Pestle_analysis(Affecting Life Insurance Business)Lic

8/2/2019 Pestle_analysis(Affecting Life Insurance Business)Lic

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PESTLE ANALYSIS

POLITICAL FACTORS AFFECTING LIFE INSURANCE CORPORATION:

Within India political ambitions and rise of communalism may well continue for quite

some time. Therefore, it expected that the insurance companies might consideroffering political risk coverage also. The only area where Indian insurers considergiving cover is with regard to customs duty change under certain conditions. Certaintype of political risk at the international level has serious implications for exporters.The term political risk has a wider connotation than commonly understood orassumed. It covers events arising not just from politics, but risks in the course ofinternational transactions. In this connection, it may be noted that export creditinsurance has evolved out of uncertainties relating to international trade, particularlydue to problems arising out of foreign legal jurisdiction, political changes andcurrency exchange difficulties faced by many developing countries.Insurance business in rural / social sector: -

LIC is required to undertake some percentage of their insurance business in therural social sector as specified by the IRDA. They should discharge their obligationsto providing life insurance policies to persons residing in the rural sector, workers inthe unorganized sector or to economically vulnerable classes of society and othercategories of persons as specified by the IRDA.

ROLE OF THE GOVERNMENT: -ROLE OF THE GOVERNMENT: -

As insurance is an important service sector, hence it is highly regulated by

government. Since 1956 insurance sector was highly regulated by government ofIndia. On March 16, 1999, the Indian cabinet approved on Insurance RegulatoryAuthority Bills that was designed to liberalize the insurance sector.Two governments in India have fallen over the issue of liberalization of the insurancesector (which was nationalized in 1971). But the government of A.B. Vajpayee asgone ahead to announce the liberalization of this sector announcement was made inNovember 1998.

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GOVERNMENTS OBJECTIVES FOR LIBERALIZATION OF INSURANCE: -GOVERNMENTS OBJECTIVES FOR LIBERALIZATION OF INSURANCE: -

The main objective of opening of insurance sector to the private insurers is as under:

1. To provide better coverage to the Indian citizens.

2. To augment the flow of long-term financial resources to finance the growth of infrastructure.

THE FOUR AMENDMENTS, MADE IN THE LIFE INSURANCE BILL BYTHE FOUR AMENDMENTS, MADE IN THE LIFE INSURANCE BILL BYTHE LOK SABHA, ARE AS UNDER:THE LOK SABHA, ARE AS UNDER:

1. The Insurance Regulatory and Development Authority should give priority to health

insurance.

2. Policyholders fund will be invested in the social sector and infrastructure. The percent may

be specified by the IRDA and such regulations will apply to all insurers operating in the

country.

3. Insurers will be expected to undertake a certain percent of business in rural areas, and cover

workers in the unorganized and informal sectors and economically backward classes.

4. In the event of insurers failing to fulfill the social sector obligations, a fine of Rs. 25 lakh

would be imposed the first time. Subsequent failures would result in cancellation of licenses.

INVESTMENT DECISIONS MANDATED BY GOVERNMENT:INVESTMENT DECISIONS MANDATED BY GOVERNMENT:

LIC is required to fulfil certain social commitments as well. As many of the socialwelfare measures are not just regulated, but have been mandated to hand over aportion of their funds to the state for investment in infrastructure and for socialdevelopment through government bonds and securities. In India, the pattern was,accordingly, prescribed in great detail by the government. This was not in the form ofguidelines, but as a legal obligation under the insurance Act, 1938.

