The introduction of new economic policies and consequent financial sector reforms have brought number of changes in Insurance sector. The privatization of the insurance sector has seen setting up of shop by many companies with most of them in joint ventures with companies from the developed markets.
This has brought a huge change in the indian markets which till 2000 was monopolistic with Life insurance Corporatio of India (LIC) being the only player.To gain a share of the market the private companies have adopted aggressive tactics, including advertising campaigns, well-trained salesmen and modern selling ways.
The public sector giant Life Insurance Corporation of India (LIC) continues to lead in the market, but private players have been steadily improving its market share. LIC’s higher market share in the number of policies sold compared with premium income means private life insurers are cornering a larger share of high premium policies. The private players have been able to agressively penetrate the market with higher income bracket and sell policies with high premium. Where else the LIC agents have been identified as softer and lacking the modern confidence and skills.
For long, LIC as been mulling over the traditional image of an LIC agent of that of a government servant and is keen for transition of an agent to a more modern corporate image.
The insurance company is emphasising on changing the image of its agents due to increasing competition from private insurance companies. LIC had observed that the private insurance company’s agents are better equipped with laptops, and provide power point presentations to its prospective customers and are dressed in an executive style.
LIC has started training their agents to equip themselves with best methods and tools. Their first batch of training for 1000 agents would soon be completed and they would present themselves as 'Customer Relation Manager'.
They will storm the insurance market with a better image of the company. The major focus will on improving the lethargic government image of LIC into a modern and corporate image.
LIC is in the process of conducting interviews and select more agents that will be trained and designated as CRM. It is a one week training provided by the LIC at its Pune facility. The customer relation manager will also be provided with premium collection electronic devices.
This has brought a huge change in the indian markets which till 2000 was monopolistic with Life insurance Corporatio of India (LIC) being the only player.To gain a share of the market the private companies have adopted aggressive tactics, including advertising campaigns, well-trained salesmen and modern selling ways.
The public sector giant Life Insurance Corporation of India (LIC) continues to lead in the market, but private players have been steadily improving its market share. LIC’s higher market share in the number of policies sold compared with premium income means private life insurers are cornering a larger share of high premium policies. The private players have been able to agressively penetrate the market with higher income bracket and sell policies with high premium. Where else the LIC agents have been identified as softer and lacking the modern confidence and skills.
For long, LIC as been mulling over the traditional image of an LIC agent of that of a government servant and is keen for transition of an agent to a more modern corporate image.
The insurance company is emphasising on changing the image of its agents due to increasing competition from private insurance companies. LIC had observed that the private insurance company’s agents are better equipped with laptops, and provide power point presentations to its prospective customers and are dressed in an executive style.
LIC has started training their agents to equip themselves with best methods and tools. Their first batch of training for 1000 agents would soon be completed and they would present themselves as 'Customer Relation Manager'.
They will storm the insurance market with a better image of the company. The major focus will on improving the lethargic government image of LIC into a modern and corporate image.
LIC is in the process of conducting interviews and select more agents that will be trained and designated as CRM. It is a one week training provided by the LIC at its Pune facility. The customer relation manager will also be provided with premium collection electronic devices.
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