Life Insurance Corporation Of India Research Articles

CUSTOMER SEGMENTATION: IDENTIFY DISTINCT CUSTOMER GROUPS BASED ON BEHAVIOR AND DEMOGRAPHICS, ALLOWING FOR TARGETED CAMPAIGNS AND CONTENT FOR EACH SEGMENT

In today's fiercely competitive economic climate, I see the insurance industry as having the most opportunity for growth and success. With growth rates of 70–80% and 12–15% respectively, the insurance and fast-moving consumer goods industries are the world's fastest-growing. I am attracted to this business and its potential for advancement since Life Insurance Corporation of India has given me the opportunity to work and gain experience in a highly competitive and enhancing domain. Distribution channels play a vital role in the success of many market companies that strive for a good market share by making items and services easily accessible to clients. Agents and agency holders are the only distribution channels available in the insurance market. If the correct amount of agents are employed, insurance companies such as MAX, RELIANCE LIFE INSURANCE, and TATA AIG may be able to capture an excessive piece of the market. Agents are the exclusive means by which insurance firms can disperse their benefits and goods. communicating the company's principles and goals to potential customers, particularly those from marginalized communities.

Customer Awareness and Satisfaction towards Services of Life Insurance Corporation of India in Athoor Block Dindigul District

The insurance sector in India has come a full circle from an open competitive market to a nationalisation and again a liberalised market. Life insurance is generally known as a tool to eliminate risk, replace uncertainty, and ensure timely support to the family in the unfortunate death of an income earner. Sensing risk, measuring it and weighing its cost are an integral part of the administration. The main objective of the study is To know the Customer awareness and satisfaction towards LIC of India and To study the factors influence the customer buying behavior towards LIC products. The insurance business is unique, which is rewarded for managing the risk of the other party. The insurance sector in India not only plays a role in the financial system but also has significant socio-economic functions that provide risk protection to poor people. The insurance sector in India not only plays a role in the financial system but also has significant socio-economic functions that provide risk protection to poor people. The satisfaction of the consumer depends on the actual performance in relation to the buyer’s expectations. If the effectiveness of the product matches the expectations, the consumer is satisfied.

LIC: MEASURING THE EFFECTIVENESS OF INTERNET ADVERTISEMENTS

The Insurance sector is an essential part of the economy because it helps people and businesses reduce risk and protect their finances. It functions by obtaining premium payments from policyholders and providing reimbursement for specific losses, such as injuries, diseases, or property damage. It is vital for insurers to adapt and innovate in order to remain competitive and satisfy the changing demands of the market since the industry continuously changes due to advancements in technology, data analytics, and changing customer preferences. One of Indias biggest and oldest life insurance firms, the Life Insurance Corporation of India (LIC), was founded in 1956. It is a significant player in the Indian insurance industry and a state-owned organization. LIC serves millions of customers by offering a variety of life insurance and investment products. Given that it is owned by the government, it plays a crucial role in encouraging long-term savings and financial inclusion in India. This article examines the profound influence of internet advertising on the Life Insurance Corporation of India (LIC). As digitalization continues to reshape the business landscape, LIC has embarked on a strategic journey to harness the potential of online advertising. The study investigates the multifaceted impact of internet advertising on LIC, encompassing heightened brand visibility, targeted customer engagement, and operational efficiency. By leveraging data-driven insights and innovative marketing strategies, LIC is not only expanding its market reach but also fostering stronger customer relationships in the digital era. This abstract offers a glimpse into how internet advertising is reshaping LIC and 39;s strategies and its pivotal role in securing the corporations relevance and competitiveness in the contemporary insurance industry. KEYWORDS: Internet advertising, LIC insurance services, online marketing, advertising campaigns.

Role of Life Insurance Corporation of India in National Economy

Role of Life Insurance Corporation of India in National Economy

Comparative Performance of Distribution Channels of Public and Private Life Insurers in India

Selling products through an intermediary has always been advantageous for the manufacturer of goods or service providers. This becomes more relevant when you are selling services and particularly a financial service. The selling of insurance products is in the ambit of financial services. Therefore, the relevance of intermediary channels has increased to the highest, because selling insurance product is a subject of persuasion, so personal contact to increase market efficiency become relevant. In the present study, an emphasis has been made to study the marketing channels exhausted by the life insurance industry for selling their products, further, a comparison has been made between the public and private sector companies concerning to channels these two companies are using to sell their insurance products. The span of the study is 2016-17 to 2021-22 because during this period a few new marketing channels came into existence in the insurance market. The performance of these channels has been measured in terms of first-year individual premiums collected and policies issued by these commonly used distribution channels. At last, it is found that in the case of Life Insurance Corporation of India, the channel ‘Individual Agent’ is more significant as compared to other channels; whereas Corporate Agent-bank is significant for private life insurance companies. To conclude two way ANOVA and Tukey Post Hoc test have been applied to the data.

