What is it about?
This is a management teaching case with a storyline broadly dealing with dilemma society faces where stakeholders in business want growth and the question that whether growth in business can be maintained without compromising on ethics is examined. The case deals with ethical issues in marketing financial products like life insurance and looks at solutions to the practice of mis-selling financial services. Students would attempt to find answers to the question of whether they can achieve sales goals without resorting to unethical practices.
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Why is it important?
Overall literacy and financial literacy are low in India, Indian sub-continent and southeast Asia. Society needs to do business with ethics for long term development of any sector. Financial Products are frequently mis-sold or there is rampant mis-selling to achieve sales growth. The case looks a solution to growing the business while following ethical business practices. This teaching case is only one written for the insurance industry in India which looks at problems of mis-selling while distributing insurance and examines how change can be brought on ground level in insurance companies overall operations.
Perspectives
Ethics in business are good for society as well as any nation. Financial products are purchased on trust and any perception of unethical behavior can have consequences on long term growth of the sector. Growth in business can be done without diluting ethical practices. The case study sharpens the intellect and makes the reader think about need for ethics and solutions to achieving growth while being ethical.
Dr. Manoj Pareek
Bennett University
Read the Original
This page is a summary of: Consequences of Growth at Freedom AV Life Insurance, Emerging Economies Cases Journal, December 2021, SAGE Publications,
DOI: 10.1177/25166042211063977.
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