| Pub. Date | : November, 2021 |
|---|---|
| Product Name | : The IUP Journal of Marketing Management |
| Product Type | : Article |
| Product Code | : IJMM131121 |
| Author Name | : Rohit Joshi, Vikas Chauhan and Vipin Choudhary |
| Availability | : YES |
| Subject/Domain | : Marketing |
| Download Format | : PDF Format |
| No. of Pages | : 19 |
The design and implementation of strategies to enter into the base of the economic pyramid requires a thorough understanding of market potential, opportunities and challenges. Life insurance market is a less explored territory in low-income emerging countries. This paper investigates life insurance services using the 4As framework for the bottom of pyramid (BOP) market. The study conducted a systematic literature review in the BOP context, life insurance, and other related services. Literature that fulfilled certain inclusion criteria was subjected to a quality evaluation before being considered for review. The study presents a very good discussion on various key attributes, opportunities, and challenges for life insurance in the BOP market in terms of acceptability, affordability, accessibility, and awareness. Furthermore, it provides suggestions and implications for marketing life insurance in the BOP market.
Life happens, be prepared! A phrase that makes us ponder over beauty and uncertainty
of life at the same time. As per Kocchar (2015), today, 70% people globally live on less
than $10 per day, having insufficient financial provisions to tackle unfortunate events
such as demise of the income earner and managing unplanned health expenses. As per
Ple and Angot (2015), most of the poor population is still not an active part of the
financial inclusion activities. A strong and sustainable financial sector needs to be designed
for coping with this graphic reality. Insuring the poor can be a fairly good approach to
reduce their vulnerability. BOP concept, as per Simanis and Hart (2011), focuses on
developing value for both corporations and low-income customers.
According to a recent World Bank (2021) report, climate change and Covid-19
pandemic stress has caused extreme poverty to rise after two decades in the year 2020.