Macro Environment of Indian Life Insurance Business: A PESTLE Analysis

Abstract

Indian life insurance industry is running with world class multinational companies and is facing grievous competition to acquire the untapped market.  This demands a strategic approach in all areas of management. In a direction of managing the micro and macro marketing environment, companies want to achieve the break-even at the early stage. Under such circumstances, it is indeed prudent to understand and scan the market. The present paper discusses the various dimensions of PESTLE framework with respect to life insurance business. Though all forces seem to be equally important, technology, legal and environment factors carry more weightage. The paper also indicates few other cardinal components of PESTLE in Indian life insurance business and industry.