Lincoln Electric Company Essay - 1024 Words

The written assignment of this week is going to focus on a very well known and well organized company. The Lincoln Electronic Company is the world largest manufacturer welding machine and electrodes. Since it has been created by the Lincoln family, the company has known enormous success, in this essay I going to look at some critical elements contributed that company’s success; such as: ï  ¶ The continuing influence of the founders of the company. ï  ¶ The incentive management plan. ï  ¶ The performance appraisal system. ï  ¶ The way people communicate in the company. Lincoln Electric Company 3 Write a three page case analysis that summarizes your understanding of the culture of the Lincoln Electric Company. Being successful in life has ever been an†¦show more content†¦192). That definition leads me to think that an organization running without having the organizational culture will sooner or later fail. Because, that is the culture that tells people what to do and what not to do; without it, everybody will work according to their minds and do what sound right for them. Lincoln Electric Company 4 Though, in reading the Lincoln Electric Company Harvard Case Study by Arthur Sharplin, add up to what I learned from chapter eight this week, I can realize the that the organizational culture is the cornerstone for the growth of any organization. The success of Lincoln Electric Company is due to the environment that is previously established by the Lincoln’s family. If we look at in the introductory of the Harvard case study, Arthur Sharplin states that â€Å"The Lincoln incentive management plan has been well known for many years. Many college management texts refer to the Lincoln plan as a model for achieving high worker productivity.† (pp. 1). This is to say that they have already set some policies to make the company what it has always been since its creation. We can also see from the time Lincoln took out his second patent and began to manufacture his improved motor. The company never stops growing in 1906; John C. Lincoln incorporated his company and moved from his one-room, fourth-floor factory to a new three-story buildingShow MoreRelatedThe Legacy Of Lincoln Electric Company Essay985 Words   |  4 PagesFrom a company started with 1895 with only $200 (roughly $6,000 in 2016 with inflation) and a dream, Lincoln Electric company has grown exponentially over the past 121 years. John C. Lincoln, disenfranchised with his lack of involvement with the Elliot-Lincoln company he was formerly with, set out to develop and manufacture a new patented form of electric motors. Lincoln Electric company, officially incorporated in 1906 by John C. Lincoln, was created as an engine manufacturer. In 1907, James FRead MoreCulture Of The Lincoln Electric Company1174 Words   |  5 PagesWritten Assignment Unit 3 Culture of the Lincoln Electric Company The company culture of Lincoln Electric is one of teamwork, support and innovation. After reading and reviewing the case study done on Lincoln Electric by Arthur Sharplin of McNeese State University, I have come away with a better understanding of how the company has become the role model for management world-wide. Many different programs have been incorporated into the company that insures morale and productivity levels remain highRead MoreThe Legacy Of The Lincoln Electric Company934 Words   |  4 Pages The Lincoln Electric Company was created by John C. Lincoln in 1895 after being forced out of the Elliot-Lincoln Company. The Lincoln Electric company would go on to become the world’s largest manufacturer of welding products and machines. This all came to be due to the business culture instilled by the founders and continued up to the present. A Harvard case study done by Arthur Sharplin, shows the organizational culture within Lincoln Electric is unique to any single ordinary business cultureRead MoreThe Lincoln Electric Company Analysis951 Words   |  4 PagesThe Lincoln Electric Company was originally started by an entrepreneur named James Lincoln. Lincoln took out his second patent after his departure from Elliot-Lincoln Company, to begin the manufacturing of his new and im proved motor. Taking this step began what is now known as the Lincoln Electric Company that went from employing 30 to over 2,400 employees. Lincoln had a plan that he knew would create a successful company but he could have never dreamed just how successful it would become. LincolnRead MoreThe Legacy Of The Lincoln Electric Company Essay889 Words   |  4 PagesThe Lincoln Electric Company has dominated the market of welding machine manufacturing since its infancy in the late 1900’s. Their continued success is due to companies’ ability to adapt different organizational cultures, into a beautiful melting pot of profitability. Management could be described as a mix of both outcome-oriented and stable styles, with a hefty dose of people-oriented cultures, all wrapped into one. In 1895, engineer, inventor, and businessman John C. Lincoln started Lincoln ElectricRead MoreThe Legacy Of Lincoln Electric Company953 Words   |  4 PagesFounded in 1895 by John C. Lincoln, the Lincoln Electric Company is a high-quality manufacturer of welding machines and welding equipment based out of Cleveland, Ohio. Lincoln Electric was founded upon a strong foundation of competitive logic, using many levels of synergy in its manufacturing process to create the highest quality welding equipment and the lowest costs. Through the company’s unique management system and vertical integration strategies, they have created and maintained a strong competitiveRead MoreThe Legacy Of The Lincoln Electric Company1137 Words   |  5 PagesThe Lincoln Electric