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Comparison of l

  1. 1. Comparison Of L.I.C. With Its Competitors<br />By-<br />Sheetesh Rajpoot<br />Roll No. 0102927015<br />
  2. 2. Content<br />INDUSTRY OVERVIEW<br />COMPANY PROFILE<br />INSURANCE SCHEMES OF LIC<br />COMPETETORS<br />SWOT ANALYSIS<br />RECOMMENDATIONS & ANALYSIS<br />2<br />
  3. 3. Insurance Industry<br />In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.<br />Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment.<br />An insurer is a company selling the insurance; an insured, or policyholder, is the person or entity buying the insurance policy. <br />3<br />
  4. 4. Why do we need insurance?<br />4<br />
  5. 5. What Is Life Insurance<br />Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.The contract is valid for payment of the insured amount during: <br />-The date of maturity, or <br />-Specified dates at periodic intervals, or <br />-Unfortunate death, if it occurs earlier.<br />
  6. 6. Overview of L.I.C In India<br />Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil.<br />The main head quarter of LIC is in Mumbai.<br /><ul><li>Today LIC functions with 2048 fully computerized branch offices,
  7. 7. 100 divisional offices,</li></li></ul><li>Continue..<br /><ul><li>7 zonal offices and the corporate office
  8. 8. LIC has launched its SATELLITE SAMPARK offices.
  9. 9. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future. </li></li></ul><li>Objectives of LIC<br />Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. <br />Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.<br />Meet the various life insurance needs of the community that would arise in the changing social and economic environment.<br />Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.<br />8<br />
  10. 10. SWOT Analysis<br />9<br />
  11. 11. SWOT Analysis<br /><ul><li>STRTENGTHS
  12. 12. BRAND NAME
  13. 13. CUSTOMER REACH
  14. 14. DISTRIBUTION NETWORK
  15. 15. PROMOTION
  16. 16. WEAKNESS
  17. 17. OPERATION SERVICES
  18. 18. OLD WAY OF PROMOTION
  19. 19. DELAY IN SERVICES</li></ul>10<br />
  20. 20. SWOT Analysis<br /><ul><li>OPPRTUNITY
  21. 21. INCREASE IN THE RISK PROFILE OF INVESTORS
  22. 22. TARGET RURAL AREAS
  23. 23. THREATS
  24. 24. COMPETITORS
  25. 25. WEATHER CYCLES
  26. 26. NEW SUBSTITUDE PRODUCT EMERGING.
  27. 27. SECURITY FACTOR</li></ul>11<br />
  28. 28. Mission & Vision<br />Mission<br />"Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development." Vision"A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."<br />
  29. 29. Members On The Board Of The Corporation<br />ShriD.K. Mehrotra, (Current-in-Charge & CHAIRMAN, LIC )Shri T. S. Vijayan, (Managing Director, LIC )Shri Thomas Mathew T. (Managing Director, LIC )Shri A.K. Dasgupta, (Managing Director, LIC )Shri R. Gopalan, (Secretary, Department of Economic Affairs, Ministry of Finance, Govt. of India.)<br />
  30. 30. LIC operates all over India.<br />14<br />
  31. 31. Organisation structure of LIC<br /> Chairman<br /> Managing Director<br /> Executives Directors <br /> Chiefs<br /> Zonal Managers<br /> Regional Managers<br /> Divisional Managers<br /> 100 Seniors Divisional Managers<br /> Marketing Managers<br />
  32. 32. Organisation structure of LIC<br /> Sales Managers<br /> <br /> <br /> <br /> Senior Branch Managers (Head of the Branch)<br /> <br /> <br />   Assistant Branch Managers Sells  <br /> <br /> Development Officers<br /> <br /> <br /> <br /> Different Agent<br />16<br />
  33. 33. Insurance Plan’s of LIC<br />ENDOWMENT PLAN<br />MONEY BACK PLAN<br />SPECIAL PLANS<br />FOR CHILDRENS PLANS<br />PENSION PLUS<br />17<br />
  34. 34. Competitors<br />SBI LIFE<br />HDFC LIFE<br />ICICI PRU LIFE<br />BAJAJ ALLIANZ<br />TATA AIG<br />Birla sun life.<br />ING Vysya.<br />Aviva.<br />Kotak Mahindra old mutual.<br />Max new York.<br />Met life.<br />18<br />
  35. 35. Awards Received in 2010-11<br />19<br />Readers Digest Trusted Brand<br />CNBC Awaz Consumer Award <br />Power Brand Award<br />
  36. 36. MARKET SHARE<br />20<br />
  37. 37. GrowthProfile<br />
  38. 38.
  39. 39.
  40. 40.
  41. 41. 25<br />
  42. 42. 26<br />
  43. 43. (Q) WHICH INSURNACE COMPANY PREFERRED BY THE INSURER? <br />a-LIC .<br />b-SBI.<br />c-ICICI.<br />d-BAJAJ ALLIANZ.<br />e-other’s<br />
  44. 44. RECOMMENDATION & CONCLUSION<br /><ul><li>LIC can capture market share through better pricing and client segmentation.
  45. 45. It needs to apply different set of rules and treatment strategies to different customer segments. However, to personalize interactions, insurers are required to capture customer information in an integrated system.
  46. 46. The Group Insurance scheme is required to be promoted.
  47. 47. Premium should be less.</li></ul>28<br />
  48. 48. Thank U…….!<br />29<br />
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