Product details

This is the third 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 up for private players in the year 2000. The case examines the pricing and product development strategies being adopted by the new, private players. A brief history of the Indian insurance industry is provided, which highlights the lack of innovative product development strategies and consumer-friendly pricing practices in the Indian insurance industry. The case provides a detailed account of the kind of products that private players launched and the pricing strategies they adopted. The case also discusses the changes taking place within Life Insurance Corporation of India (LIC) and examines the implications of the changes in the pricing and product development strategies, taking place in the insurance industry. 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 the sector was opened up; (2) discuss LIC''s hold in the market and the reasons behind the company not focusing much on designing innovative insurance products and consumer-friendly pricing; (3) understand the various kinds of insurance products available in the market, their features, and the reasons for the development of such products; (4) examine the moves of LIC to deal with the increasing competition in terms of the shuffling of its product portfolio and pricing policies; and (5) discuss the future trends in the pricing and product development areas in the Indian insurance industry. The case is aimed at MBA/PGDBA students, and is intended to be a part of the marketing curriculum.