Case study B (insurance company)

#1

The number of players in the insurance industry has increased - if there were
only few then there is changes of monopoly kind of a situation to arise in the
market. Now with the global market in concept world is a single market and
there is fair competition all around.

Insurance industry is such a industry where there is not uncountable seller but
uncountable buyers. So, basically it is not a monopoly market but rather its a
oligopoly market where there are few number of sellers who are running the
market. But due to the fact that more and more companies are entering into
this industry there has to be a fair competition among all or higher price
charging firms will soon disappear from the market 

Consumers are also now a days much more cautions about the prices of
premium - they also tend to compare different policies of different companies
and then decide. So, competitive environment is encouraging competition
among the market.

#2

With the development of different kind of application / software or different

kind of app people now has access to lot more information then they used to
have. Even several software / apps has been developed for comparison of
separate policies of same company or different company. 

For Example - Trivago - a portal dedicated for comparing the hotel rates only.
similarly there are portals created for comparing insurance policies only such
as "Policy Bazar". This kind of new development in technology will help to
prevent any kind of fraud being done to the customer by the insurance
company. 

Case study A