Company, located near Cleveland, Ohio, USA, is one of the world’s largest welding machines and electrodes manufacturers. It is a company with a distinctive organization culture and not only is it one of the world’s largest, but also is considered to be one of the best managed manufacturing companies in the world. By taking a closer look at the ongoing influence of the founders of the company, the golden rule, the incentive management plan, the performance appraisal systemRead MoreAnalysis Of The Lincoln Electric Company1164 Words   |  5 PagesAnalysis of the Lincoln Electric Company Upon review of the Lincoln Electric Company case study conducted by Arthur Sharpish of Harvard University, I came to find that the culture within the company is what elevated Lincoln Electric above all other companies in that field. When analyzing the report I considered many aspects of the company in order to determine what exactly that separates Lincoln from their competition. First, I examined the ongoing influence that has been exerted by the foundersRead MoreThe Legacy Of The Lincoln Electric Company Essay769 Words   |  4 PagesThe Lincoln Electric Company is the largest manufacturer of welding equipment in the world. John C. Lincoln founded the company in 1895 and incorporated it in 1906 where he moved it â€Å"from his one-room, fourth-floor factory to a new three-story building he erected in East Cleveland.† (Sharplin, 1989, A Historical Sketch pp. 1.). In 1907 John’s younger brother joined the company and in 1914 became the general manager and vice-president. It is here where the company began to define its culture withRead MoreThe Lincoln Electric Company Analysis Essay980 Words   |  4 PagesThe Lincoln Electric Company is one with a long-standing history of success and profit, as evidenced in the Case Study conducted by Arthur Sharplin. The success of Lincoln Electric is largely based on the company’s culture. In this ca se analysis, I will discuss different aspects of the company that provide insight into the types of culture it has. The overall impression, after reading the Case Study, is that Lincoln Electric has a strong culture. In our textbook, Carpenter, Taylor, and Erdogan (2010

Good Intentions And Mary Shelley s Frankenstein - 1834 Words

Raj Khatri Mr.Manning ENG 3U0 9 January 2017 Good Intentions and Mary Shelley’s Frankenstein Throughout history, there are many examples of noble intentions turning into horrendous actions, such as Cesare Borgia’s idea of unifying Italy turning into a man’s desperate grab for power. Probably the most influential time periods that stand as a shining example of noble intentions turning into horrible actions is the early 1800’s with the French revolution, radicalism in Europe, and the clash political beliefs. Mary Shelley’s Frankenstein echoes with examples of great intentions becoming terrible actions. It is clear that Mary Shelley’s Frankenstein depicts how one’s noble intention can quickly become evil; this is evident through the†¦show more content†¦He then murders a man afterward in the chapter, which just shows how the Monster shows both John Locke’s theory, as the Monster was punished for his deeds which lead him to murder a man because of how his punishment for saving a girl. The Monster also shows Locke’s theory when he says â€Å"I am malicious because I am miserable. Am I not shunned and hated by all mankind?† (Shelley 147), which he further says â€Å"Let him live with me in the interchange of kindness, and instead of injury I would bestow every benefit upon him with tears of gratitude †¦ if I cannot inspire love, I will cause fear† (Shelley 148). The Monster clearly states he is the way he is because of the situation he is placed in. If people are kind to him he will be kind back with â€Å"tears of gratitude† (Shelley 148). He is a subject of his environment which molds him into the person he is in the novel and the Monster knows this. The Monster is clearly an example of Locke’s Tabula Rasa, as he is a product of his environment. There are even more comparisons stated in an article on in the University of Pennsylvania as â€Å"He [The Monster] learns the causes of his feelings of pain or pleasure and how to produce the effects he desires â₠¬ ¦ the Creature’s education is completed in just the way Locke advocates† (Mellor). This just shows the influence that Locke has on Shelley as there are many references to Locke’s work inShow MoreRelatedThe Concepts of Knowledge and Happiness in Mary Shelleys Frankenstein1011 Words   |  5 Pagesaspires to become greater than his nature will allow (Shelley 60). In Mary Shelley s Frankenstein, she expresses her beliefs regarding the danger of pursuing happiness through the attainment of knowledge, because true happiness is found in the emotional connections established between people. The pursuit of knowledge is not necessarily an evil thing, but it can cause destruction when it is pursued beyond natural limits. Victor Frankenstein becomes a slave to his passion for learning in more thanRead MoreMary Shelley s Heart At A Very Young Age1318 Words   |  6 PagesMary Wollstonecraft Godwin as she was born, was born August 30th, 1797 in London, England. Mary Sh elley’s mother died exactly ten days after her birth so Shelley had a rather burdensome life. Her father was emotionally distant from her while her step-mother treated her cruelly as a result of what little relationship Mary did maintain with her father. Mary spoke three languages, English her primary language, French her second language of choice and Italian being the third. Although the disconnectedRead MoreMary Shelley s Frankenstein And The Modern Prometheus1342 Words   |  6 Pageswritten. But there is no doubt in the connection of the Greek God Prometheus and Mary Shelley’s Frankenstein, as the title of the book states: Frankenstein, or the modern Prometheus. Shelley made sure that the readers knew that Frankenstein is to be seen as the modern Prometheus, and all things in her book connect Frankenstein to the Greek God that shaped Humanity. In this essay is stated that Frankenstein is indeed as Shelley meant, the modern Prometheus. Reasoning behind this is of h ow Frankenstein’sRead MoreMary Shelley ´s Frankenstein; Or, the Modern Prometheus, an Analysis of the Subtitle1219 Words   |  5 Pagesof creation.