International Journal of Commerce and Management Research

Authors
R Srinivasulu, Dr. AV Ramana

Abstract
Innovations in products and services have been paving the avenues for a qualitative transformation in almost all the domains of business including insurance industry. In a competitive business environment, as of today, the service industries like insurance, banking, transportation, tourism, communication, education, electricity etc., are productive if their policies and strategies are attractive, innovative and customer-centric.rnThe insurance is a cooperative device to accumulate funds to meet uncertain losses. It protects the value of an asset as every asset has a value of its own and also expected lifetime. Insurance business is classified into life insurance and general insurance. The Life Insurance Companies deal with the risk against the life of a person, whereas the General Insurance Companies (GIC) deal with business other than the life insurance business like Fire, Marine and Miscellaneous businesses. The GICs have been playing a key role in the financial system for the development of economy. In the process of rapid expansion of General Insurance Sector, the expansion, often pulling down because of its decrease in productivity level, changes in market share and the quality of the system as a whole etc. In order to sustain in the market, players opt various policies at affordable premiums, strategies in the product design, marketing techniques in claim settlement practices and enhanced services to withhold the existing policy-holders and to attract new ones. Against this backdrop, the present paper aims to assess the growth and productivity on selected variables of GICs in public sector in India, and suggests measures for ensuring higher growth and productivity.