Year on year and month on month the insurance industry is growing by leaps and bounds due to the increasing awareness of insurance. Individuals today know that they need a good insurance cover on their life, their health, their vehicles and even their homes to protect against unforeseen contingencies which might arise anytime. That is why more and more individuals are resorting to insurance to secure their financial risks. As the awareness about insurance is increasing, insurance companies are also designing comprehensive policies to provide the best coverage to their customers. The increasing penetration of internet is also allowing individuals from every corner of the country to compare and invest in the best insurance policy for his/her needs. All these factors have brought about a growth in the premium collection of insurance companies.
Insurance companies registered a growth in the amount of premium collected in February 2020 against the premium collected in February 2019. Here are the top performers in each category of insurance business –
In the life insurance segment, ICICI Prudential Life Insurance Company stood in the first place by recording more than double the growth in its premium collections. ICICI Prudential’s premium collection grew by 106.31% which was the highest in the sector. Giving stiff competition to ICICI Prudential was Aditya Birla with a growth of 85.67% while other companies posted a growth of less than 50%. LIC, however, recorded a negative growth rate. Its premium collection reduced by 13.70% in February 2020 compared to February 2019. Here’s a chart showing the performance of the top five life insurance companies in terms of premium collections –
In the general insurance segment, all the top performing companies posted exceptional growth rates. While the top three companies more than doubled their premium collections in February 2020, the last two were close behind. Here’s how the general insurance segment performed –
This growth in the insurance segment is good for you as you would find more customers to boost your insurance business. You should, therefore, know which insurance companies are leading the race of growth and the products that they offer. As a PoSP (Point of Sale Person) you can sell policies of leading insurance companies and so you should ensure that you sell the policies of the top performing companies to your clients. As your clients get the best insurance policies, they would be happy and trust you to act in their interest. So, tap your clients for improving your business and sell the best plans to gain your clients’ trust.