LIFE INSURANCE INDUSTRY IN INDIA: A CONSUMER VALUE DERIVATION STUDY

Abstract

The concept of Consumer value is becoming increasingly used in strategy and marketing literature in recent years. Consumer value is considered central to competitive advantage and long‐term success of business organizations. Consequently, a great importance attached to this concept. This review paper attempts to build an integrative configuration of the concept of Consumer value that reflects its richness and complexity. The proposed study aims at researching the end value that the consumer derives from his Life Insurance. Life insurance today, is a multifaceted industry. It comprises of a number of innovative combinations to lure the end consumer. For a country like India, Life Insurance is more than a financial product; it is a means of social security. In such a scenario, it becomes imperative that the consumer’s end objective is achieved. The aim of this paper is to evaluate the work in the area of consumer value for Life Insurance Products in India. It also aims at setting a base to propose a model that works in lieu of the claim settlement ratio and provide an exhaustive list of further research directions. In this paper I have used a systematic literature review to identify building blocks of the conceptual framework, which is the principal contribution of the paper.