“Industry outlook and the Main Players” for life insurance in India discusses the market share, the profits for life insurers and exemplifies the strategies that work for them by discussing the generic approaches of the Life Insurance Corporation of India. The next sub-chapter discusses empirical data via responses and views of insurance executives and knowledge leaders on the outlook of insurance over the next 5 years. The “Urgent Needs and Customer Segmentation” reveals the socio-economic-classification (SEC) used to categorize the population of India, which serves as an input to the customer segmentation exercise. It throws light on the HPI (Household Potential Index) which overcomes the drawbacks of SEC by categorizing individuals based on their consumption propensity rather than a rigid approach of the SEC which may not correspond to the lifestyle consumption patterns of a household. Furthermore, customer segmentation at a micro level has been explicated through best practices. The chapter on “Product” discusses common life insurance policies in force in India, riders that can be judiciously used to offer customized solutions, best practices in product design and finally best practices in the way product offerings are structured. “Pricing” discusses the importance of combining cost-plus pricing with a outside-in customer-oriented view on pricing. “Distribution Channels” throws light on various lateral distribution channels with a focus on the potential of bancassurance and the role of agents. Finally, “Communication Strategy” discusses television advertising as a key communication element for insurance in India, concluding with a TV ad-analysis.


Life Insurance Distribution Channel Insurance Sector Customer Lifetime Value Socio Economic Classification 
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© Betriebswirtschaftlicher Verlag Dr.Th. Gabler | GWV Fachverlage GmbH, Wiesbaden 2008

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