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India is the the 5th largest life insurance market in the world

  • January 27, 2025
  • Posted by: Suket Divetia
  • Category: #AdeptInsights.
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India is the the 5th largest life insurance market in the world, 

  • The Insurance market in India is projected to reach a market size (gross written premium) of US$228.70bn in 2025.
  • Among the various segments, Life insurances dominate with a projected market volume of US$116.10bn in 2025.
  • The average spending per capita in the Insurance market is estimated to be US$157.20 in 2025.
  • When comparing globally, it is evident that the United States holds the highest nominal value, with a projected market size of US$3,930.0bn in 2025.
  • The gross written premium in the Insurances market is expected to exhibit an annual growth rate (CAGR 2025-2029) of 4.84%.
  • This growth would result in a market volume of US$276.30bn by 2029.
  • In terms of gross written premium, the United States is anticipated to generate the highest amount globally, with a projected market size of US$3,930.0bn in 2025.
  • India’s insurance market is experiencing a surge in demand for health insurance policies due to the increasing awareness and importance of healthcare in the country.

Source: statista.https://www.statista.com/outlook/fmo/insurances/india

Growth of non-life (general) insurance sector

The general insurance sector of India comprises non-life insurance products such as motor, health, property, and marine insurance. 

This sector has seen robust growth in the past decades. India is currently the fourth-largest general insurance market in Asia and the 14th-largest globally. 

The general insurance sector’s density grew two times from US$ 11 in FY15 to US$ 22 in FY23, but it’s penetration still lags at 1.0% the GDP as of FY23, signalling a massive upside potential as compared with the global standards. 

The general insurance business in India has witnessed an impressive growth over the past two decades, which has been fuelled by the increased participation of private players, improvement in distribution capabilities and operational efficiencies.

During 2022-23, the Indian non-life insurance industry underwrote a total direct premium of Rs. 2.57 lakh crore (US$ 30.77 billion) registering growth of 16.40% from 2021. Out of which, Rs. 1.58 lakh crore (US$ 18.92 billion) was underwritten by 27 private sector insurers (including standalone health insurers) compared with Rs. 1.30 lakh crore (US$ 15.56 billion) in 2021-22. The total premium underwritten outside India by the three public sector insurers stood at Rs. 3,434 crore (US$ 411.11 million) in 2022-23 as against Rs. 3,303 crore (US$ 395.43 million) in 2021-22 registering growth of 3.96%.

The adaptation of the latest technologies and the rising customer awareness (especially after COVID-19 pandemic) has established a strong base for the industry to flourish in the near future. As per IRDA, the insurance market in India is expected to touch US$ 222 billion by 2026. Additionally, IRDA has adopted a new mission of ‘Insurance for All’ 2047, that is expected to increase the insurance penetration, while ensuring the ease of doing business for the insurers. As per Swiss Re, the insurance sector in India is projected to grow the fastest among the G20 countries, with the total premium projected to grow at an average of 7.1% as compared with the global average of 2.4% between 2024-28.

At the end of financial year 2022, there were 67 insurers operating in India. Out of these, 24 were life insurers, 26 were general insurers and five were standalone health insurers. Additionally, the country also had 12 re-insurers including foreign reinsurer branches.

India is the fifth largest life insurance market in the world’s emerging insurance markets, growing at a rate of 32-34% each year.

The Insurance market in India has been experiencing significant growth and evolution in recent years.

Customer preferences: Customers in India are increasingly seeking insurance products that offer comprehensive coverage at competitive prices. There is a growing demand for customizable insurance plans that cater to individual needs and preferences. Additionally, with the rise of digitalization, customers are leaning towards insurers that provide seamless online services and quick claim settlements.

Trends in the market: One prominent trend in the Indian insurance market is the increasing popularity of health and life insurance products. As awareness about the importance of insurance grows, more individuals are investing in health and life coverage to secure their financial future. Another notable trend is the emergence of InsurTech companies that are revolutionizing the way insurance is bought and sold in the country. These tech-savvy startups are leveraging technology to offer innovative insurance solutions and improve customer experience.

