Insurance e-commerce norms will push insurers to innovate
The Indian insurance industry is expected to actively participate in the online revolution. It is estimated to clock online sales of `20,000 crore by 2020, a rise of 20 times in just 5 years
E-commerce as an industry took birth way back in 1979 but became mainstream with the launch of Amazon.com in 1995. Starting with simple sale of standardised products, the segment has evolved to empower consumers to design and customise products online to suit their individual preferences. In a span of two decades, the sector has grown to a $1.67-trillion industry. India, which is touted as the world’s fastest growing major economy, is also among the fastest growing e-commerce markets. For a country that registered $3.8 billion in sales in this sector in 2009, the industry is expected to grow 10 times to $38 billion by the end of 2016.
Login to enjoy exclusive benefits!
- Unlocked premium articles
- Personalized news
- Market Watchlist
- Insightful Newsletters & more