Daijiworld Media Network – Mangalore
Pics: Prajwal Ukkuda
 
Mangalore, Apr 23: A seminar on 'Challenges and Opportunities in Insurance Industry' was organized by SDM Post-graduate Centre for Management Studies and Research and IDBI Fortis life insurance company limited at SDM College here on Tuesday, April 22.
 
Speaking after inaugurating the seminar, Corporation Bank general manager K Ramamurthy informed that with opening up of the insurance sector, consumers have benefitted in several ways.
 
Ramamurthy pointed out that earlier the insurance sector was restricted. However, since it was thrown open to private players, competition crept in which in turn has benefited the consumers, he surmised.

Elaborating on the issue, he said new players brought in capital, their best practices and skills. These factors along with the launch of new products have resulted in sea changes and improvement in the sector," he said.
 
According to him "The competition has made the existing players to upgrade themselves to outperform others. Because of this, consumers have been getting better service and new products," he added.
 
Further more he said that the sky is the limit with regard to opportunities in the insurance sector, but at the same time cautioned that there were several challenges in the sector at present.
 
Another speaker on the occasion director K Devaraj, who also presided over the seminar dealt at length on various aspects of the insurance sector. In his opinion, due to healthy competition quality products are being provided to the consumers.