Local special circumstances: India’s insurance market is unique due to its large population and diverse consumer base. The market is characterized by a mix of traditional insurance players and new entrants, creating a competitive landscape. Moreover, regulatory changes and government initiatives aimed at expanding insurance penetration among underserved segments are shaping the market dynamics. The cultural emphasis on financial security and protection also influences insurance buying behavior in India.

Underlying macroeconomic factors: Several macroeconomic factors are driving the growth of the insurance market in India. The country’s robust economic growth, increasing disposable income, and expanding middle-class population are contributing to higher insurance penetration. Furthermore, favorable government policies, such as the introduction of digital platforms for insurance transactions and initiatives to promote insurance awareness, are propelling market development. The evolving regulatory environment and emphasis on financial inclusion are also playing a crucial role in shaping the future of the insurance sector in India.

Source: https://www.ibef.org/research/case-study/growth-and-overview-of-the-insurance-sector-in-india-a-comprehensive-study

These are the total positions that are responsible to manage the operations at National, Zonal, Regional and Clustral Levels in India.

In the general insurance industry, the hierarchy is typically organized into regional levels and cluster levels to manage operations efficiently. Here’s a breakdown of the higher management and mid-management positions in these levels:

Regional Level (e.g., Gujarat Region)

Higher Management Positions:

  1. Regional Head
    • Oversees all operations, sales, and compliance in the entire region.
    • Reports to the Zonal or National Head.
  2. Regional Operations Manager
    • Manages underwriting, claims processing, and operational efficiency.
  3. Regional Sales Head
    • Develops and implements sales strategies for the region.
    • Ensures targets are met across clusters.
  4. Regional Marketing Manager
    • Focuses on regional branding, campaigns, and customer engagement strategies.
  5. Regional Risk and Compliance Manager
    • Ensures adherence to regulatory policies and mitigates risk within the region.
  6. Regional HR Manager
    • Handles recruitment, training, and employee relations for the regional workforce.

Cluster Level (e.g., Ahmedabad District)

Higher Management Positions:

  1. Cluster Head
    • Manages the overall operations of the clusters (district or a group of branches).
    • Reports to the Regional Head.
  2. Cluster Operations Manager
    • Focuses on streamlining branch-level operations within the cluster.
  3. Cluster Sales Head
    • Drives sales and manages relationships with large agents, brokers, and corporate clients.

Mid-Management Positions:

  1. Branch Manager (Reports to Cluster Head)
    • Handles branch-specific sales, claims, and customer service.
  2. Assistant Branch Manager
    • Assists the Branch Manager with daily operations and customer management.
  3. Sales Managers (Agency/Bancassurance/Corporate)
    • Oversees specific sales channels such as agents, banks, or corporate clients.
  4. Claims Manager
    • Manages the processing and settlement of claims at the branch/cluster level.
  5. Underwriting Manager
    • Ensures risk assessment and policy issuance within the underwriting framework.
  6. Customer Service Manager
    • Focuses on resolving customer queries and maintaining service standards.

Common Support Roles (Across Regional and Cluster Levels)

  • IT Manager
    • Ensures technology systems are functional and secure.
  • Finance Manager
    • Manages budgets, expenses, and financial reporting.
  • Legal Manager
    • Addresses legal and contractual issues in the region/cluster.

At the national and zonal levels in an insurance company, positions are typically organized to provide strategic oversight, operational efficiency, and alignment with company goals. Here’s an overview of the key positions at these levels:

National Level

Top Executive Positions:

