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Serving the Un-Served and Under-Served Masses Innovatively : Cases from Indian Insurance Industry
in "CK Prahalad reaching over boundaries and expanding possibilities": SMS Special Conference, San Diego, USA, June 10-12, 2011 2011
This paper focuses on innovation strategies for the bottom of the pyramid (BOP) market and addresses the question: ‘How do organizations serve the un-served and under-served masses innovatively? Building on a multiple case research design, five cases of innovations in the Indian Insurance industry are presented. In the first-stage of analysis, seven innovation processes were identified as used by the organizations to effectively market, sell and deliver the insurance products and services for
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the BOP market. These innovation processes are: Demystification, Technologization, Bundlization, Retailization, Commoditization, Indigenization and Segmentation. In the second stage, these innovative processes eventually cluster around three key issues: management of meanings and values, accessibility and affordability. Findings provide a new perspective, if not a new framework, to examine innovation processes for BOP markets suggestive of its generalizability and significance towards understanding similar innovation processes for BOP segment in other industries and geographical markets.
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