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Fostering insurance industry agility in India: an integrated multi-method approach

Author

Listed:
  • Neha Singh
  • Rajeshwari Panigrahi
  • Rashmi Ranjan Panigrahi
  • Zakir Hossen Shaikh

Abstract

Organisational agility is necessary to navigate a complex and ever-changing business environment. It holds immense significance in the insurance industry as it helps companies adapt to a rapidly evolving landscape driven by technological advancements, regulatory changes and customer expectations. This study aims to explore the success factors that make insurance firms more agile and understand the interrelationship between them. An integrated multi-method approach was used, comprising a grounded theory approach to identify the factors, Total Interpretive Structural Modelling (TISM) and Matrix Impact Cross Multiplication Applied to Classification (MICMAC) approach to explore their interrelationship. The results highlight alignment to changing customer expectations and regularly re-examining processes as significant drivers of agility in the insurance industry. The study's novel approach to insurance sector agility has practical consequences, providing valuable insights into how insurance practitioners can adapt to changing business landscapes and embrace new opportunities.

Suggested Citation

  • Neha Singh & Rajeshwari Panigrahi & Rashmi Ranjan Panigrahi & Zakir Hossen Shaikh, 2024. "Fostering insurance industry agility in India: an integrated multi-method approach," International Journal of Applied Management Science, Inderscience Enterprises Ltd, vol. 16(2), pages 215-238.
    • Handle: RePEc:ids:injams:v:16:y:2024:i:2:p:215-238
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