† (Shelley 37). Ab initio Victor Frankenstein, the main protagonist, is being put on a level with Prometheus through the subtitle. An indication that Mary Shelley did indeed have the myth in mind as she wrote the novel, is not only her subtitle, but moreover the parallels between the Prometheus myth and Frankenstein, which are undeniable. The title itself gives a lot away of the story which follows. It links the modern world with the ancient Greek myth. Victor Frankenstein â€Å"steals† theRead MoreFrankenstein: Allusions1112 Words   |  5 PagesGuffey English 100 13 November 2012 Frankenstein: Into the Depths of Allusions An allusion is a figure of speech that is a reference to a well-known person, place, event, or literary work. These allusions are typically used by an author who intends to make a powerful point without the need to explain it. Mary Shelley s Frankenstein provides many examples of allusion s. She connects the story of â€Å"Prometheus†, Coleridge s Rime of the Ancient Mariner, and Milton s Paradise Lost to her own novel toRead More Frankenstein, Community, and the Individual Essay1697 Words   |  7 Pagesinnovations throughout the modern world have made life significantly easier, safer, of higher quality, and are said to be done for the greater good of humanity. However, these accomplishments come at a cost, as expressed through the concepts of creation and responsibility that lie at the core of Mary Shelleys Frankenstein. It is through these concepts that Shelley explores how society has changed during Romanticism and the Industrial Revolution, with lessening importance on s hared knowledge and the publicRead MoreA Fit Of Enthusiastic Madness : An Essay Of Insanity1427 Words   |  6 PagesInsanity in Frankenstein Frankenstein or The Modern Prometheus is chiefly considered to be a horror novel. The books author, Mary Shelley, masterfully weaves a story that has petrified audiences for centuries with its grotesque nature and disturbing events. However it is clear that both the characterization of Victor Frankenstein and his fallen angel, the Monster, portray an additional frightening aspect of the story; their mutual descent into hysteric madness.With a deft hand, Mary Shelley successfullyRead MoreMary B. Shelleys Frankenstein Essay1347 Words   |  6 Pagesacknowledge. Born in the year of 1797, Mary Shelley proves to be one of the latter as she becomes a revered pioneer in the creation of artificial life. This is because, as an author, Mary Shelley’s book Frankenstein brings to society a question that many scientist even now continue to withhold from answering: the endless possibilities and imposing dangers in the creation of artificial life. As a one of the most impactful writer of th e early 19th century , Mary Shelley has forever influenced modern daysRead MoreIn The Year Of 1818, Author Mary Shelley Published A Novel1568 Words   |  7 PagesIn the year of 1818, author Mary Shelley published a novel that depicted a concept nobody has ever seen before. The novel of Frankenstein is well known for its association with mystery, evil, and romanticism but the question many people ask is, why is it still relevant after all of these years? Frankenstein is a fictional story and is known as â€Å"The Modern Prometheus†. In Greek mythology, a titan named Prometheus stole fire from the Gods and gave it to mankind. Being that, Victor is compared to theRead MoreMary Shelley s Frankenstein : What Made The Monster Monstrous1751 Words   |  8 PagesRonald Britton is the writer and editorial manager of the article: Mary Shelley s Frankenstein: What Made the Monster Monstrous. All throughout this article Britton will talk about the genesis of the renowned story of Fran kenstein, which emerged from a fantasy experienced by Mary Shelley while on an occasion imparted to her spouse and her stride sister. The creator talked upon Shelley expressing that â€Å"She emphasizes that she was not confined to her own identity in these daydreams, she became others

Insurance in 2020 Free Essays

INSURANCE 2020 – THE PATH AHEAD Introduction Insurance is a social device which help the public to transfer the risk which is integrated part of the human life. It’s been years this term called insurance generated. Now one of the most emerging and greening sector in India is insurance. We will write a custom essay sample on Insurance in 2020 or any similar topic only for you Order Now The needs and preference of a customer is changing day by day. The people are more aware about the need for diverting the risk to a third party by taking insurance. They also consider insurance as an investment. Now day’s insurance companies are following certain marketing strategies. It includes understanding needs and preference of the customers by conducting marketing research and customizing the products and services to the benefit of the society. The companies follow different retail and wholesale distribution channels to reach the customers. Agents, Bancassurance, Brokers and others are some of the distribution channels which prevail in the current market. This paper talks about considering the current facts and features of insurance