PATTERN OF INVESTMENT SPECIFIED FOR LIFE INSURANCE:PATTERN OF INVESTMENT SPECIFIED FOR LIFE INSURANCE:Type of investment Percentage:

(1) Government Securities 25%

(2) Government securities or other approved securities not less than 50%

(a) Infrastructure and social sector not less than 15%

(b) Other govern by exposure norms not exceeding 35%

ECONOMIC FACTORS AFFECTING LIFE INSURANCE CORPORATION:ECONOMIC FACTORS AFFECTING LIFE INSURANCE CORPORATION:

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Interest rate at bank and interest rate of P.F variation very much affect to lifeinsurance industry, because people are always attracted by higher returns.Therefore, they do not prefer lower return policy. Unemployment also affectsinsurance industry, because the unemployment people will not have earning, sosaving also affects to life insurance sector Life insurance industry will directly

affected by Earthquake, Monsoon, and Natural calamity. Because of these eventsturns into lots of death, so the insurance companies have to pay claim againstpolicy. Infant mortality rate and maternity mortality rate are also affecting to lifeinsurance. Typical Indians want luxurious product against low income, so that theyprefer instalment or annuity (EMI), so that they may not have extra saving to investin life insurance.Increased Economical Activity: Although economic activity has slowed down since

1996, sooner or later there will be an upswing. The increase in the growth rate in

various sectors accompanied by the growth in trade in the context of fulfilling of

commitments to the WTO will signal a growth in the demand for insurance covers of

new types. For example, aviation insurance cover will be on an increasing scale inview of the need for more frequent air travel for men and for transporting materials.

This would necessitate substantial property, liability and personal insurance. As far

as cover against business interruption is concerned, the pace of business and of

change today is so fast that even the most careful assessment of exposure time,

and the most liberal coverage cannot protect the insured adequate in the event of a

loss be on the increase and insurance companies cannot afford to ignore the vast

potential in this business.

Interest Rates: - During the last years the government has rationalized interest rate

creates better business opportunities for the life insurance sector because thesubstitute products are graded lower by the customers. On the other hand the value

of the holdings of the insurance companies will increase. Rationalization of the

interest rates is still expected, and it is an opportunity for the company.

Low interested rates mean low investment return for reinsurers causing negativeimpact on their overall net profitability as pricing is to a certain extent sensitive tointerest rate fluctuations. The negative impact therefore, lead to higher pricing levelfor reinsures in order to sustain their profitability. But, in reinsurance market, which ischaracterized by over capitalization a resulting intense competition. The opportunity

for such rate increases practically remains very slim and even non-existent. As aresult, reinsurers are under tremendous pressure to cut their operational cost tosafeguard profitability. Furthermore, low interest rates discourage and even preventany outflow of capital from reinsurance business to capital markets, causing currentover capitalization in reinsurance market to continue. A positive outcome is that lowinflation rates, if sustained for a considerable period, usually bring some relief toreinsures from the resulting lower than forecast claims payment. Also, this can leadstability to reinsures administrative cost.As interest rates fall, bond value rise, and insurers feel richer. On the liability side,reserves are not explicitly discounted so lower interest rates do not increasereserves, lower inflation means lower expected future claims payments which lowers

required reserves. This in turn increase surplus, again allowing insurers to feelricher. Therefore, low interest rates and low inflation result in higher assets, lower

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liabilities, hence greater surplus and greater risk capacity resulting in less demandfor, and greater surplus of reinsurance. Low interest rates and low inflation reducethe ability of reinsures to offset technical losses by using financial products andshould, as a consequences, force market competition downloads. However, this willalso serve to weaken the balance sheets of insurers and create an increase in the

demand for balance sheet protections. Lastly, these conditions move risk from theliability side of the balance sheet to the asset side while actually generating newneeds for cover.

Inflation rate: - Inflation can also be one of the causes to change the scenario. High

inflation for instance, would tend to reduce the insurance business, particularly life,

because the real value of the money paid back to the policyholder on maturity of the

policy would go down and would, therefore, lose its attraction for the investor. At the

most, the insuring public may prefer pure risk plans (terms insurance), which have a

low premium outlay. The response to an inflationary situation will depend on what

benefit the insured is looking for. In a situation of high inflation, clients would preferpolicies where the savings portion is periodically returned while the risk portion is

maintain for the duration of the contract. Those who prefer risk protection are likely

to opt for long term policies, which may also be preferred because they are likely to

be low premium policies. A flexible system, under which the sum insured, is

increased from time to time so that the real value of the cover is maintained, and

could give a boost to the market under conditions of high inflation. Fortunately, the

rate of inflation in India has been contained to less than 5 percent for a fairly long

time and unless it goes out of hand, it is not likely to dampen the market.

