Factors Influencing of SSCM Performance of the Indian Insurance Industry: An ISM Approach

Factors Influencing of SSCM Performance of the Indian Insurance Industry: An ISM Approach

Puspalata Mahapatra, Sushanta Tripathy, Surya Kanta Panda
Copyright: © 2021 |Pages: 18
DOI: 10.4018/IJSDA.20211001.oa5
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Abstract

In to-days economy, Service Supply Chain Management draws surprisingly more attention and insurance sector is one among them. Here the study is an attempt to overcome the challenges that impacts the effectiveness, efficiency and success of SSCM of Indian Insurance Industry. To show the hierarchical interrelationship among the selected significant factors of Insurance Industry an integrated comprehensive frame work has been developed, displayed and explained through an interpretive structural modeling (ISM) technique. Beneath the study various classification of influential factors have been carried out like Autonomous, linkage, Dependencies and Driving force. Finally this study developed a hierarchical structure of selected prominent factors responsible for the success of SSCM of Indian Insurance Industry by using ISM technique. The findings so drawn from the study can be used by the Indian Insurers and Foreign Insurers.
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1. Introduction

Service supply chain simply refers to supply of services to any organization, may be manufacturing, service or public sector, and the delivery of these services to customers (Baltacioglu et al., 2007). Service supply chain manage and plan the whole activities along with the chain of services that is delivered from the service providers to the end users. The low material flow visibility level of service supply chain restricts the utilization of existing product based supply chain approaches directly (Saliha Karadayi,2014). It is also a network of suppliers, service providers, consumers and other supporting units that perform the functions of transaction of resources required to produce the service. Although now a days SSC became surprisingly important and treated as main driving force for the growth of economy, but unfortunately there is inadequate integrated comprehensive framework of it, specially in the field of insurance sector. However, it is noticed that the notable contribution of service sector (more than 50%) to GDP is more and ahead of manufacturing sector of India (Majumdar et al., 2015) and it highlights the necessity of competently managed service supply chain management, but still relatively little literature is obtainable as compared to other Industries. According to Bentalha & Hmioui (2019) supply chain management (SCM) was born and developed first in an industrial context and in the field of services, little research has addressed the issue of the company's SCM. With the globalization of markets, combined with the advancement of information technology and ready availability of manufacturing technology, the supply chain management process has spread globally for many businesses (Das et al., 2013). Hendrick & Singhal (2005) empirically established that supply chain disruptions have a significant negative impact on shareholder value and on operating performance of the firm. Many of the firms recognize that an assertive SCM could lead to an important competitive advantage in the business world and it also enhance the firm’s performance (Catia et al.,2020). Effective supply chain management (SCM) has become a potentially valuable way of securing competitive advantage and improving organizational performance since competition is no longer between organizations, but among supplychains (Lia, 2004)Though SCM is becoming more emerging area for researchers, academics and practitioners, still conducting research on manufacturing or traditional supply chain rather than service supply chain management prospective because of nature of industry's complexity. So, research on service supply chain is immature and there is still some deficiency to study on service supply chain management. (Somabutr et al.,2020). In India,it is also experienced that there is a noticeable less understanding about the concept of Service Supply Chain, Development of SSCM model and Identification of the influential factors for the successful application of SSCM (Zailani & Kumar 2011). According to Zhang & Chen (2015), the main challenges which generally affects the efficiency and usefulness of SSC management is the inadequate SSC management framework. So to bridge the existing gap, here the study tries to identify the influential enablers and to develop an Interpretive Structural Model (ISM) in order to gain better insight into the current body of knowledge for the successful performance of SSCM of Indian insurance industry.The purpose of the study is to point out the influential factors accountable for the effective performance of of SCM of Indian insurance industry and to establish the contextual relationship among them through the development of ISM approach.This article shows that the performance of SSCM of Indian insurance sector has some drivers which could be different to different countries according to the risk perception of customers, their attitude, culture, distribution channel and CRM of insurers.This paper provides a ISM approach based framework for analyzing intangible factors accountable for the thriving performance of SSCM of Indian insurers. This analysis yields a transparent road map based on the contextual relationship among Depended, their driving powers, Linkage and Autonomous factors of the study.

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