Role of Cost and Management Accountants (CMAs) in Indian Insurance Sector

Abstract

One of the most booming and potent financial sectors of recent times that can channelize individual savings into national investment is the insurance sector. India being the second most populous country and a developing nation has huge potential for insurance industry wherein cost and management accountants (CMAs) may play a major role. The CMAs can serve this sector by providing cost effective information and other valuable services to the insurance market players for better management control, cost reduction, quality improvement and social responsibility performance etc. Since Indian insurance sector is growing at a remarkable alacrity, a modest attempt has been made in this paper to discuss the existing situations and future prospect of insurance sector in India along with the CMA's influential roles therein.