The case study discusses Life Insurance Corporation of India's (LIC) strategy reforms to compete with new entrants in the insurance sector after 2000. LIC focused on training its large sales force, adopting new technologies, reengineering business processes, and strengthening its promotional strategy. For sales force training, LIC recruited more agents, provided mandatory professional training, partnered with IIM for IT skills, and offered laptops at concession prices. Technologically, LIC used a WAN and IVRS for improved customer service. It reengineered processes to reduce claim processing times. Promotionally, LIC increased advertising spending, used impactful slogans, and reduced ad agencies to ensure clear messaging.
Life insurance corporation of India provides wide range of life insurance products its your time to decide which one you want as we all know life is precious protect it by taking right insurance product.
Life insurance corporation of India provides wide range of life insurance products its your time to decide which one you want as we all know life is precious protect it by taking right insurance product.
Insurance & strategies for promoting insurance product & servicesAnkit Gautam
This Ppt will give you all a Brief description of Insurance Sector its
Evolution, Services in Insurance Sector & Strategies for promoting Insurance products & Services in Market.
hi frnd this a pdf version of my own created file containing the history of insurance in world and in India..moreover there is a brief description of LIC is given.i think it wl b veru useful for u.and kindly mail me if u have ne prob ao if u wanna me to do ne correction.....
thanx
Indian Insurance Industry - Recent Industry Trends - Part - 5Resurgent India
Bancassurance means selling insurance product through banks. Banks and insurance company come up in a partnership wherein the bank sells the tied insurance company's insurance products to its clients. Globally, bancassurance has emerged as an important channel for distribution of insurance products. Various international studies have shown that a bancassurance strategy has indeed saved costs of insurance companies in the long run.
Summer internship taining project report kotak life insuranceShubham Aggarwal
its a full project report on kotak mahindra life insurance based on summer internship. it covers the survey of 50 people that what was their perception regarding kotak and other insurance provider by filling up a questionnaire.
Insurance & strategies for promoting insurance product & servicesAnkit Gautam
This Ppt will give you all a Brief description of Insurance Sector its
Evolution, Services in Insurance Sector & Strategies for promoting Insurance products & Services in Market.
hi frnd this a pdf version of my own created file containing the history of insurance in world and in India..moreover there is a brief description of LIC is given.i think it wl b veru useful for u.and kindly mail me if u have ne prob ao if u wanna me to do ne correction.....
thanx
Indian Insurance Industry - Recent Industry Trends - Part - 5Resurgent India
Bancassurance means selling insurance product through banks. Banks and insurance company come up in a partnership wherein the bank sells the tied insurance company's insurance products to its clients. Globally, bancassurance has emerged as an important channel for distribution of insurance products. Various international studies have shown that a bancassurance strategy has indeed saved costs of insurance companies in the long run.
Summer internship taining project report kotak life insuranceShubham Aggarwal
its a full project report on kotak mahindra life insurance based on summer internship. it covers the survey of 50 people that what was their perception regarding kotak and other insurance provider by filling up a questionnaire.
Presentation of the article "Integrated Marketing Communications in U.S. Advertising Agencies: An Exploratory Study"
It is taken from September-October 1997 Journal of Advertising Research...
The role of integrates marketing communications in life insurancetSupa Buoy
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This is the output of a project work which included interview of 4 corporate managers. The subject is 'Implementation of Growth Strategy'. Top management develops growth strategies for acquiring a competitive position in market, however success of any Strategy depends on the implementation by Managers. While Strategy is the route map, Managers are the drivers who follow the route map to arrive at the destination. The Managers encounter obstacles on the way, which they need to overcome. Thus, the execution of the Growth Strategy may differ from manager to manager. The presentation gives the details of what the Managers have done to execute Strategy in their respective companies. The names of Managers and some companies are not disclosed for maintaining confidentiality.
In the ever-evolving landscape of modern business, digital marketing has emerged as a cornerstone for success. As companies across industries strive to expand their online presence and reach their target audiences, the demand for digital marketing services has skyrocketed. This surge in demand begs the question: Is a digital marketing agency a profitable business venture? Let's delve into this topic and uncover key insights for aspiring entrepreneurs in the field.
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RTMNU 4th sem MBA
Subject - Retail Sales Management & Services Marketing [ Marketing ]
Module 4
INTRODUCTION TO SERVICES MARKETING
BY Jayanti R Pande
MBA free notes pdf download
JRP MBA notes
Free RTMNU Marketing notes by Jayanti Pande
Top 6 Services Offered By Digital Advertising Agency | Enterprise WiredEnterprise Wired
The role of a digital advertising agency has emerged as a pivotal force, offering expertise and solutions to navigate the complexities of the digital realm.
