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Insurance companies which have established operations in the life segment after post opening up of the sector, sixteen are in collaboration with the foreign partners whereas twenty are in joint venture with foreign partners and the companies (including health insurers) who have commenced operations in the non-life segment.The three standalone health insurance companies have been set up in collaboration with foreign joint venture partners.
Hess (2002) stated that insurance plays an important role in the economic development of the country and its role is more pronounced in the developing countries.
There is a dramatic shift that has been seen in the role of marketing from the telling and selling point of view to communicating and sharing knowledge with customers (Mc Kenna, 1991).
Watkins, 1988 has investigated the major industry marketing trends in the insurance sector specifically catering to the areas of advertising, new product development, distribution and price.
The role of IT is highlighted and future trends in the use of marketing methods by insurance companies as part of their competitive strategies are discussed.
The insurance providers in India are offering a diverse range of insurance products and services.