Life Insurance Marketing in India (A) The Changing Advertising & Promotion Norms

            
 
Case Studies in Business Marketing

ICMR HOME | Case Studies Collection

Case Details:

Case Code : MKTG026
Case Length : 11 Pages
Period : 2000 - 2002
Pub Date : 2002
Teaching Note : Available
Organization : ICICI Prudential, Max New York Life, ETC
Industry : Insurance
Countries : India

To download Life Insurance Marketing in India (A) The Changing Advertising & Promotion Norms case study (Case Code: MKTG026) click on the button below, and select the case from the list of available cases:

Marketing Management Case Studies | Case Study in Management, Operations, Strategies, Marketing Management, Case Studies

Price:
For delivery in electronic format: Rs. 300;
For delivery through courier (within India): Rs. 300 + Rs. 25 for Shipping & Handling Charges

Marketing Case Studies
Marketing Management Short Case Studies
View Detailed Pricing Info
How To Order This Case
Business Case Studies
Case Studies by Area
Case Studies by Industry
Case Studies by Company

Custom Search


Please note:

This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.



Chat with us

Strategic Management Formulation, Implementation, & Control, 12e

Please leave your feedback

Leave Your Feedback

<< Previous

Background Note

The life insurance industry in India dates back to 1818, when a British firm Oriental Life Insurance Company opened its office in Kolkata, followed by Bombay Life Assurance Company in 1823.

During the British rule in India, 'The Indian Life Assurance Companies Act' was enacted in 1912, which was followed by the Indian Insurance Companies Act, 1928 enabling government to collect the data regarding life and non-life business conducted by both Indian and foreign insurance companies.

The 1928 act was amended and a new act, 'Insurance Act' was formed in 1938. By the mid-1950s, 154 Indian insurers, 16 foreign insurers and 75 provident societies were operating in the country. The life insurance business was concentrated in urban areas and was confined to the higher strata of the society.

Marketing Management Case Studies | Case Study in Management, Operations, Strategies, Marketing Management, Case Studies

In 1956, management of these companies was taken over by the Government of India. LIC was formed in September 1956 through the 'LIC Act 1956' with a capital of Rs 50 million. One of the main objectives of forming LIC was to spread the insurance cover and make it available to the lower segments of the society.

In 1972, government formed General Insurance Corporation (GIC) when it took over management control of 106 private general insurance companies. Over the years, LIC expanded its network all over the country emerging as one of the largest corporations in India. Insurance industry's growth in the India was minimal in 1960s and 1970s due to factors like low savings, low investment, inadequate infrastructure, and illiteracy. However, changes in the economy in 1980s, such as growth in the rate of industrialization, infrastructure, the capital markets, savings rate and capital formation resulted in a tremendous growth in the life insurance industry, which in other words meant growth of LIC.

Over the years, LIC launched several schemes aimed at expanding its reach in the rural areas. Many group insurance and social security schemes were started by the company to enhance its reach over the rural. LIC had seven zonal offices, 100 divisional offices, 2,048 branch offices and army of agents totaling 6,28,031...

Excerpts >>


Custom Search
 

Case Studies Links:- Case Studies, Short Case Studies, Simplified Case Studies.

Other Case Studies:- Multimedia Case Studies, Cases in Other Languages.

Business Reports Link:- Business Reports.

Books:- Text Books, Work Books, Case Study Volumes.