Life insurance is inherently a business of trust between the insurer and the insured. Despite an optimistic start in the early part of the century, the industry has squandered away a golden opportunity to build trust. In fact, there has been a deterioration of trust. This has resulted in new inflows into insurance products declining over the past few years. While earlier, only private players saw decline in new business inflows, in FY2012-13, even the public sector behemoth, LIC, reported a decline in new business. |
|