Customer satisfaction: - Since the customer is the focus of any service industry, every

such industry continuously strives for greater variety and better quality of products,

improvement in its delivery system, cost effectiveness, easy access, and quick

response to perceived needs in short qualitatively superior service. Indian life

insurance companies already have a sizable line up of the products. The difference

between them and the foreign operators perhaps lies in the service provided,

because there is still not enough concern on the part of the Indian companies, with

customer satisfaction, on time renewals, claims settlements, etc. if high standards

have been achieved elsewhere, it is not impossible to attain the same in India too.

The concept of sales is now redefined as a long standing relationship. Therelationship does not end with the conclusion of the transaction, but has to bedurable and of a long term nature. Hence, improved in performance of the companywill not be synonymous with only basic cost reduction or larger business, but thenew measure of performance will be set in terms of service to the customer.

SOCIO-CULTURAL FACTORS AFFECTING LIFE INSURANCESOCIO-CULTURAL FACTORS AFFECTING LIFE INSURANCECORPORATION:CORPORATION:

The basic social factors that affect the life insurance sector are as under: -

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Population

Life style

Educational level

Level of earning

Societal benefits

These are the major social factors:-

Population: Growth in the population is a major factor pushing up the demand. It is

also going to exert a special influence on the life insurance market in other ways.

Apart from exerting pressure on demand for goods and services, and through that, ill

effects of uncontrolled growth of population also could spur the growth of demand.

For example, overcrowding in public places of entertainment, public support, or toomany vehicles on the road can result in hazards like stampedes and pollution, which

require covers and still are not sold on a large scale today. Thus the positive as well

as the negative aspects of population growth are going to spur demand.

Life style: The peculiar lifestyle of a country or an age also influences the insurance

business. Change therein produces different demands for life insurance. For e.g. All

over the world, family size is shrinking and the fact that in decades to come, both

presents are more frequently likely to work outside the home will mean that there

could be a greater possibility of property loss. Similarly, a larger number of vehicles

on the roads for people commuting to their jobs or business would mean larger

incidence of accidents. This will increase the demand for life insurance products.

Of course, there is also the other possibility that wherever it is possible, some people

will try to spend a part of their time working at home either because they would like

to be with their families or because they find it more convenient. Activities like life

insurance and financial services are particularly well suited for such arrangements.

With time becoming scarcer for most people who pack in a full day, there is a higher

demand for convenience and service. Companies will respond by trying to shorten

the transaction time for the delivery of products and services and creating

distribution systems that can reach clients wherever they are and whenever they

want to use them, so as to ensure convenient access to service providers.

In recent times, there has been a surge in the high end business of the LIC. For

instance, as against 90 policies each worth more than Rs 10 million in 1999-2000,

the number was as high as 900 policies in the next year. Or again, the number of

jeevan shri policies jumped from 88,000 to a total of 2,33,000 policies in the same

period.

However, consumers behavior cannot be adequately and accurately predicted. Theyounger generation is overwhelmingly influenced by consumerism. If this trend

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continues or increases with increasing income, there will be fewer propensities to

save or insure, as a result of which the increasing purchasing poser may not be

reflected in the life insurance market.

Crumbling social values, the deteriorating law and order situation, the growing

incidence of crime, extortion, abduction, etc., are posing a new category of risks

which need to be covered through suitably designed policies.

Thus these are how changing life style of the citizens is affecting the life insurance

industry.

