Title: Fundamental reengineering for endurance in competitive market: a case study of life insurance corporation of India
Authors: Upendra Nath Shukla
Addresses: Amity University Uttar Pradesh, Malhaur, Lucknow Campus-226028, U.P, India
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.
Keywords: value chain; business reengineering; customer centric value; competitive markets; privatisation; life insurance; marketing strategy; case study; India.
International Journal of Teaching and Case Studies, 2015 Vol.6 No.4, pp.333 - 342
Available online: 05 Feb 2016 *Full-text access for editors Access for subscribers Purchase this article Comment on this article