Abstract
The rapid evolution of insurance technologies has made it essential for Indian industries to boost their performance in global competition. The Indian insurance sector, in particular, is compelled to cut down production costs and offer good quality products. The objective of this research is to find the effect of TQM practices on the organization’s performance in India. It will try to see in what way the application of those practices will help in getting operational and financial growth for the organization in the long run. For this study, data from 423 employees working in the life and general insurance sectors in Chandigarh Tri-City area was collected. The research has concluded that TQM practices like leadership, employee participation and customer-centered operations which are termed as Soft TQM practices, were found to improve the operational performance of the organization but their financial performance impact was not significant. On the other hand, quality management practices such as process improvement and benchmarking are hard practices exhibited significant enhancement in both operational and financial performance. To sum up, the research suggests that soft TQM practices are a source of organization’s productivity while hard TQM practices lead to a financial accumulation over the long term. This research reveals how incorporating TQM practices in Indian insurance organizations can, thereby, upsurge their performance. The findings of the research offer not only practical guidelines for organizations to improve performance but also strategic insights to secure a long-term competitive edge.
Keywords: Organizational Performance, Quality Management, Soft and Hard TQM practices, Top Management Commitment, Total Quality Management.