Title:
Innovation
And New Service Development in Select Private Life Insurance Companies
In India
Abstract: The
importance of innovation research has long been on physical products
and systems. The importance of service innovation is
recognized by most academics and there is an important body of
literature that has laid emphasis on this. New service development is
becoming increasingly important to the competitiveness, growth, and
survival of organizations. Life insurance is a professional
service which is characterized by high involvement of the consumers,
due to the importance of tailoring specific need, the variability of
the products available, the complexity involved in the policies and
processes and ultimately the need to involve the consumer in every
aspect of the transaction. All these characteristic features cause
customers to seek long term relationships with their insurance agents,
their service providers, in order to reduce risk and uncertainty.
Author:
Lavanya
Vedagiri Rao