sector in India, what will be the insurance scenario in 2020. It also talks about upcoming marketing strategies and distribution channels in 2020. Objectives of the study †¢ Primary Objectives o Identify the major changes in the Indian insurance sector on a road to 2020 †¢ Secondary Objectives o Analyze the consumer perception of insurance how it can be tackled by the insurance companies in the upcoming future o Identify the future marketing strategies of insurance as a business in 2020 o Identify the distribution channels of insurance in 2020 and how the features are differentiated themselves from the current distribution channels Research Methodology Descriptive research method is followed in this study Change in Indian insurance industry by 2020 Indian insurance is expected to be going through a significant change of 70% as per the survey conducted by IBM insurance 2020 survey 2006. Among the 30 samples taken 30 % states that insurance industry will be having an incremental change of 30 % by the end of 2020. [pic] There are some reasons for saying that the Indian insurance industry will be facing significant change. The customers are living in era of latest technology and advanced services in which customers are treated not as king, he is the god which decides the existence of a company whether it deal with products or services. If the business fails to please their lord i. e. customers then there won’t be any existence for that particular business. Because of the latest technologies strengthening the demand and bargaining power of customers the customers are active and well informed about the services that they can get from the insurance companies. Another reason would be the increasing competition among the players in Indian insurance sector. Each company is trying to get a competitive edge over other companies by giving most importance to the word ‘Innovation’. The companies can’t run their business without innovation because all the businesses believe in ‘survival of the fittest’. And more over the customer wants the companies should predict their needs and preference well in advance and to serve them. Last but not the least people consider insurance as a strategic investment in life or we can put forward like people consider insurance as life time planning which starts from cradle to graveyard. Now it’s time for us to think about the upcoming trend of Indian insurance industry in the coming years. The ultimate users of the insurance services are people. When companies target people for selling or marketing of insurance they will think only think about their demographic characters like age, income, family etc. But classifying the customers as per their demographic characters and social characters may not help the insurance companies to survive for future. Insurance companies need to further classify the people into innovators and non innovators. Innovators are the people who buy the product or service as and when it reaches the market. Innovators are early buyers of the product. Non innovators are late buyers. Now the point to be discussed is what is the relevance of innovators in a service sector like insurance and why people should buy insurance policies or plans as and when it reaches the market. As I mentioned earlier insurance policies are good stage for strategic investments. When a share or a fund of a blue chip companies are announced in the market, people would be demanding those funds even if it is not there in market. In future most of the companies would be designing their insurance plans as a strategic investment plus risk covering plan, so such companies would targeting high growth funds or shares. So when an insurance company launch their new insurance products in market they will be targeting innovators. Another reason for targeting innovators is that the people who are in the category of non innovators would seek the advices from innovators during purchase of services since innovators are opinion leaders in the market. Another important trend that, the insurance sector would be mostly adopted the concept of virtual office in terms of physical presence. The technology is so updated, now it self a consumer can avail the facilities of insurance companies through the use of internet. Another reason for this trend would be increasing the number of insurance companies in the market. This also will pressure the companies to fully adopt the concept of virtual insurance. The insurance companies in 2020 will be targeting a modern value chain which is the collection of process and services that are linked together to create, develop, sell, deliver, process and service an insurance policy over the life of the contract. It would be hard to find the paper documents or trend of e-documents are no longer away from the insurance market in 2020. The insurance products that is going to capture the markets would be rather known as insurance packages which would cover all the risk of a human being in his life time i. e. once if he is taken an insurance plan it will cover all the risk till his death and investment requirements. The insurance products in 2020 would be concentrating on the concept of ‘Just in Time insurance’ as a person moves through set of spaces. Each stage of his life would be consisting different set of spaces. The new insurance package policies would be concentrating this set of spaces in human life. Insurance sector is one of the mostly regulated sectors in India. The economic crisis which struck globally will be forcing the IRDA and other regulatory bodies to come out with more rules and regulations especially in the foreign institutional investments and foreign direct investment. In 2020 the barriers in availing facilities