IIPM - Admission Procedure
It all began with the Malhotra Committee in 1993, whose radical recommendations, allowed private companies with a minimum paid up capital of Rs.1 billion to enter the largely untapped Indian insurance sector. As a result, the sector, which for long had been basking in the monopoly of state-owned Life Insurance Corporation of India (LIC) – which still commands about 70% market share – awakened to a deregulated environment in the year 2000. Multinats began pouring in, partnering local private players to tap India’s latent insurance potential, spawning, among others, private insurance giants like ICICI Prudential, Bajaj Allianz, ING Vysya, Tata AIG, HDFC Standard Life, and more.
The rules of the game changed overnight. Cut-throat competition, ledto a virtual marketing blood-bath, allowing a few off springs of insurance liberalisation to take the clear lead, while others lagged behind due to some miscalculation or the other, in the nascent market. Among others, the plight of HDFC Standard Life was particularly agonising.
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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