The document discusses Life Insurance Corporation of India (LIC), which is a state-owned insurance company headquartered in Mumbai. It was founded in 1956 when the Indian government nationalized the private insurance industry. Over 245 insurance companies and provident societies were merged to create LIC, which became the sole provider of life insurance in India and contributed significantly to the country's GDP. The document then evaluates LIC's people, processes, physical evidence and identifies gaps in knowledge, service design/standards, performance and communication. It also discusses LIC's market segmentation, targeting, positioning and net promoter score. Areas for improvement identified include infrastructure, uniforms for employees and training.

1. DHANYA K J
MBA
DCSMAT

3.  Life Insurance Corporation of India (LIC) is an Indian
state-owned insurance group and investment
company headquartered in Mumbai
 It is the largest insurance company in India
 The company was founded in 1956 when the
Parliament of India passed the Life Insurance of
India Act that nationalised the private insurance
industry in India
 Over 245 insurance companies and provident
societies were merged to create the state owned
Life Insurance Corporation
 the Life Insurance Corporation of India, which
commanded a monopoly of soliciting and selling
life insurance in India, created huge surpluses, and
by 2006 was contributing around 7% of India's GDP

4. 1.People
2.Process
3.Physical evidence

5. PEOPLE
 The employees are confident and clear understanding
about services
 Employee-customer relation is almost good.
 Employees in the organization are satisfied.
 Employees give their personal attention.
 Customers having complaints about their service
delaying.
 Friendly and prompt service to its customers
PROCESS
 Prospective customers have to take token. Based on
each token number complaints will be handled.
 Customers data’s are stored in the fully
computerized format.

6. PHYSICAL EVIDENCE
 Well dressed employees and agents (no
uniform)
 Air conditioned cabins
 Fully furnished interiors
 Computer system

7. KNOWLEDGE GAP
 The employees tries to make a better
relation with customers. They try to
interact more to customer to meet their
expectation and satisfying their needs.
SERVICE DESIGN AND STANDARDS GAP
 This gap mainly arise when the service
design does not meet the customer and
employees needs.But in their case they
have better service design.

8. SERVICE PERFORMANCE GAP
 This means the firm not delivering to
service standards.
 Sometimes service delay happens because
of the crowd (customers).
COMMUNICATION GAP
 This means the firms don’t performs their
promises.
 Some of the customers are not getting their
promised services from some employees in
their expected time.

9. SEGMENTATION
 Mainly they segment the market into 3,
(based on the age of the customers-employed
people)
1. youngster.
2. Middle age.
3.above 50 (old age)

10. TARGETING
Their major group are middle & lower income
peoples.(rural area development)
POSITIONING
“Start Saving Today For Better Tomorrow ”
 LIC having a better image in the mind of
peoples.
 They works maximum to create a good image
in the mind of their customers and also to the
public.(through satisfying customer needs)

16. NET PROMOTER SCORE(NPS)
No Of Promoters -16
Neutral - 6
No Of Detractors - 3
Total - 25
Promoter-detractor/Total - 0.52
Nps= - 52

17.  Need to improve physical infrastructure and
appearance of office
 Introduce uniforms for employees
 Provide training to the employees and agents
in customer interaction.
 Tangibles and empathy has z value < 1.96