Determination of Key Success Factors for Winning Achievement of Indian Insurers: A PCA Approach

Abstract

: In today’s economy, the service sector is one of the important sectors which are contributing more to the GDP and the insurance sector is one among them. Here, the study is an attempt to identify the factors which are crucial for the success Indian Insurance
Industry. Now a days it became necessary for identifying the critical success factors for the Indian Insurance industry because it provides value in giving due focus to a limited set of factors which are deemed to be the most critical for an organization. CSFs are used by organizations to give focus on several factors that help to define its success and these factors will help the organization and its personnel to understand the key areas in which to invest their resources and time. The study uses both primary and secondary data and from both public and private companies and the Statistical tools such as descriptive statistics, factor
analysis and PCA for analyses the data. Finally, this study found out some selected prominent factors responsible for the success of Indian Insurance Industry by using PCA technique. The findings so drawn from the study can be used by the Indian insurers and as well as foreign insurers and provide the scope for further research with different Socio-economic environment.