Focus on Core Business In an ever changing business and investment environment, where the temptations for losing one’s way have been numerous for a financial company, it stands to LIC’s credit that it has never lost its focus on its core business – insuring lives. This has ensured LIC’s edge against competing investment platforms like recurring deposits, mutual funds, or equities. Because the pitch is, an LIC policy does all that, but it also insures life. LIC EDGE 2:
People Power There is no doubt that people power continues to be LIC’s trump card. Even in 2008-09, LIC registered a 12.66% growth in its formidable army of agents, which now stands more than 13.44 lakh. Even while comparable financial organizations like SBI struggle to have a performance linked pay structure in place, this is a human resource pool that works entirely on performance status. LIC’s Post Recruitment Orientation Training (PROT) is
reputed to make top performers from average sellers. It also goes to LIC’s credit that it didn’t opt for VRS or retrenchment for its salaried employee base, instead making them productive through HRD initiatives. LIC EDGE 3:
Claim Performance LIC continues to be the most believable life insurer around, based on actual claim performance. During 2008-09, LIC settled over 1.49 crore claims, with 97% maturity claims settled on or before date, and 93% of non early death claims settled within 20 days of intimation. Outstanding claims under death is 2.21% and that under maturity is just 0.26%. LIC EDGE 4:
Technology Edge Post de-regularization, LIC had moved swiftly to implement the latest paradigms in the area of IT implementation, so that the new agile competitors don’t have an advantage over it. Lately, LIC has started setting the standards in IT implementation,
SEASONAL MAGAZINE
LIC EDGE 1: