Increased competition is forcing the Indian insurance companies to distinguish themselves from one another. In an attempt to establish themselves, private players are gearing up to build strong brands.

The Indian insurance industry is still at its nascent stage. With a population of over a billion, only a very small percentage of it is actually having insurance cover. Undoubtedly there is a large untapped market, which is attracting a host of foreign and private players. In addition, a host of banks are operating in the insurance sector in the form of bancassurance companies.

The liberalization of the sector has created an opportunity for the private players to enter the market and unleash the full potential of the market. Now the competition is heating up with almost more than 10 players in each segment (life and non-life). The competition in the sector can be classified in two ways: New players competing amongst themselves to carve a niche and competing with insurance giants like LIC and GIC in their respective segments. The changing scenario is forcing the players to differentiate themselves from others. Just like any other product, insurance companies are now examining the possibility of branding their products and services to fuel growth.

Manufacturers over the years have used branding as an effective tool to sustain the business. But in recent times even service companies have realized the importance of branding and are now emphasizing the development of strong brands.

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