Level of education:

India is one of the developing countries: the level of education is very low here. The

literacy rate is very poor. More than 50% of the population is still uneducated or

more or less not educated. Thus the people are not able to understand the conceptof the life insurance. Among the educated people the quality of the education is still

a big question mark. Thus the awareness is not created and it has become a big

challenge for the industry. Thus one of the factors, which affect the life insurance

sector, is low level of education.

Societal benefits:

In view of the fact that large sections of India have inadequate life insurance cover,

an important social responsibility of the government relates to spreading it far and

wide. In addition, the government attempts to extent life insurance with certain socialobligations in view in both urban and the rural areas through such means special

schemes for the weaker sections, and by tilting of the life insurance companies

investments in favour of social developments.

The social changes emerging in the country provide opportunities for insurers to sell

financial services products such as family health care programmed, retirement plans

disability insurance, long-term care for senior citizens and different employee benefit

plans.

It is not the total population but the insurable population which is material for theconclusion of potential. Apart from the usual demographic and other well known

factors such as age group, income level, sex-wise distribution, and literacy level, a

realistic assessment of this potential has to be based on several other relevant

factors. Many invisible factors like religious faiths and social values too need to be

considered. As such, there is considerable difficulty in accurately estimating the

potential and crude estimates can be misleading. The estimate will also vary

according to the criteria used to measure if.

In principal, every individual is a potential candidate for life insurance. In reality,

financial status limits this potential, not only because of the practical consideration ofthe insurable worth of a person to the insurer in financial terms, but more so due to

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the prospects capacity to pay life insurance premium after meeting other pressing

needs. Again, there are many practical factor affecting insurability such as old age,

past and present illness, and physical and mental impairments.

In addition, the cost of reaching out to a very large number of customers, if they are

dispersed, becomes important. In that sense, the cost and profitability of exploiting

the potential, which is otherwise attractive, limit the opportunity. The sheer size of

the numbers, there fore is not crucial itself.

For assessing the practical business potential of life insurance, the eligible

population needs to be Qualified in relation to other factors including those

mentioned above. Thus, in the opinion of some experts, out of the population in the

insurable age group, only the main workers (i.e., excluding marginal workers) with

adequate income may be considered as the actual insurable population.

The population in the age group 15-55 is usually regarded as the insurablepopulation, since this can be considered as the main active age group (in the

sense of working, earning. And supporting others), and beyond this range life risk

may be considered to be not worth insuring.

There is one opinion, which suggests that in our country the age group 15-55 as the

base is not totally suitable. Due to various factors including the unemployment

problem, real earning starts from around the age of 25 for salaried persons. For

others, particularly small entrepreneurs, traders and businessman, the starting age

is a little higher. Only in the affluent sector of society life insurance can be taken

before personal earning starts. Thus, number wise life insurance below the age of 25

is not so significant (although amount wise it need not be so). On the other hand,

people over the age of 50 rarely apply for fresh life insurance, mainly because in

India the normal retirement age is around 60 years. Also, a high percentage of the

population in the lower income group does not remain insurable after the age of 50.

Thus, in our country the practical age range for insurable population actually narrows

down to 25 to 50.

TECHNOLOGICAL FACTORS AFFECTING LIFE INSURANCETECHNOLOGICAL FACTORS AFFECTING LIFE INSURANCECORPORATION:CORPORATION:

Internet as an intermediary in the current Indian market customer is not aware about

the intrinsic value of insurance. He thinks of insurance only in the mount of March as

a tax saving measure. The security provide by an insurance cover is rarely thought

about. In such a scenario Internet can be an effective medium for educating the

consumers about insurance. It serves as a single window for disseminating product,

process and procedural information to the consumers.

Product development and target marketing through the Internet:

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With increase in the number of insurance companies there will be a need for market

segmentation and subsequently product designed for each of them. In such a

scenario Internet can be an effective channel for pushing product specific

information to a particular market segment. Consumer feedback about a particular

product as well as suggestions for different types or covers can also be generatedthrough the Internet.