of insurance with in the boundaries of the respected country, would be started to change since the insurance sector itself demands the emergence of a globally accepted standard of global insurance bodies. Another important thing that we can see sometimes before 2020 would the concept of ‘risk – to – opportunity’. Climate change is big question mark for the insurers. We can see a trend of insurer responds to climate change also. Considering the carbon trade and green business development project the insurance sector can’t close its eyes towards the natural environment. The insurance packages that are going to be prevailing in the insurance market will have certain features. It would a socially enabled product which would be designed to market through online word of mouth. It would also concentrate the concept of a mass produced, multi – component pre-packaged one click solutions which will find a gap in the market place. These packages would be allowing plan conversion exchange which would allow people to convert defined contribution assets into income for life through making into annuities. Another important point to be discussed is that considering the latest technologies that is going to be adopted by the insurance scenario in 2020, most of the insurance companies will have direct tie up with software companies for the use of Information Technology [pic] Marketing strategies of Indian insurance sector in 2020 Indian insurance marketing strategies mainly concentrating on the concept of CRM i. e. customer relationship management. Since insurance sector concentrating on the societal and demographic features of customers, future CRM would be all about creating online communities of customers via emerging social media, such as face book, twitter and similar websites. The companies will take initiative to create such communities which will increase the customer handling efficiency of the company. Another strategy that the insurance companies started to adopt is 80:20 principles. It means retaining the customer who contributes to the majority of the business and serving him as the primary customer. Concentrating in the existing customers will help to get business through cross selling and reduction of the acquisition cost of a new customer. Another trend in the marketing strategies adopted by insurance would be based on the concept of ‘being with the customer’. For example if there is an insurance policy for a corporate is being taken, while providing statements and newsletters the insurer include success stories and pictures that people in that particular corporate works. The future climate of insurance will be forced to emerge new distribution marketing strategies. We can see different strategies for each distribution channels. Banks have long established programs and accounts for ‘young savers’, and have made available courses on handling credit for teenagers. In the future insurance arena, a similar program might involve school presentations on the mechanics of risk, or, rather than the typical sponsorships of sports, taking a logical next step with youth organizations. These kinds of steps include activities such as insurance sponsored clubs which will tune the kids mainly in the concepts of risk management and practising safety in their environment where they interact most. One another strategy would be different approaches to people who have different demographic characteristics. For example, old aged customers can be approached with statistical details and promotional campaigns while the younger group prefers the carries like orkut, face book and other online communication devices. The trend show like more and more consumers are increasingly disenchanted with mass marketing and seek individual attention as well as customization of their customer interactions. The next generation of risk management is one where the focus is not on simply mechanizing the processing of data, but on modelling and automating the smart processing of risk information. The upcoming insurance industry is going to take advantage of social technologies in two ways, like first would be empowering the agents to take advantage of social media as their CRM systems. It is the best way to reach the customers with common interests, while the other is connecting with people engaged in similar occupation. Second would be the extreme widening of products and services. Innovative thinking needs to be built in existing products around their social ability and connectivity. The life insurance business has innovated in less obvious ways by combining coverage’s and adding flexibility to standard coverage’s. Life companies need to attack the oft-quoted maxim that ‘life insurance is sold, not bought’ and overcome the negative perceptions that plague this industry. Change in the distribution channel and their features Insurance companies have got different distribution to reach the customers. It would include agents, brokers and Bancassurance. The upcoming trend in case of distribution channel has to be compared with each of these levels. An insurance agent is a person who identifies himself and the insurance company of whom he is an insurance agent. Earlier insurance companies were used this particular distribution channel, they only require people to sell their products. Now days the trend of insurance companies is selecting the agents changed because these are the persons who represent the company in front of the public. By 2020 the concept of virtual office would come into play. And any person named as agent, he would be having information not only about the product, he will be an expert to advise the customer about how to do the strategic investment and investment options etc. The insurance