Serving Rural Markets a Necessity for Indian Insurers
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Case Details:
Case Code : INS035
Case Length : 03 Pages
Period : 2003
Pub Date : 2003
Teaching Note : Available
Organization : Varied
Industry : Insurance
Countries : India
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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."
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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." ... |
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.
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