Marketing Strategy for New Digital Service In Indian General Insurance Industry
Thomas, Melbin (2016)
2016
Master's Degree Programme in Business and Technology
Talouden ja rakentamisen tiedekunta - Faculty of Business and Built Environment
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Hyväksymispäivämäärä
2016-05-04
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:tty-201604203843
https://urn.fi/URN:NBN:fi:tty-201604203843
Tiivistelmä
Insurance Industry in India is highly competent and result oriented mainly due to the increase in internet infrastructure development and introduction of economic reforms includes removal of pricing regulations and increase in FDI cap (Dasgupta et al., 2002). The liberalization of Indian economy in the year 1991 resulted the formation of Malhotra committee (Venkatesh, 2003) and then followed by the formation of Insurance Regulatory Development Act (IRDA). As a result the Insurance market in India is opened up for foreign allies in the year 1999 (Dasgupta et al., 2002).
The evolutions of internet have created enormous business opportunities for companies to create new innovative products. New Internet based products and services are chang-ing the traditional purchasing behavior of a consumer. The increase in competition and deregulation of pricing put insurance companies to introduce innovative solutions in sales as well as in service to provide exceptional customer service.
This research studies a new business model in general insurance industry, which enables insurance companies and their clients to have a smarter, faster and cost effective claims management process. The model suggests a strategic plan and its implementation by evaluating the market potential in India by using the management frameworks PESTEL, SWOT and Porter’s five forces and carrying a benchmark study for Norwegian company, Ansurance AS based on product, price, market share and technology. Multiple levels of management tools include bench-marking and analytical methods are used in this the-sis.
The result of this study, especially the positioning of Ansurance in Indian general insurance industry is based on the interviews with industry experts, collection of trustful in-formation and literature on key markets, industry players and their existing system. This study also offers the case company to have a broad picture about Indian general insurance industry and its service. The framework and results at the end of the study gives valuable information to case company managers to consider and to implement.
The evolutions of internet have created enormous business opportunities for companies to create new innovative products. New Internet based products and services are chang-ing the traditional purchasing behavior of a consumer. The increase in competition and deregulation of pricing put insurance companies to introduce innovative solutions in sales as well as in service to provide exceptional customer service.
This research studies a new business model in general insurance industry, which enables insurance companies and their clients to have a smarter, faster and cost effective claims management process. The model suggests a strategic plan and its implementation by evaluating the market potential in India by using the management frameworks PESTEL, SWOT and Porter’s five forces and carrying a benchmark study for Norwegian company, Ansurance AS based on product, price, market share and technology. Multiple levels of management tools include bench-marking and analytical methods are used in this the-sis.
The result of this study, especially the positioning of Ansurance in Indian general insurance industry is based on the interviews with industry experts, collection of trustful in-formation and literature on key markets, industry players and their existing system. This study also offers the case company to have a broad picture about Indian general insurance industry and its service. The framework and results at the end of the study gives valuable information to case company managers to consider and to implement.