Abstract

With the entry of private insurance players like Tata-AIG, ICICI-Prudential and Max-New York Life, LIC felt a need to revamp its business. Based on recommendations of the leading consulting company Booz, Allen & Hamilton, LIC restructured various aspects of its business. The caselet discusses LIC’s measures to train and develop competent personnel. It focuses on the customer service initiatives of LIC by using technology and improving service delivery. Finally, the caselet talks about the change in LIC’s branding and advertising strategy.

Learning Objectives

The case is structured to achieve the following Learning Objectives:

• Need for training in Insurance
• Branding of an insurance company
• and Use of technology in insurance services marketing.

Keywords

Life Insurance Corporation (LIC), Booz, Allen & Hamilton, Marketing Strength, Training and Development, Agency Network, Customer Relationship Management (CRM), Wide Area Network (WAN), Interactive Voice Responsive system (IVRS), Service Delivery Processes, Brand Advertising Strategy, Taylor Nelson Sofres, Most Trusted Service Brands, Economic Times, Mind-Share