Fundamental reengineering for endurance in competitive market: a case study of life insurance corporation of India Online publication date: Sun, 07-Feb-2016
by Upendra Nath Shukla
International Journal of Teaching and Case Studies (IJTCS), Vol. 6, No. 4, 2015
Abstract: The Indian life insurance industry witnessed a monopoly period till the year 2001 when a state owned company, Life Insurance Corporation of India (LIC), was the only player in the Indian market. Scenario got changed all of a sudden in the year 2000 after the privatisation of the insurance sector when foreign players were allowed to enter through joint ventures with Indian companies. This came as a major issue in competitive market in front of LIC to face the challenges given by the companies equipped with global expertise and modern technology as LIC had been a traditional Indian company enjoying a non-competitive, protected market since decades. Consequently, post liberalisation market share of LIC got significantly declined in the next couple of years. A complete overhauling of the system was required to meet the hard-hitting challenges. Rudimentary re-engineering of the entire system was the only remedy to crack the issue to increase insurance penetration and to remain as a market leader.
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Teaching and Case Studies (IJTCS):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email subs@inderscience.com
Our Blog 
Follow us on Twitter 
Visit us on Facebook