Environmental scanning of insurance industry

Type :

Indian project

Pages :

10 pages

Format :

.doc

Published date :

08/28/2009

Category :

Business & market

Sub category :

Business strategy

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Summary :

Executive summary
AVIVA life insurance
Elements of macro environment
1. Economic environment
2. Income distribution
3. Political environment
4. Social environment
5. Technological environment
Elements of micro environment
1. Customers
2. Competitors
3. Insurance advisors
Marketing oppurtunities and challenges: Important decesion areas
1. What is the key challenge facing the market?
2. What are the opportunities?
3. What then are the formulae that promise marketing success?
Need for knowing your customer
Insurance intermediaries and distribution channels
Product innovation
Rural urban mix
Conclusion

Abstract

India's insurance industry private and public, has it's roots in the 19th century. Under British rule many Insurers operated in India. In 1938 British passed insurance Act, comprehensive insurance legislation, which remains the cornerstone of the insurance industry today. In 1956, Indian Government nationalized the insurance industry and combined 154 insurance providers and formed Life insurance Corporation (LIC) of India.

When the ideological winds of change blew in the early 1990s, the Indian Government set about liberalizing its insurance market. It set up a Commission of Enquiry and the central outcome of the Commission was the establishment of insurance Regulatory and Development Authority (IRDA), that intern laid the framework for the entry of private (including foreign) insurance companies. Now there are 16 companies operating, including LIC. Aviva is UKs largest and world's fifth largest insurance group. With a history dating back to 1696, Aviva has 35 million customer base worldwide and more than £332 billion of assets under management.