Competing for Coverage Strategies and Challenges for Indias Life Insurance Market P Balamurugan Pothiraj M Siva Sankari
Alternatives
As you know, the life insurance industry in India is an attractive market, with more than 240 million people, making it the biggest insurance market in Asia-Pacific. As of 2017, life insurance penetration was about 35% in India compared to 52% in China, 63% in Thailand, and 68% in Malaysia. According to a recent industry report by the Institute for Competitiveness, Inc., life insurance penetration in India is expected to grow to
VRIO Analysis
Its a great pleasure to meet you and to learn about your life. Firstly, I want to thank you for this opportunity to share about your life journey in the article. My name is P Balamurugan, currently a senior consultant at A&L Global Partners, Pune, and I have a Bachelor’s degree in Chemistry from National Institute of Technology, Dharmapuri, and MBA from Xavier Institute of Management, Bengaluru. Before joining A&L Global, I worked at Tata Consultancy Services, Pune for
Problem Statement of the Case Study
Competing for Coverage Strategies and Challenges for Indias Life Insurance Market P Balamurugan Pothiraj M Siva Sankari The case was provided for the class on 11th February, 2021. webpage The case study of the Life Insurance Company of India Limited, as per the given report, aims to provide a comprehensive and critical overview of their strategy to establish a competitive advantage for the life insurance business in India, where it competes against the public sector and the private sector
Evaluation of Alternatives
Alternatives in the Life Insurance industry, it’s all about what your competitors are doing, that you as a company need to understand and match. There are a few things that you, as a company, can do to compete in life insurance. additional resources First, start by analyzing what others are doing. Compare the marketing mix of competitors. Identify their strengths and weaknesses. See which areas they are lacking in, and where they are over-performing. Second, focus on value. People today are demand
Recommendations for the Case Study
Competing for coverage is one of the toughest challenges facing insurance companies in today’s competitive market. The main reason for this is the sheer variety of products on offer today. The insurance industry is expanding rapidly, and more people are opting for comprehensive insurance coverage, especially health insurance. As a result, it is vital for the insurance companies to find the right niche and carve out a unique position in the market. I do not think that Indian insurance companies have succeeded in this task. The insurance industry in
Marketing Plan
1. Competition Strategies: Indias life insurance market has competitors from private and public sector. Private insurers are offering basic term insurance to individuals, and their products are affordable. Public sector insurers are focusing on offering disability insurance to employees and offering higher returns on fixed deposits. 2. Challenges: 1. Low Customer Awareness: The life insurance market is still in its nascent stage, and there is low customer awareness. Indias population is small, and the population is not