Prioritizing Critical Identified Factors Affecting Performance of Supply Chain Management in Indian Insurance Industry

Abstract

The Insurance sector is highly regulated and intensely competitive, so its performance is largely a function of supply chain management practices. This paper establishes the factors responsible for efficient supply chain management (SCM) in the insurance sector. In this work, an empirical exploration of factors affecting the performance of SCM has been performed. The authors have also established a hierarchy of factors affecting the sector's SCM performance. This study examines the relative importance of factors associated with SCM to help managers focus on specific SCM issues in the insurance sector. A sample of 289 policyholders and industry experts were included in the study to respond to the structured questionnaire designed with the help of a Likert scale. From the literature review, 31 factors were identified and incorporated into the measurement scale. A 'PCA' was performed to extract factors and set the factor prioritization, and 'AHP,' as a tool for multi-criteria decision-making, was deployed.  The findings reveal that six prominent constructs from the PCA were explored. As per AHP analysis, service-related factors top the list, followed by organizational commitment, company-specific, individual perception, environmental, and marketing-related factors.