Noida is a highly developed city in India and businesses in this city are taking advantage of the digital marketing services offered by Digiworld Solution. These services help businesses to reach out to more customers and create a strong online presence. The use of digital marketing services helps businesses to build brand awareness, generate leads, and increase sales. In addition, these services help businesses to track customer behavior, understand customer preferences, and provide personalized content.
Digiworld Solution is a leading digital marketing service provider in Noida. It helps businesses to reach out to their target customers through various digital channels such as search engines, social media, and email. The company provides a variety of services such as search engine optimization, content marketing, social media marketing, display advertising, and email marketing. These services help businesses to reach out to more customers and create a strong online presence.
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Based on the 9 blocks business model you can find a sample case study for modern business model. inspired from "business model generations" book.
this model for a digital marketing content company focused on establishing a content online services for middle east to enreach the market with new online websites that helps us reach the world with our own websites and get in control with our online atmosphere
This presentation explains various topics under consumer behavior. How reference group and social class affect consumer behavior is described in this presentation
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
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2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
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1. Introduction and Key Concepts of Sustainability
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To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
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What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
2. Presented By
Arti Kumari
Debarati Sen Gupta
Monalisa Ghosh
Maneet Kumar
Mani Shankar Sonkushre
Man Mohan Anand
M.S.Ramaiah Management Institute, Bangalore | MBA PRIST (A)
3. Abstract
The case deals with the strategy reformation of LIC to compete with new
entrants in the field of insurance in India.
Till year 2000, LIC was the only company providing insurance services to
Indian customer. After year 2000 many new companies enters into the
field of insurance such as ICICI–Prudential and Max New York etc.
To compete with the new players LIC totally reformed its strategy to
maintain its market leader position in insurance sector of Indian economy
4. Coverage of Area
In Its new strategy to compete the new entrants , LIC focused
majorly on following areas
• Training and development of sales force
• Technological Edge
• Business Process Re-engineering
• Promotional Strategy
5. Training and development of sales force
Sales force locates prospects, develop them into customers, and grow the
business. Sales personal serve as the company’s personal link to the
customer hence training and development of sales force become an
important aspect. Various methods adopted by LIC in this regards are :
• Program they recruit many more agents to increase their network.
• Agents were given professional training mandatory under regulatory &
Development and authority rules
• A tie up was done with IIM to impart IT skills to the sales force
• Laptops were sold to development officers at concession price.
6. Technological Edge
Technology plays a vital role in business. Over the years businesses have
become dependent on technology so much so that if we were to take
away that technology virtually all business operations around the globe
would come to a grinding halt. this case LIC has used various technologies
to improve the effectiveness of business.
• LIC used WAN (wide Area Network) to interconnect its branches which
facilitate the customers to pay their premium at any branch.
• LIC used IVRS (Interactive Voice Responsive System) that enables the customer
to get their query resolved in real time and obtain information on their policy.
7. Business Process Reengineering
Business Process Reengineering is a “structured approach to define
the current state of processes, identifying gaps and opportunities,
designing a future process that meets the business needs and
planning for implementation.”
In the case, LIC has reengineered their service processes to clear the
outstanding claims. They improved their services in such a manner
that it takes less time to process the customer request. In this way
they were able to send a message to customer that LIC delivers its
services on its promise.
8. Promotional Strategy
Promotion is defined as the coordination of all seller-initiated efforts to set
up channels of information and persuasion in order to sell goods and
services or promote an idea.
Advertising is defined as any paid form of non personal communication
about any product, organization, services or idea by an identified sponsor.
Objective of promotion and advertisement is create brand identity and
brand equity. A Brand is defined as “a name, term, sign, symbol or design or
a combination of them, intended to identify the goods or services of one
seller or group of sellers and to differentiate them from those of
competitors.”
9. Promotional Strategy
In the case LIC has taken help of advertising agencies to promote the Brand LIC.
They used creative slogans which affects the customer’s mindset and able to
attract their attention.
Those slogans helped LIC to make the customer emotionally attached to services
provided by them.
They spend huge amount of money in advertising and sales promotions to build
their brand equity and identity.
To avoid the interference in communication to customer, they reduced the
number of ad agencies and worked with limited number of those agencies so that
the message reached to customer, doesn’t lose the main objective.