Retail marketing is a commonly expected concept and the providers of the retail

products and service will try out for larger market and market share. There would be

cut through competition and the real benefit would be to the customers in terms of

better products, distribution, pricing, post transaction service and technology.

Technology will perhaps be the single largest driver of the retail thrust. The entire

strategy will evolve around the absolute ability of the organization. The customer will

demand for greater convenience of excess to the product/ service and all at low cost

of delivery. Therefore the use of technology and specifically the Internet withrealigned strategies would be one of the key factors to success. Constraints of

locations, timing and accessibility would not be a hurdle for either customers or

businesses.

Maintaining the database: - The most important factor that is affecting the insurance

industry is the marinating the database of the customers. The insurance industry

having a huge list of the customers. In order to maintain it in manual format it is

really the work of stupidity. With the change in time the computers has taken thework of this things. Thus with the development of the technology it has becoming

possible to maintain such huge database very easily. A person can switch over to

the computer and get the details of the customer very easily. Thus maintaining the

database has really become easy due to the development in technology.

E-business insurance in India: - The Internet has played a vital role in transforming the

business of the 21st century. Computers are now being used extensively for creating

a storing data, information with the help of complex and sophisticated technologicaltools in every kind of business. This change having been widely accepted, the

advantages are numerous such as fast processing improved. Efficiency, cost

reduction among several other benefits. However, with every positive change, there

is an evil attached and technology is no exception. In technical is an evil attached

and technology is no exception. In technical terms, increased sophistications of

technology brings with it, an increased factor of risk involved. The risk can be of

various attributes, for example, the risk of data being lost due to a virus attack, the

theft of important and confidential information and so on, which ultimately results in

losses for the business entity. With this change in the business process, insurers

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have to devise new methods for assessing, underwriting and servicing claims for the

so-called e-business insurance.

Insurers face challenges to ascertain risks, in order to quantify them because such

risks dont have any past data, which makes it all the more difficult for actuaries.

Moreover, what financial impact a particular risk can have is very difficult to be

determined. For example, if some hackers obtain credit card information of few

customers, its a loss for banks, their credibility, customers and also their brand. Will

an insurance policy cover all of this is million dollars question hence; the difficulty is

to design a cover first of all, which really answers the needs of customers. But even

after designing and pricing such products with difficulty, the challenge to underwrite

and handle claims for such policies remains existent.

Impact on distribution channels: - Distribution channels are the most important part ofthe insurance industry. The scenario is continuously changing in this industry. In

future the customers are expected to be more technology oriented, better

informed, more knowledgeable and more demanding. The insurers will have to offer

all types of channel to customer and it is the customer who will have the right to

choose the channel suiting him/ her. Dual income families with young children,

singles with long working days and flexi-timers all demand high level of

sophistication and ease when it comes to service. Hence the companies have to be

very careful and cautious in catering to the needs of these customers who provides

a good amount of business to the insurers.

Thanks to the technological advancement and increased de regulation and

sophistication, the carriers and producers can now reach the customers in different

ways as has been proved in the US market and other developed nations the web is

extensively used for the access of information but when it comes to the purchase of

policy, the offline mode is preferred.

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KEY STRATEGY TO SUCCESS...KEY STRATEGY TO SUCCESS...

In order to succeed in any of the business it is very necessary to make and follow

the strategies. Strategies are very important for any of the business. Following are

the general strategies, which are recommended:

One approach is to focus upon product quality, which will instil confidence in minds of

the customers that they would be offered best product from out of the several

available products.

The other approach, is to focus on the customers need, would involve a heavy investment in

developing relationships with policyholders. Under this approach, one can expect a range of

products and services designed to give the customer what he specially desires. The third

approach is of greater market segmentation under which the population should be divided into

several homogeneous groups and product, and services would be targeted towards suchselected markets. The effort would be to tie clients to their company- by customized

combination of coverage, easy payment plan, risk management advice, and convenient quick

claim handling.

