Antecedents of product innovation and the role of product organisational units in the life insurance industry: a case study of LIC of India Online publication date: Wed, 11-Oct-2023
by Furquan Uddin
International Journal of Services, Economics and Management (IJSEM), Vol. 14, No. 4, 2023
Abstract: The present study aims to examine the antecedents of product innovation and the role of product organisation in the life insurance industry in general and the LIC of India in particular. This study uses Garrett's ranking technique to examine the factors under consideration on a sample of 107 officials working in several offices of LIC of India. The present study reveals that the LIC of India focuses on product innovation on account of its growth, market strategy, competition, and other factors. Further, the new product committee, actuary, underwriting, and followed by other organisational units, play a crucial role in the product organisation of LIC of India. The concept of product innovation and product organisation has not been discussed in the context of life insurance so far; therefore, this present study is distinct and brings novelty to the existing literature.
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