marketplace is undergoing a transformation that may eventually lead to significant changes in how consumers purchase insurance products. A variety of distribution channels are currently used in this market place and some insurers utilize a combination of distribution channels. In terms of Bancassurance when the insurance products are sold as a third party products along with banking products. In the new era it would be in a relation with the banking product which functions jointly. Another important trend that you can expect from the market would the concept of ‘hyper –efficient direct distribution model’. This concept would be working the idea of super low cost of solution. Now days when the insurance companies are using the multiple distribution channels to reach the customers, the cost associated with this purpose is increasing. Because of the non-traditional competitors have much lower distribution costs than insurers, insurers face intense pressure to operate more efficiently. Distribution costs are one of the largest expense items associated with life and annuity policies. In the upcoming years we can see the trend of an emerging hyper – efficient distribution model which works on low cost. Change in consumer perception of insurance Indian consumers have big influence of emotions and rationality in their buying behaviour. There are certain factors which are going to be very crucial in 2020 in terms of buying behaviour of insurance. They are: †¢ Company loyalty †¢ Services quality †¢ Ease of procedures †¢ Satisfaction level †¢ Company Image †¢ Company Client Relationship Initially the Indian insurance sector was in the major hands of LIC. The people didn’t have a second name or second thought to think from where they should take the insurance plan or policy. Now the trend is changing. The main proof of the change is that the monopoly entertained by LIC was started to capture shares by other private companies. The private players are also able to provide the services and they are also able to generate the trust as LIC could create among the mindset of people. The private companies pitch the products in such a way that it was more acceptable to the customers. For example, One of the promotional objectives designed was to create a feel good factor around retirement and change customers’ perception of retirement as a mark of old age and loss of financial independence. Today’s behavioural patterns are different rather than the traditional ones, but still predictable. The concept of predictive analytics as applied to consumer behaviour follows reaction to control triggers (like marketing campaigns) and thus allows companies to manage their customer portfolio into an optimal spread on a value/ loyalty matrix. The consumers are expecting an insurance product/service like a direct sale of mid market lifetime income solution with a lower premium which also helps to invest for future purpose. Challenges of Indian Insurance Sector on a road towards 2020 One of the big challenges that are going to be faced by 2020 would be estimating local market potential for insurance products is continual challenge for the insurance industry. One solution for this big challenge would the concept of ‘insurance CLOUT’. Based on the actual purchase patterns, the idea like insurance CLOUT provides the most reliable local estimates for all type of insurance products and includes key detailed information like household counts, policy deductibles and premiums. Insurance CLOUT includes both current year estimates and five year projections for all of the data provided. Insurance CLOUT helps you to focus the marketing strategies of a business. It’s an indispensable tool for numerous marketing applications like †¢ Allocating market dollars against market potential †¢ Estimating potential for specific products within local markets †¢ Identifying high opportunity areas †¢ Measuring agency performance relative to market potential This idea also helps to assess the key market potential data for insurance companies. Conclusion The study was trying to give some information about the picture of insurance preferences and features in 2020. It identifies the factors that are going to be very crucial in terms of consumer buying behaviour with respect to insurance. The marketing strategies and distribution channels are also tried to portray considering the big limitation of the uncertainty of future. The study states that as time passes insurance sector in India will be undergoing through changes which can be giving a new face for the Indian insurance sector in 2020. As the insurance industry will be facing difficulties along with the rest of its financial services brethren to operate in the current global recession, it must consider the actual value of true innovation. No insurance business can’t exist in business in the upcoming future with out innovation. Innovation can come in the form of modified process, new business models, distribution channels and simple organizational changes. Innovation with out knowing the consumer buying behaviour would be fruitful. Creating innovative products like energy savings insurance, innovative renewable energy project insurance products, green building insurance and insurance for developing world (Micro insurance) would help the insurance companies to smoothen their road towards 2020. In the upcoming trend of insurance will be focusing on ‘pay as you live and active risk management in which active risk management means where proactive actions are taken to reduce total impact of risk. REFERENCES: †¢ Insurance 2020 – Insurance beyond old models by IBM †¢ Ceres report ‘From risk to opportunity’ 2008 by Evan mills [pic] How to cite Insurance in 2020, Papers