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Essay on Negotiating across cultures with special emphasis on Insurance industry in India

Number of Words : 2696

Number of References : 6


  Executive summary
  Terms of reference
  Overview of the situation
  What is known as negotiation?
  How negotiations may vary
  What are the basic similarities between India and USA?
  What are the basic features of American negotiators?
  What are the basic features of Indian negotiators?
  Analysis of the situation
  Solutions and Recommendations
  Forecasts and Outcomes


When you are going for winning a new business or trying to get a new strategic alliance with some foreign country, it does not give importance to any border or boundaries. Before going for the negotiations, you must know that culture varies in every country and these cultural differences can really hamper the outcome of the negotiations. It may go in your favor or may go against you also if you do not follow the norms of the negotiations.<br /> If anybody wants to become successful in international business, he must adapt the negotiating skill of the local market to where he is going to do the business. That will really help him to penetrate deeper into the deal or tap the market. With the opening of the Indian insurance market to the foreign players, many American insurance companies have started coming to India over the past few years. <br /> In such cases, negotiation style is very different across cultures. There are many differences like social, economic, working conditions which each others must understand to do business and continue with the strategic relationships.<br /> As many American insurance companies have come to India to do business, the negotiation style practiced in both the countries can be a subject of discussion. While doing insurance or while selling the product, the American style and Indian style are totally different. The way you can sell insurance in America, is impossible in India. So, the American company must understand the Indian context and when the top executives of American insurance company will come to India, he must be aware of the Indian negotiating styles. In this discussion, we will limit ourselves to this industry alone, as American insurance companies like AIG, AXA, MetLife have all come to India to do insurance business. They have tied up with many Indian corporate to expand their business base in India.<br />

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AKey : HGI-466

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