Impact of Liberalization on the Indian Insurance Industry

Abstract

This study examines the impact of liberalisation on the Indian insurance industry by examining it in terms of its efficiency characterised by functional performance. Data of 552 respondents from Indian life insurers was used for the empirical examination. Statistical method of variance (MANOVA) was conducted to check the hypotheses that the linear combinations of impact of liberalisation on the Indian life assurance industry characterised by marketing mix, service quality and insurance awareness might differentiate between groups characterised by gender, place of residence, sorts of relationship with life assurance Corporation (LIC), sorts of employee positions in LIC, and kinds of relationship with private players. The results reveal a positive impact of liberalisation on the Indian life assurance industry.