Innovative Products the Key to Success in the Indian Insurance Market
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Case Details:
Case Code : INS029
Case Length : 03 Pages
Period : 2003
Pub Date : 2003
Teaching Note : Available
Organization : Varied
Industry : Insurance
Countries : India
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The brothers Mohan Lal and Charan Lal have businesses in different
industries (dairy, retail, finance) in Baroda, Gujarat.
After the
liberalization of the insurance industry in India, they decided to enter the
insurance business because the reports of various research agencies showed
that a huge part of the insurable population in India was either
underinsured or uninsured.
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They searched for a partner whom they could rely on and who could devote his
time to the new business as it would be difficult for them to spare time
from their existing portfolio of businesses. They decided that their
business advisor, Harpreet Singh (Singh), would make a good partner.
When they discussed the idea with Singh at a meeting, Singh agreed to be
their partner.
They decided to have another meeting in the coming week to discuss the
business aspects of the new venture. Accordingly, at the next meeting,
they discussed the pros and cons of the insurance business and decided
to enter the life insurance sector. Soon, they set up the Savior Life
Insurance Company and appointed Dheeraj Dubey (Dubey) as the Managing
Director of the company... |
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