Product details

This is the first of a three-case series (502-073-1 to 502-075-1). This case describes the changes sweeping the Indian insurance industry on the marketing front after the sector was opened for private players in the year 2000. The case examines the marketing strategies, specifically the advertising and promotional measures, adopted by the new private players. A brief history of the Indian insurance industry is provided, highlighting the state-owned insurer Life Insurance Corporation of India ( LIC)''s lack of a marketing game plan, though it had monopolised the Indian insurance sector. This case provides a detailed account of the kind of advertisements, media channels and promotional tools that various players have adopted. It also discusses the changes implemented by LIC in its promotional strategies, and examines the implications of the changes in marketing practices of Indian insurance firms. The case is structured to enable students to: (1) understand the dynamics of the Indian insurance industry before the entry of private players as well as after liberalisation allowing private players; (2) discuss LIC''s consistent hold on the market and the reasons behind its proactive policies and its consequences for its competitors; (3) examine the advertising and promotional strategies adopted by the private players and their implications on the insurance industry in general, and on LIC in particular; and (4) discuss the future trends in the marketing of insurance products in India, with the industry moving towards a buyer''s market from the predominantly seller''s market. The case is aimed at MBA/PGDBA students, and is intended to be a part of the marketing curriculum.