THE INSURANCE INDUSTRY TODAY IS WITNESSING A GREAT METAMORPHOSIS. THE EVER-CHANGING BUSINESS TRENDS, ALONG WITH THE TECHNOLOGICAL REFORMS AND EVOLVING BUSINESS ECOSYSTEM HAVE COMPLETELY ALTERED THE DYNAMICS OF THE INDUSTRY. IN THIS NEW BUSINESS ENVIRONMENT, INSURERS ARE FACED WITH A FRESH SET OF CHALLENGES, MANY OF WHICH ARE COMPLETELY UNPRECEDENTED IN TERMS OF THEIR NATURE AND GRANDIOSITY.