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EXCERPTSThe Pre-Liberalization EraGIC was set up as a holding company in 1972 as per the General Insurance Act 1972, under which the general insurance industry in India was nationalized. Before nationalization, the general insurance business in India was more urban-centric and served only organized trade and industry. Therefore, GIC was established with a mission to offer need-based insurance to the rural population. (Refer Table I). At the time of nationalization, there were 107 Indian and foreign insurers offering general insurance products... Organizational StructureGIC was a holding company, separate from its subsidiary companies. It was responsible for broad policy matters that could affect the general insurance industry in India. The company did not offer any direct insurance policies except the aviation insurance policies of Air India, Indian Airlines, Hindustan Aeronautics and Crop insurance. From the reinsurance business, GIC received 20% of all direct business written in India by its subsidiaries. Apart from the four subsidiaries, GIC set up the GIC Asset Management Company to manage the GIC Mutual Fund, GIC Housing Finance, and Export Credit Guarantee Corporation... The Post-Liberalization YearsRestructuring of GICThe management consultants appointed by GIC laid down four options for its organizational restructuring:
MarketingGIC did not seem to have formulated any concrete marketing strategies until the government of India had announced the liberalization of the Indian insurance industry. Since the company enjoyed a monopoly status in the market, it did not focus on marketing. Moreover, as some of the general insurance policies were mandatory, the company did not need to market them. GIC did not seem to focus on providing better service to the policyholders also. In the pre-liberalization era, most of the agents and development officers were more interested in getting more customers and there were many complaints about poor customer service...
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