Financial soundness of life insurers in India

Financial sector is an integral part of economy; an effective financial system helps to grow productivity and economy. Insurance is a constituent of Indian financial system, which is working for risk mitigation, mobilization of savings and transfer of surplus to deficit economic units. Insurance industry in India has grown exponentially over the years and there are opportunities for further growth too, growth in insurance industry not only comes from customer focus and market offerings, but also from better capabilities and presentation of financial position of the insurers. After amendment in IRDAI regulations, 23 private and foreign companies have been allowed to carry on life insurance business along-with Life Insurance Corporation of India; therefore, it has become essential to understand, whether life insurance industry is financially solvent, operationally sound and have adequate capital base, so the present study has been undertaken vide which six life insurance companies comprising one from public and five from private sector have been selected on the basis of their highest market share, further these companies are occupying lion’s share of the life insurance business in India, to arrive at the framed objectives their financial position have been tested using CARAMEL Model and its’ constituents have been tested using two tailed ANOVA.

An Study of Impact of Human Resource Management Practices on the Policyholder’s Satisfaction with Service Quality of the Life Insurance Corporation of India (With Special Reference to Alwar Region- Rajasthan)

An Study of Impact of Human Resource Management Practices on the Policyholder’s Satisfaction with Service Quality of the Life Insurance Corporation of India (With Special Reference to Alwar Region- Rajasthan)

Impact of Covid-19 Pandemic on Performance of Life Insurance Companies in Terms of Policies Surrendered

One cannot imagine life without insurance. In today’s world full of uncertainties, life is always at risk. To be more specific, people have become more health conscious than before. Every life is valuable. The urgent need of financial support to family after demise of the bread earner of family has caused awareness among households. There is a competition among companies to sell their insurance plans in the market. The insurer takes up the plan as per their requirements and future family supporting plans. The real test of companies lies in reducing the number of policies surrendered by the insurer after few time of initial zeal towards policies. The pandemic has recently force people to take up new plans while at the same time surrender them due to their personal reasons or unexplained reasons. The present paper attempts to study the impact of covid-19 pandemic on surrender of policies among the two giant insurance companies of the country, Life Insurance Corporation of India (LIC of India) and State Bank of India Life (SBI Life). The secondary data was collected from company’s annual reports. The claim amount pertaining to surrendered policies has been subjected to paired t test and the result showed that there had been significant difference in policy-surrendered claim value before and after pandemic for LIC of India whereas SBI Life result showed no significant difference in policy-surrendered claim value pre and post pandemic.

Human Resource Development in Life Insurance Corporation of India – A Study

Human Resource Development in Life Insurance Corporation of India – A Study

GENERAL INSURANCE COMPANY: AWARENESS AND SATISFACTION

A general insurance policy comprises a range of insurance plans other than life insurance products. The types of general insurance policies include motor insurance, health insurance, home insurance, marine insurance, travel insurance and so on. The general insurance policy offers coverage to policyholders to compensate their damages or losses incurred from a specific incurred. Life Insurance Corporation of India (LIC) is a monolithic firm from last few decades. Author emphasizes that more number of office with lower operating expense is the key to success. LIC has got both the advantages. After the successful enactment of economic reforms in life insurance sector in India, LIC of India has made numerous positive efforts to conquest the hearts of the people. LIC of India must increase their agent’s base to retain its leading market share because agents are the main pillar of the corporation. An augmented number will not only help the corporation to facet their noticeable presence in the market but also in turn help in growing their business volume too.

Determinants of insurance investment: A case study of life insurance corporation of India

Determinants of insurance investment: A case study of life insurance corporation of India

Disinvestment of Life Insurance Corporation of India

If the Life Insurance Corporation of India is said to be synonymous with insurance in India, then there is no exaggeration. As a Public Sector Undertaking, Life Insurance Corporation of India has been actively participating in the insurance business in the country for the last about 65 years. “It is often said that it is not the business of the government to be in business.” Finance Minister Sitharaman had proposed to sell part of its stake in LIC through an IPO in her FY21 Budget speech. The purpose of this research paper is to analyze the effects of the disinvestment of LIC. Data and information related to this work have been collected through IRDAI's annual report, Annual report of LIC, newspapers, magazines and various websites. The study revealed that disinvestment in LIC will bring transparency to its work and improve efficiency. Moreover, it gives the opportunity for the retail investor to participate in the wealth creation of LIC.

A Comprehensive Study on the Performance of LIC of India Using the Caramel Model

This research presents a comprehensive analysis of the performance of Life Insurance Corporation of India (LIC) using the CARAMEL model, which assesses key dimensions of an insurance company’s performance. The study reviews LIC’s financial data, market share, and customer feedback to evaluate its solvency, profitability, efficiency, and customer satisfaction. The literature review explores prior research on LIC’s performance evaluation and relevant performance models. The findings provide valuable insights into LIC’s strengths, weaknesses, opportunities, and challenges, and offer recommendations for enhancing its overall performance.

