PRODUCT INNOVATIONS IN THE GENERAL INSURANCE SECTOR IN INDIA IN THE POST LIBERALISATION PERIOD

Innovations helps in business success and this is the reason why many firms spend a considerable part of their income for research and development purposes. In a competitive business environment, the firms are always in tip toe and those firms that are successful in product innovation will introduce new products and reap maximum benefit from business. In general insurance innovations help to increase the customer base of a company and improve the efficiency, profitability and thereby enhances service quality, customer satisfaction and customer retention. The path to innovation in the Indian general insurance sector is paved with the change of the regulatory system to competitive system owing to the general insurance liberalization with global tie-ups. The main objectives of the study are to find out the various product innovations in the general insurance sector in India and to compare the product innovation of public and private general insurance companies in the post liberalization period. This study tries to touch upon various ways with which innovation has been made effective so as to make new inroads in the general insurance sector in India. The study is based on secondary data sources which include Insurance Regulatory Development Authority, insurance chronicle and various journals and books by eminent authors