Four Countries with High Insurance Penetrations and The Lessons We May Learn

Abstract

With India's life insurance penetration at 2.72, an attempt has been made to understand the critical success factors of the high insurance penetration countries in this paper. Studies have been made in respect of Taiwan, South Korea, South Africa and UK. The business strategies adopted by the market leaders of these countries namely Fubon Life, Samsung Life, Old Mutual Life Assurance Society and Aviva plc have also been identified. It has been found that
there are some common strategies behind their spectacular success.
It has then been discussed how Indian life insurers can do a lot better in improving insurance penetration.