A Study on Customer Relationship Management in Life Insurance Corporation of India With Special Reference to Tamil Nadu

A Study on Customer Relationship Management in Life Insurance Corporation of India With Special Reference to Tamil Nadu

A study on customer relationship management in the Life Insurance Corporation of India with special reference to Tamil Nadu

The study has focused on the customer relationship management (CRM) system in the life insurance sector of India. The study revealed the technical progress of India's insurance industry, especially in Tamil Nadu. The deployment of CRM systems in LIC and other private insurance sectors in India was analysed using primary data. India is a populous, diverse country. Life insurers can grow in unused markets. LIC previously dominated the Indian life insurance market, thus buyers had few options. So, private life insurance businesses emerged, and consumers can now readily separate LIC and other private insurance sectors. However, the number of respondents is limited to 51 respondents in this paper, which undermines the external and internal validity of the paper. In some circumstances, it's hard to understand the specific conclusion with real findings. Indian life insurance varies. The insurance market relies on medical and life histories. Life insurance sectors have so much information about their customers and sometimes they cannot properly handle all the data accordingly.

THE GROSS DIRECT PREMIUM INCOME UNDER GENERAL AND HEALTH INSURANCE: A SEGMENT – WISE ANALYSIS OF INDIAN PUBLIC SECTOR INSURERS

Insurance business is broadly classified under the two heads – Life Insurance and General Insurance. Life Insurance Corporation of India (LICI) and General Insurance Corporation of India (GICI) are the key players in the public sector. The Indian insurance market consists of many private players as well. The gross direct premium has been the income sources for the insurance business. This study shall highlight the gross direct premium income specifically under the General and Health insurance business of the Indian public sector insurers.

Role of E-Commerce in Insurance Industry

E-commerce consists of buying and selling of products and services over electronic systems such as the internet and other computer networks. E-commerce is a commercial activity dealing directly with the trading of goods and services and with other related business activities, in which the electronic communication medium plays a central role. These activities include the communication of information, the management of payment, the negotiating and trading of financial instruments and the management of transport. The e-business can be used for three primary processes which help to enhance the business and they are; • The Production Process • Customer Centric Process • Employee Centric Process The production processes is the first which include procurement, ordering and replenishment of stocks; processing of payments; electronic links with suppliers; and production control processes, among others. The second is customer-focused processes, which include promotional and marketing efforts, selling over the Internet, processing of customers purchase orders and payments, and customer support, among others. An internal management process The third includes employee services, training, internal information-sharing, video-conferencing, and recruiting. Generally electronic applications enhance information flow between production and sales forces to improve sales force productivity. The purpose of this paper is to find the benefits, challenges and success of e-commerce with special reference to Life Insurance Corporation of India.

Total Factor Productivity Growth of Indian Life Insurance Companies: A Malmquist Approach

This study aimed to investigate the productivity growth of Indian life insurance companies using the Malmquist index. This study analyzed all the 24 life insurance companies' productivity performance in India from the financial year 2012-2013 to 2016-2017 using the Malmquist index based on the secondary data collected from Insurance Regulatory and Development Authority's Annual Reports. Findings indicated that the total factor productivity (TFP) of the life insurance sector increased at an average of 27.6 percent during the study period. On average, this improvement was ascribed to an efficiency improvement of 5.5 percent and a technological improvement of 20.9 percent. The results also indicated that the private life insurers experienced higher productivity growth of 30.2 percent than the state-owned Life Insurance Corporation of India's 17.2 percent. This is the first study that comprehensively analyzed the changes in total factor productivity of the Indian life insurance sector. The study holds important and practical insights for policymakers, practitioners, and decision-makers.

A fuzzy multi-criteria decision-making method for purchasing life insurance in India

Life insurance is an agreement between an insured and an insurer, where the insurer pays out a sum of money either on a specific period or the death of the insured. Now a day, People can buy a policy through an online platform. There are a lot of insurance companies available in the market, and each company has various policies. Selecting the best insurance company for purchasing an online term plan is a very complex problem. People may confuse to choose the best insurance company for buying an online term. It is a multi-criteria decision making (MCDM) problem, and the problem consists of different criteria and various alternatives. Here in this paper, a model has been proposed to solve this decision-making problem. In this model, a fuzzy multi-criteria decision-making approach combined with technique for order preference by similarity to ideal solution (TOPSIS) and it has been applied to rank the different insurance companies based on online term plans. The experimental results show that the life insurance corporation of India (LIC) gets the top rank out of 12 companies for purchasing an online term plan. A sensitivity analysis has been performed to validate the proposed model.

Investigating CSR Practices of LIC of India During Pre- and Post-IRDAI’s Compliance, 2013

In modern times, corporate social responsibility (CSR) has become a focus of attention before organisations. The present study purports the critical evaluation of Life Insurance Corporation (LIC) of India pertaining to the CSR activities during the period under the study. The present study includes secondary data through annual reports of the LIC of India from 2010 to 2018. In order to test the hypotheses of the present study, the paired t-test has been applied. The findings of the study reveal that LIC of India has covered around 60 million lives and settled more than 150,000 claims under the group and social security schemes in the year 2017–2018, which is a milestone in the insurance arena. In the year 2017–2018, more than ₹400,000 million had been invested by LIC of India in the social sector, which is a strong indicator of interest of the organisation towards social responsibility. It is also evidenced through this study that there is no significant difference between pre- and post-IRDAI’s compliance, 2013 pertaining to CSR practices of LIC of India.