indian insurance sector include aaa, bbb, ccc and ddd. The trends in technologies are described as xyz to zzz and abc to yyy. It provides an overview of some major insurance players and the types of solutions and benefits they provide through implementing technologies such as BI, CRM and xxx.
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Market Research Report : IT Landscape of Insurance Players in India 2012
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IT landscape of Insurance Players - India
February 2012
2. Executive Summary
The ICT adoption in insurance market was valued at INR xyz bn in 2011 and is anticipated to
grow at a CAGR of xxx% to reach INR 230.85 bn by 20--
Out of the overall ICT expenditure in 2011, insurers spent about INR aa bn and INR cc bn on
Market IT and telecommunications respectively
Hardware, Software and Services comprise of 45.4%, 19.2% and 33.7% respectively of the
overall IT expenses of insurers
Some of the prevailing key technologies identified within the Indian insurance sector so far
comprise of:
Key aaa
Technologies bbb
ccc
ddd
Technology trends identified in the industry can be summarized as below:
xyz – zzz
abc – yyy
Trends def – xxx
Major Players
Competition IBM Microsoft Red Hat
Wipro CMC TCS
IT LANDSCAPE OF INSURANCE PLAYERS IN INDIA 2012.PPT 2
3. •Insurance Industry – Overview
•IT Landscape – Indian Insurers
General Insurer
Life Insurer
Health Insurer
IT LANDSCAPE OF INSURANCE PLAYERS IN INDIA 2012.PPT 3
5. Rise in working class population and growing disposable
income is driving the insurance sector in India
Insurance Industry – Snapshot (India) xxx Insurers – India (2011)
•The highly dynamic Insurance sector can be x y z
Numbers
primarily segregated into Life and Non-Life
Insurance segments 60
41
9th
• Indian Life insurance business is ranked 40
23
amongst 156 countries and contributes to 20 8
about 2.69% to the global market in 2010 6 1 18
0 1 0
• On the other hand, the non-life insurance
xxx zzz
business was ranked at the 19th position in 2010
No. of Insurers taken are as of 30th Sep, 2011
and contributes to about 0.58% of the global
market
•Post liberalization in India, the sector
witnessed a persistent entry of foreign
xxx Insurance - Market Share
players
As of now, state owned LIC maintains its xxx yyy
INR tr
leadership with approximately 76% in terms of 2.92
3 2.65
new business premiums while the remaining
25% is split amongst 23 private players 2
•Favorable economic demography and rising 1 0.35 0.43
disposable incomes are the primary growth 0
drivers for the sector 2009-10 2010-11
Source: IRDA
IT LANDSCAPE OF INSURANCE PLAYERS IN INDIA 2012.PPT 5
6. Insurance Industry Hierarchy – India
State run LIC governs
Public the entire public life
insurance domain
Life Insurance
Currently, a stiff
competition
Private prevails amongst
23 private players
Ministry of
IRDA
Finance
Players have
primarily targeted
the retail segment
Public and brought in
efficient strategies
Non-life to strengthen their
distribution
Insurance channel
Private players have
carved a niche for
Private themselves in terms
IRDA: Insurance Regulatory and Development Authority of service quality
Source: IBEF
IT LANDSCAPE OF INSURANCE PLAYERS IN INDIA 2012.PPT 6
7. General Insurer- xxx
Corporate Information Business Highlights
• Operates as a subsidiary of …
Company Snapshot
• Through its subsidiaries, provides insurance solutions
Foundation: for protection, health, wealth with protection,
Headquarter: children, and retirement needs
• The company comprises of …
Address:
Website:
Phone:
Products and Services
xxx yyy zzz aaa
bbb ccc ddd eee
fff ggg
Source: Netscribes Analysis
IT LANDSCAPE OF INSURANCE PLAYERS IN INDIA 2012.PPT 7
8. Technology Implementation (x/x)
ICT Vendor – abc
Requirements Solution Benefit
• Gain a better understanding of • BI and CRM initiative provided • Increased efficiencies in
customers across the financial valuable insights for all sales, productivity and deployment of
services businesses marketing and customer its services
• Provide better, relevant and service-related business units • Currently, customers receive
timely service to its customer within the Financial Services improved, relevant and timely
base Group services
Technology Used
xxx
Source: Databases, Netscribes Analysis
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9. Sales Intelligence (1/x)
Mr. x Mr. x
CFO Vice President - IT
E-mail x E-mail x
Phone x Phone x
Professional •xxx Professional •xxx
History: History:
Source: Social Network Websites; Databases; Netscribes Analysis
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10. Thank you for the attention
The IT landscape of Insurance Players – India report is a part of Research on India’s
Information Technology Series. For more detailed information or customized research
requirements please contact:
Kalyan Banga
Phone: +91 33 4064 6215
E-Mail: kalyan.banga@netscribes.com
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IT LANDSCAPE OF INSURANCE PLAYERS IN INDIA 2012.PPT 10