Serving Rural Markets a Necessity for Indian Insurers
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Case Code: INS035 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
Surya Insurance is one of the several players that entered the industry after the liberalization of the insurance sector. The company belongs to the Surya Group, which operates in a variety of businesses like manufacturing and marketing of FMCG products, textiles, electronics, petroleum products, etc.
One day, the Chief Executive Officer and Managing Director, Rakesh Pillai (Pillai) called all senior managers for an emergency meeting. The meeting began at 3.00 PM, after all the managers from the different branches had reached headquarters. Pillai wished all the managers and said, "I have called all of you to discuss the impact of changing regulations on our firm."
He continued, "As of now, we are concentrating only on the urban sector and those segments in which we can earn profits. But that will not be possible anymore."
Suman Sulakshan (Sulakshan), regional manager of the western division asked, "Why, sir? Any new regulation by IRDA?"
Pillai answered, "Yes. IRDA has come up for the first time with an exact definition of rural India. As per the new definition, for an area to be termed as rural, 75 percent of the male population in a rural area has to be engaged in agricultural operations." ...
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