  1. Chief Executive Officer (CEO)
    • The top leader responsible for overall strategy, profitability, and growth.
    • Oversees all functional heads and reports to the Board of Directors.
  2. Chief Operating Officer (COO)
    • Manages the company’s daily operations, ensuring alignment with the CEO’s strategy.
    • Oversees regional and zonal operations.
  3. Chief Financial Officer (CFO)
    • Responsible for financial planning, reporting, and compliance.
  4. Chief Marketing Officer (CMO)
    • Develops national marketing, branding, and customer acquisition strategies.
  5. Chief Sales Officer (CSO)
    • Focuses on sales targets, channel development, and national partnerships.
  6. Chief Underwriting Officer (CUO)
    • Oversees the underwriting framework, risk assessment policies, and pricing strategies.
  7. Chief Claims Officer (CCO)
    • Leads claims processing and settlement strategies to ensure efficiency and customer satisfaction.
  8. Chief Risk and Compliance Officer (CRCO)
    • Ensures adherence to regulatory frameworks and risk management protocols.
  9. Chief Human Resources Officer (CHRO)
    • Responsible for recruitment, training, and maintaining a strong company culture.
  10. Chief Technology Officer (CTO)
    • Drives technological innovations, systems management, and cybersecurity.
  11. Chief Legal Officer (CLO)
    • Handles all legal matters, contracts, and compliance issues at the national level.

Zonal Level

Typically, insurance companies divide their operations into geographic zones (e.g., North, South, East, West). Zonal management acts as a bridge between the national strategy and regional implementation.

Higher Management Positions:

  1. Zonal Head
    • Oversees all operations, sales, and strategic goals within the zone.
    • Reports directly to the COO or National Sales/Operations Head.
  2. Zonal Operations Manager
    • Ensures smooth functioning of operational processes, including claims and policy issuance.
  3. Zonal Sales Head
    • Manages sales targets, broker relationships, and major accounts for the zone.
  4. Zonal Marketing Manager
    • Implements marketing strategies and campaigns tailored to the zone’s demographics.
  5. Zonal Risk and Compliance Manager
    • Monitors risk and ensures compliance across all regional offices within the zone.
  6. Zonal HR Manager
    • Manages talent acquisition, employee relations, and training for the zone.
  7. Zonal Underwriting Head
    • Oversees underwriting operations and ensures adherence to company policies.
  8. Zonal Claims Manager
    • Manages high-value claims and coordinates with regional claims teams.

Support and Specialized Roles at National and Zonal Levels

  • Corporate Communications Head (National Level)
    • Oversees public relations, media strategies, and internal communications.
  • Actuarial Head (National Level)
    • Responsible for risk modeling, premium calculations, and financial forecasting.
  • Zonal IT Manager
    • Ensures IT infrastructure and systems are operational across the zone.
  • Zonal Training and Development Manager
    • Provides training programs for employees in the zone.

Comparison of National vs. Zonal Roles

AspectNational LevelZonal Level
FocusStrategy and PolicyExecution and Coordination
Reporting ToBoard of DirectorsNational-Level Executives
Key ResponsibilityOverseeing entire company operationsManaging a specific geographical zone

Would you like more details on any specific position or responsibilities?

suket@adeptrecruiting.com This is the storyline of the video. 

Brand Story 

Visual Imagination Story Board.


Suket’s voice over with: 

It’s about practicing every day!.. (he just got up), 

everyday (he got ready) 

everyday! (Starts the bike/car/auto whatever)

everyday (reaches the office building’s lobby)

Everyday! (speedy jump cuts of suket unlocking the lock, opening the shutter, opening the door,,)

Suket gazes at the camera to say – And that everyday has crossed over 4300 days – that’s 12 years!

12 years of adept… smiles at the camera, and asks the camera to enter the office,


(to hook audience, we switch from intense start to comic cut – background score of kyunki saas bhi kabhi bahu thi – where suket asks the camera to enter the office… and cuts at BEEP)


— here we cut to office cultural shots, people talking, laughing, sipping, talking to clients, hiren in focus,

Hiren: we’ve got a strong hold on hiring leadership for Insurance, banking, investments and infotechnology industries..

and hiring leaders for the general insurance industry that has 60 some IRDA players, and a market share of XXXB USD… requires sheer wisdom to identify that one gem from a haystack..

Suket: In the last 12 years, we’ve been through ups and downs, and there were times when we just couldn’t take it anymore.. 

and we’ve reached a point where downs don’t bother us, and ups won’t cheer us… we’re joyful and playful throughout the journey of ups and downs.. (imagine Abhishek is in the frame background being blurry and continue reading)  Because this is what it is.. We’ve to be practicing this everyday! And we’ve attained that wisdom over the time..

