Abstract

The case provides a detailed insight into the strategies adopted by Indian insurance major Life Insurance Corporation (LIC) of India in various areas. The case provides information about the company's history, its evolution, subsidiaries and the products offered, and examines its marketing, finance, and human resources strategies. Details about the IT initiatives taken up by the company in its technology drive are also covered. The case also provides an insight into the life insurance industry's structure in India and the changes that took place after the entry of private players into the market. The case examines how LIC is gearing up to combat the competition from private players and provides a detailed note on the Indian insurance market. The case also discusses the change in the marketing strategies of GIC before and after the liberalization of the insurance industry in India. It also talks about the conversion of GIC into a national reinsurer and the delinking of the four subsidiaries from GIC. Finally, the case includes a detailed note on the general insurance industry in India.

Learning Objectives

The case is structured to achieve the following Learning Objectives:

• Indian general insurance industry before and after the entry of private players.

Keywords

functional areas, General Insurance Corporation of India, state-owned general insurance, resources, finance, history, inception, product segments, fire, marine, theft, miscellaneous, subsidiaries, National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited, and United India Insurance Company Limited, social responsibility initiatives, future prospects, liberalization, marketing strategies