The regional insurance market is becoming highly competitive as we see more entrants, both established international firms and local companies, offering a growing range of services, including medical and life coverage. Although insurance penetration rates in the region are still relatively low, in the long run not all the firms currently competing in the market will be able to build viable franchises.
Those that do will be the ones that can offer their customers the best standards of service. This will not mean simply competing on price, particularly if it means cutting premiums to levels that are simply not viable in the long run. Good customer service has many different dimensions.