(Sudden humor after intensity) 

Abhishek: (slowly picking the sunglasses and wearing it says) kya hum buddha ban gaye hai? (People giggling around) kisi ne mujhe bata kyu nai?

Abhishek in focus: I’ve been working with Adept for over 10 years, jumpcut – we find joy in what we do, everyone here (panning on others working around ) gets joy in what they do,, 

And we’re hiring people who can take the weight of the industry,(in the background vandana enters the camera frame highfying someone in the background – being blurry) the pressure, the pain, the growth and the loss…

vandana got in focus, we now understand what leaders are made up of, 

We know how leaders function, and thus it comes at ease for us to screen a cxo or mid or higher level management position, when we’ve an opening request from our clients… 


XYZ (upto suket to decide who says it) employee:  when we’ve an opening, we start with learning about our client’s culture, what are they built upon, the vision of the company and what they’re seeking to accomplish, what’s their mission??


That feeds our perception, it helps us to see through the right leader in the crowd of profiles on the internet…


Suket: Actually! Everyone who’s got a certain amount of wisdom with experience and age has leadership in em… it’s just that one who fits the culture of our client’s corporate is the one we look for… (this can be removed if needed, thus in grey)

And when we find one, we screen the candidate for our client, we also provide pre interview counselling to the candidate, to ensure that they are the perfect fit!

(formal to humour) That bhaiya we’ve in office who takes care of making chai and getting water to drink etc for all is now in the frame:

Mein yeha pichle 10 saal se kaam kar reha hu, Ye sab leaderlog ko naukri dilate hai, magar chai dhang se nai bana sakte 😀 pani ki bottle jeha teha rakkh denge, aur desk ki safai (bully shouts from the team in background)

Suket in the frame, takes a deep breath on the chair, 12 years to this joyful ride, (pause) just makes us determined for whatever comes next…

We’re adept! A recruitment company that hires the leaders for rapidly growing industries in india… 

Ends with Adept Logo…
And stats of Adept, how many hired, how many clients, how many regions, how many industries served, etc… 



Uttkarsh would be the DOP guy, camera and editor would be arranged by Uttkarsh, and or chinmay. Soundedits and music to be determined by utkarsh…

This story line has potential to hook the viewers, the intensity and the humor mixed with the message we want to pass.. That we’ve surpassed the highs and lows and stand stable with wisdom and experience.

Also has potential to make 4 to 9 shorts, reel cuts which points out our strength and the service offering / product as service offering as well…


We would need 4 pictures of each team member, solo.

10 team pictures, each with one team member in focus,

10 pictures of team working, talking on call, conferencing, etc..

Over all we need around 30 asset images of Adept for web and social media.


— Hereafter, use of this video is only done right if this is amplified on linkedin targeting the decision makers of the industry in different regions.. .

(next to discuss)

List of the best FAQs that directly address the HR managers’ key concerns when working with a top recruitment agency like Adept Recruiting Consultancy:


Note to suket – answering these on video would make visiblitiy SCREEM on digital networks and would increase the reach, search and impression KPIs by 10X times… 

General Recruitment Process FAQs

  1. How does your recruitment process work from start to finish?
  2. What makes your hiring methodology different from other agencies?
  3. Do you provide both permanent and contract hiring solutions?
  4. How do you screen and assess candidates before presenting them?
  5. Can we be involved in the candidate vetting process?
  6. What is your success rate in long-term candidate retention?
  7. Do you offer confidential executive search services?
  8. How do you manage salary negotiations between candidates and employers?

Industry & Market Expertise FAQs

  1. Which industries and job functions do you specialize in?
  2. Can you help us hire niche talent or highly specialized professionals?
  3. How do you stay updated on industry trends and talent market insights?
  4. Do you provide salary benchmarking and hiring trend reports?
  5. How do you handle hiring in competitive talent markets?

