Strategic Change Management

In: Business and Management

Submitted By abin
Words 4462
Pages 18
| STRATEGIC CHANGE MANAGEMENT | FINAL ASSIGNMENT | | Abin | [Pick the date] |

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Introduction:
Life Insurance Corporation of India established in 1956, is the one and only public sector insurance company in India. There were many small insurance companies and provident societies worked at that time, merged together to form LIC of India. It has got wide and huge network of Insurance agents and distributors which made them popular amongst the most remote areas of India. As it belongs to public sector, it is the most trusted insurance company in India. Since 2001, LIC of India was the monopoly power in Insurance industry on India. In 2001, private insurance companies are allowed to enter the insurance sector in India. But LIC tried to maintain its market leadership through renewing and transforming its strategy. Its huge presence in both urban and rural markets is their major core competency. The products if LIC are very simple and customer friendly, so that even illiterate people could understand the policy through explaining. Its products are mainly concentrating on all the needs and demands of the customers such as, protection, life cover, savings, investments, endowment plans, women plans, child plans, micro- insurance plans etc. The major subsidiaries are LIC housing finance, LIC Nepal, LIC Lanka, LIC International, BSC etc. (www.myinsuranceclub.com). The intervention of more than 20 private insurance companies such as Bajaj Allianz, ICICI Prudential, HDFC Standard Life, MetLife, etc in to the frame, had affected the market and revenue of LIC Ltd. The new companies were offering better products with better returns. The LIC ltd was concentrating more in traditional long term policies, which gives good life cover. But from an investment point of view they are not favorable as it takes very long period of 15-2o years for attaining maturity. Though…...

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