The Indian life insurance industry is facing challenges such as low persistency ratios, irregular sales periods, and a lack of proper communication to policy holders. Predictive analytics can help improve customer retention, optimize business processes, and increase profitability. Out of 24 life insurance companies in India, Life Insurance Corporation of India (LIC) has the largest market share, followed by smaller, private life insurers. These smaller insurers face a survival risk due to low market share, persistency ratios, and high operating expenses. Predictive analytics can help these companies address these challenges and improve their market position.