Quality & Candidate Fit FAQs

  1. How do you ensure the candidates match both skill requirements and company culture?
  2. Do you conduct personality and behavioral assessments for candidates?
  3. What steps do you take to verify candidate credentials, qualifications, and references?
  4. How do you handle candidates who may be a great fit technically but lack soft skills?
  5. Do you provide diversity hiring solutions and inclusive recruitment strategies?

Hiring Timelines & Process Efficiency FAQs

  1. How quickly can you fill urgent or high-priority job roles?
  2. What is the typical time frame for executive-level hiring?
  3. Can you build and maintain a talent pipeline for future hiring needs?
  4. What happens if a candidate declines an offer at the last moment?

Post-Hiring & Support FAQs

  1. What is your replacement or guarantee policy if a candidate doesn’t work out?
  2. Do you provide onboarding support for newly hired executives?
  3. Can you assist with probation period performance monitoring?
  4. Do you offer employer branding strategies to attract better talent?

Cost & Engagement Model FAQs

  1. What are your pricing models for recruitment services? (Retained search, contingency, etc.)
  2. Do you offer bulk-hiring or RPO (Recruitment Process Outsourcing) solutions?
  3. Is there a minimum hiring commitment required to engage with your firm?
  4. What happens if we need to pause or delay our hiring process?

Technology & Innovation in Hiring FAQs

  1. Do you use AI or data-driven tools for talent sourcing?
  2. Can you integrate with our existing HR and ATS (Applicant Tracking System) software?
  3. How do you handle remote hiring and global talent sourcing?

Legal & Compliance FAQs

  1. How do you ensure compliance with employment laws and hiring regulations?
  2. Do you handle work permits and visa sponsorship assistance for international candidates?
  3. What measures do you take to prevent hiring biases and ensure fair recruitment?

Project Handover – 

Mainu Vida Karo!… 

These are the key aspects that we need to keep in attention here further for Adept Recruriting’s Brand Positioning and Brand Identity…

Adept’s Logo Is Designed using Comforta Fonts… which looks like this [ adept ] 

To match the title, subtitle and paragraph fonts with comforta, we used montserrat fonts which are widely available on most digital note making platforms like google docs, atyadi..

So the title fonts would appear as

Hello! 

My Name Is

Montserrat,

And I’ve the CXO Positions of content heading titles, & also subtitles…

And these would be our paragraph fonts i.e. comfortaa, 

They meant comfort but they were too lazy to finish typing The entire word and ended up typing comfortaa.

The reason we’re practicing this is because we want to maintain the uniform of fonts on each design, letter, post that we create to publish or display it physically or digitally…

These are the colors we shall use:

  • The Sea Green For Titles: #004F46
  • The Charcoal Black For Paragraph: #181E22
  • The Yellow Highlighter: #FCD600 To highlight an element, or sentence.

These are the pages that you must give a look at, attentively.

You need to pay attention to 

  1. font styles, 
  2. layout styles, 
  3. tone of content, 
  4. language used in the content, 
  5. grammar mistakes, or 
  6. any punctures that you come across while testing the pages. .

Pages we need to finish are content pages i.e. 

  • Privacy Policy Of Adept Recruiting, 
  • Terms and conditions of Adept Recruiting. 
  • Blog Article Of Adept Recruiting
  • Job Posts Of Adept Recruiting

    (for now, these pages would have dummy content on it)

Just to summarise:

we did 

  • Home page, 
  • company profile page, 
  • team landing page, 
  • 14 team profile page, 
  • services landing page, 
  • contact us page, 
  • booking page, 
  • woocommerce product integration, 
  • bookly integration, 
  • job board integration with simple jobs, 
  • jobs opening page, 
  • Service as product page i.e. Career Forward Counselling jetpack crm integration, configuration, 


also we made users who could post the openings, 

  • and get to know the total views, engagements, total conversions, etc… 
  • These openings would go to the linkedin page automatically, which is why we made a complete website with functional integration which would ease their operations, save their time, and also maintain their online presence better… 

The website theme matches their office interior, the office environment and the vibe of their office culture… the tone of the content, the language of the content is as of the people working in the office… 



When you visit the website, it must match your perception of the summary as it is…if it the website summary does not match your perception, change the perception 😀 haha..