Ethical Practices in Life Insurance Sector at Kolhapur
Ethics is the methodical and systematic elaboration of the norms and values in our daily activities. Ethics is the discipline that examines one’s moral standards or moral standards of society. This paper deals with the research endeavor to identify the various ethical/ unethical practices of Life Insurance Services in Kolhapur city. The study was undertaken in two phases. The first phase included review of relevant literature and experts’ opinion to evaluate the role of ethics in Life Insurance Sector, whereas the second phase involved primary data collection from the various stakeholders of Insurance Companies (broadly Branch Manager, Functional Level Manager, Advisors and Clients). Forty one ethical/ unethical dimensions were identified and the elicited opinion of the respondents was analyzed. The model was tested with KS test for the relationship between Insurance Management and Ethical Practices and was found to be dependent on each other. The present study explores rampant unethical practices being followed in the Insurance Sector. The authors have suggested measures which would help resolving ethical dilemmas and which ultimately would help in minimizing the unethical practices in the Insurance Sector.
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