The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff has been established to educate public opinion in India on free enterprise and a democratic way of life. The Forum publishes booklets to further its objects. The following booklet titled ‘The Challenges Before The Insurance Industry In India’ is a book form of a lecture delivered by G.N. Bajpai on the auspices of the A.D Shroff Memorial Trust in Bombay. The booklet was published in 2002.
The booklet illustrates stability and sustainability as the fundamental goals in macro-economic policy. Mr Bajpai compares the growth of the insurance industry in the US, Europe and other South Asian countries and casts some light on the several factors that need improvement. The insurance industry is a risk management service designed to maintain a balance between the business and risk management through identification, risk assessment, risk monitoring and control. The booklet elaborates on the multi-channel distribution network management, managing customer relationship based on- Risk, Respect and Return mechanism. Similarly, the booklet briefs about the challenges and suggests possible solutions to fund management, knowledge management, convergence management and the stakeholder’s conflict management. Lastly, for the market-driven economy to flourish, regulation and corporate governance play a pivotal part to curb market malpractice. Hence, the competition within the insurance industry will address consumer concerns at large.