<iframe src="https://www.googletagmanager.com/ns.html?id=GTM-PHTV9K7" height="0" width="0" style="display:none;visibility:hidden">
Loading
Skip to Main Content
Product cover image for Competing for Coverage: Strategies and Challenges for India’s Life Insurance Market

Competing for Coverage: Strategies and Challenges for India’s Life Insurance Market

P. Balamurugan Pothiraj, Dr. M. Siva Sankari

Product #:W36258
Supplier:Ivey
Discipline:General Management, Marketing
Setting:India, 2022
Details:Note (PDF) • 16 pages • 2024-07-10

Subjects:

Sales and marketingMarketingManagement

Industries:

Financial service sector

Geography:

AsiaIndia
Your Price:$10.54

Purchase this material with a free Educator Account and enjoy more benefits:

  • Free Educator Copy
  • Free Teaching Notes
  • Build your coursepack
  • Discounted academic price

The insurance industry’s potential for growth in India has attracted numerous organizations, each armed with their most efficient strategies. India’s life insurance market is undergoing a transformation, marked by fierce competition and changing consumer preferences. Public and private life insurance companies and emerging insurtech (insurance technology) companies coexist, intensifying the competition for coverage in a rapidly expanding market. This comprehensive case study delves into the complex world of India’s life insurance distribution, examining the strategies employed and challenges faced by all contenders as they strive for market share, customer loyalty, and sustainable growth. The study critically evaluates the performance of existing distribution channels, raising questions about their relevance and effectiveness in this dynamic environment, in order to gain insights into the intricacies of India’s life insurance sector and shed light on the strategies and innovations required to realize the vision of the Insurance Regulatory and Development Authority of India’s (IRDAI) Insurance for All by 2047.

Learning Objectives

This case is designed for graduate and postgraduate-level students taking marketing, marketing environment, competitor analysis, and strategy courses.

After working through this case and assignment questions students will have the opportunity to:

  • Apply Porter’s five-forces framework to India’s life insurance industry to analyze the degree of competition and scope for coopetition.
  • Construct a positioning map to visualize the competitive positioning of insurers based on the emerging industry themes.
  • Analyze the readiness of insurance companies in line with the emerging themes of insurance.
  • Analyze whether the changing environment is in favour of insurtech companies.
  • Analyze the factors that can fuel the growth of insurtech in India.
  • Analyze the importance of multi-channel distribution.
  • Evaluate which type of organization (public, private, or insurtech) has best taken advantage of multi-channel distribution methods.
Loading
Note: Competing for Coverage: Strategies and Challenges for India’s Life Insurance Market (English version) | Ivey Publishing