Marginal Different Product:The company should design products that will make

comparison-shopping difficult. It could offer a wide variety of covers with marginal

differences and varying prices, whose terms and conditions are difficult to compare

for consumers who may not have sufficient experience in purchasing insurance and

who would find it difficult to make a clear choice. If the consumer is offered a unique

policy, he will have no alternative coverage with which can be compared. Given the

combination policy, which can offer protection against a number of losses, the

consumer will find comparison even more difficult.

Designing New Strategies:It cannot be satisfied with concentrating on the

consolidation of their existing markets, but have to achieve further growth and

penetration. It must, therefore, concentrating on strengthening existing points of

service, designing new channel of distribution, direct contact with their ultimate

customers, and front line employee empowerment. It also needs to refresh its

marketing set up. It should give priority to tapping the market, left unexploited.

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LEGAL FACTORS AFFECTING LIFE INSURANCE CORPORATION:LEGAL FACTORS AFFECTING LIFE INSURANCE CORPORATION:Capital requirement: -

The paid up equity of an insurance company applying for registration to carry on life

insurance business should be Rs 100 Crores.

Renewal of registration: -

An insurer, who has been granted a certificate of registration, should have the

registration renewed annually with each year ending on March 31 after the

commencement of the IRDA Act. The application for renewal should be

accompanied by a fee as determined by IRDA regulations, not exceeding one forth

of one percent of the total gross premium income in India in the preceding year or

Rs 5 Crores or whichever is less, but not less than Rs 50000 for each class of

business as per Section 3-A.

Requirements as to Capital: -

The minimum paid up equity capital, excluding required deposits with the RBI and

any preliminary expenses in the formation of the country, requirement of an insurer

would be Rs 100 crore to carry on life insurance business and Rs 200 crore to

exclusively do reinsurance business as per Section 6.

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KEY STRATEGY TO SUCCESSKEY STRATEGY TO SUCCESS......

In order to succeed in any of the business it is very necessary to make and follow

the strategies. Strategies are very important for any of the business. Following are

the general strategies, which are recommended:

One approach is to focus upon product quality, which will instil confidence in minds of

the customers that they would be offered best product from out of the several

available products.

The other approach, is to focus on the customers need, would involve a heavy investment in

developing relationships with policyholders. Under this approach, one can expect a range of

products and services designed to give the customer what he specially desires. The third

approach is of greater market segmentation under which the population should be divided into

several homogeneous groups and product, and services would be targeted towards suchselected markets. The effort would be to tie clients to their company- by customized

combination of coverage, easy payment plan, risk management advice, and convenient quick

claim handling.

Marginal Different Product:The company should design products that will make

comparison-shopping difficult. It could offer a wide variety of covers with marginal

differences and varying prices, whose terms and conditions are difficult to compare

for consumers who may not have sufficient experience in purchasing insurance and

who would find it difficult to make a clear choice. If the consumer is offered a unique

policy, he will have no alternative coverage with which can be compared. Given the

combination policy, which can offer protection against a number of losses, the

consumer will find comparison even more difficult.

Designing New Strategies:It cannot be satisfied with concentrating on the

consolidation of their existing markets, but have to achieve further growth and

penetration. It must, therefore, concentrating on strengthening existing points of

service, designing new channel of distribution, direct contact with their ultimate

customers, and front line employee empowerment. It also needs to refresh its

marketing set up. It should give priority to tapping the market, left unexploited.

Move towards Rural Market:

It is one of the most important suggestions; rural market is still uncovered by this

sector. LIC should move towards the rural market. Insurance penetration can be

achieved by tapping the neglected Rural Markets. There is vast potential for

insurance growth in the rural sector. A recent survey by foundation for research,

training and Education in insurance (FORTE) suggests that insurance can be sold

profitably to rural communities in India. The survey reveals that

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There is distinct hierarchy of needs in rural areas.

