Innovative Products - The Key to Success in the Indian Insurance Market
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Case Code: INS029 Case Length: 03 Pages Period: 2003 Pub Date: 2003 Teaching Note: Available |
Price: Rs.100 Organization: Varied Industry: Insurance Countries: India Themes: - |
Abstract Case Intro
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.
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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