• Individual insurance business having enjoyed growth in previous years is expected to have key position in future also. Therefore, there is an imperative need to develop a better product mix for this sector. To improve the business, LIC should emphasis on the international market also.
• To increase the life insurance fund LIC should cut the management expenses.
• To fulfill the responsibility towards the society LIC should invest in infrastructure and social security.
• Owing to intense competition with private sector, LIC should adopt aggressive marketing strategies.
• LIC should develop insurance products including group policies to cater to different categories.
• LIC should conduct more extensive market research before introducing
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The Corporation needs to take initiatives aggressively to generate awareness amongst its customers about its new product offering or assistance. Greater focus on training and development of different levels of its staff is required so as to develop their skills to cope with the new developments.
The LIC has made remarkable progress in the field of mobilization of resources and their channelization. It has built up a big reservoir being used for financing socio-economic schemes of national importance and needs of public and private sector undertakings. Although the LIC has played an important role in garnering burgeoning amount of savings from the people, even then there is ample scope for tapping savings from vast untapped section of the society.
9.5 SCOPE FOR FUTURE RESEARCH This study was limited only for Public Sector Company but there is still scope for further research in comparative study of performance of LIC with the private players of life insurance industry or investment analysis of the insurance sector in India or comparative analysis of investment policy of Life Insurance Corporation of India with General Insurance Corporation of
There is also the growth of customer base with the increase in technology which has enabled the company expand its physical locations. Online Customers have also increased within this time as a result of utilizing modern technologies.
The communication strength of the company believes in improvement in the existing product and requirements for the new product.
Not much has changed from the last few meetings. They are still requesting details from Herzog and Wausau.
Business Insurance News, Analysis & Articles. Web. The Web. The Web.
The Asia/Pacific market is a key opportunity for ING insurance. There is huge economic growth the Chinese and Indian markets therefore encouraging much investment in both countries. These investments came as two joint ventures in China as well as one in India and a high stake in a top Indian bank, Vysya Bank. ING dominates the markets in Australia/New Zealand, Taiwan, Malaysia, Hong Kong, Japan and Korea as well as investing in smaller markets such as Singapore and the Philippines. ING currently ranks within the top five financial providers in the Asia/Pacific region serving more than six million clients.
It is one of the world’s largest international insurance markets, with a leading share
Growing sales through service: TP came up with new methods to satisfy customers. Furthermore, employees got trained on acting in customers favour.
Insurance is a very important part of modern life and business. In this paper I will discuss the basic concepts of insurance, claims-made and occurrence liability policies, factors for selecting an insurance company and policies, and the difference between workers compensation and liability insurance.
In today’s world, there are many ways for a company to introduce a new product into the market. Tiger Tread, a new product from the National Chemical Corporation, is a great example. John Webster, marketing director, and Fred Farley, technical director of the company, knew that they had a very special product to introduce.
Today the key challenges are advancements in technology, pace of competition, globalization, cost control and increasing efficiency regarding customers’ expectations. This means that organizations have to continuously analyze and adjust with new changes to survive. Old traditional fixed responsibilities and patterns are not workable now (Sarah and Steve).
-Customers: The company felt the importance of being customer-centric and innovate by adapting to customer
J. David Cummins, A. S. (1999). Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management: Efficiency, Technology, and Risk Management. Springer.
In every business offered by any organizations, it is very important to ensure that the customers will always satisfied with services provided. People nowadays are looking for the new technologies, new markets, new ideas and also new inventions. Thus the organization must always keep up with the current changes in demand to ensure that their services are still relevant to the customers. The changes of demand also called as an evolution and to achieve these, the organizations are advised to have a process that we called as “Business Transformation” (“Business Transformation: The Importance of Change,” 2014).
... right people by increasing the awareness about the product, its benefits and drawbacks. This is important for the success of a business.