Rural people find security in groups.

The saving habit is very strong in rural areas.

Average saving across the most important socio-economic strata comes to 30-35% of

annual income or Rs. 13,500 annually, which is significant.

There is high level of awareness about life insurance and fairly high-level about 36%

already own life insurance.

51% of these who own life insurance would like to buy more.

Amongst the savers, a significant percentage does not save through formal financial

modes or institutions.

Rural buyers of insurance prefer a half yearly mode of premium payment to coincide

with the time of the harvest.

MOTIVATION OF SALES FORCE:

LIC should constantly be involved in the process of motivating the sales force in the turbulent

times. The following strategies are recommended:

Building relationship is real perk. One should be sure to build in networking times for

agents during the program-in addition to entertainment and education.

Web should be frequently used for creating gift ideas.

Hold sales contests in the fourth quarter. It is the best times to motivate agents who

want to qualify for a trip.

Consider a contrast within the contest for- top-tier producers; additional rewards for

additional milestones that are met, such as air and guest room upgrades.

Use of Internet:

The present scenario is such that the products sold with the help of Internet. The

technological advancement is such that force the companies to take such steps. Still

the full-fledged use of Internet is not done in our country. As suggestion earlier the

Internet based life insurance will help the companies to reduce the transaction cost

and time. At the time it can improve the quality of service to its customers, which is

the mission of the company. Company should concentrate on the quality of the

premium received this will help the companies to reduce its underwriting losses.

Appointing of proper and efficient agent as well as effective direct marketing could

do this. By way of training the excessive staff, which is a major problem in the

company, the company could reduce management expense to a large extent.

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CONCLUSIONCONCLUSION

PEST Analysis is a useful tool for understanding the big picture of the environmentin which you are operating, and for thinking about the opportunities and threats that

lie within it. By understanding your environment, you can take advantage of theopportunities and minimize the threats.PEST is a mnemonic standing for Political,Economic, Social and Technological. These headings are used firstly to brainstormthe characteristics of a country or region and, from this, draw conclusions as to thesignificant forces of change operating within it.

This provides the context within which more detailed planning can take place, so thatyou can take full advantage of the opportunities that present themselves.

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BIBLIOGRAPHYBIBLIOGRAPHY

Web site: -

www.irdaindia.org

www.licindia.com

www.incometaxindia.gov.in

Newspaper: -

Economic times

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INDEXNDEX

POLITICAL FACTORS AFFECTING LIFE INSURANCE CORPORATIONPOLITICAL FACTORS AFFECTING LIFE INSURANCE CORPORATION

ROLE OF THE GOVERNMENT: -ROLE OF THE GOVERNMENT: -

GOVERNMENTS OBJECTIVES FOR LIBERALIZATION OF INSURANCE: -GOVERNMENTS OBJECTIVES FOR LIBERALIZATION OF INSURANCE: -

INVESTMENT DECISIONS MANDATED BY GOVERNMENT:INVESTMENT DECISIONS MANDATED BY GOVERNMENT:

TECHNOLOGICAL FACTORS AFFECTING LIFE INSURANCE CORPORATION:TECHNOLOGICAL FACTORS AFFECTING LIFE INSURANCE CORPORATION:

LEGAL FACTORS AFFECTING LIFE INSURANCE CORPORATION:LEGAL FACTORS AFFECTING LIFE INSURANCE CORPORATION:


POLITICAL FACTORS AFFECTING LIFE INSURANCE CORPORATION:POLITICAL FACTORS AFFECTING LIFE INSURANCE CORPORATION:


OTIVATION OF SALES FORCE:OTIVATION OF SALES FORCE:

CONCLUSIONCONCLUSION

BIBLIOGRAPHYBIBLIOGRAPHY

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Pestle_analysis(Affecting Life Insurance Business)Lic

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