my lic

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Information about my lic

Published on May 14, 2010

Author: sandzrulz


Insurance Sector(LIC) : Insurance Sector(LIC) During Early 50’s LIC was having kind of monopoly No competitors Entry barriers Poor HRD strategies Functions of LIC : Functions of LIC Provide Protection (against future risks, accident, uncertainty) Prevention of Losses (more safety by security measures and more earning through premiums) Small capital to cover larger risks which attracted businessmen LIC- Rise or Fall? : LIC- Rise or Fall? Was unable to cover untapped market of insurance sector LIC was still making profit Was moving with the growth rate of 1.8% Strong government support Achieved a lot as well as nothing Was not able to communicate importance and functions of insurance After LPG : After LPG 29 Insurance companies operating in Indian market 14 Private life insurers and 6 public sector companies private players are very competitive and new players have improved the quality of the insurance competition to the onetime monopoly of the market LIC Happy Realisation!!!!! : Happy Realisation!!!!! LIC down the years have experienced a huge amount of decline in its Career LIC market share has decreased from 95 %( 2002-03) to 76% (2004-05) realized to improve HRD practices to motivate employees Which results to improve the business in service industry LIC TnD : LIC TnD To improve the current job performance of employees To familiarize employees with the policies and procedures of the organization. To enhance the creativity and adaptability of the employees and to facilitate learning at the work place To prepare employees for future job. To change the skills, knowledge and attitudes of the employees on a permanent basis. To help employees manage their careers. To maintain knowledgeable work force. To gain competitive advantage through a knowledgeable work force. To promote organizational growth through individual growth. Training program : Training program Training program for sales managers: The training program duration is 15 – 20 days They get training on product knowledge. Motivating and encouraging Advisors Training program : Training program Training program for Advisors: The training program duration is 15 – 20 days They get training on product knowledge How to convince the people. Objection Handling Training program : Training program Training program for operations executives: They will get training on customer database files Taking care of the customer files Well trained in product information and documentation Renewals will be informed periodically. Education Base for TnD : Education Base for TnD Interpersonal skills Excellent communication skills Understanding nature Aggressiveness (positive way) Convincing skills Ability to motivate others Interest to learn Happy Ending!!!! : Happy Ending!!!! LIC is India’s no. 1 insurance company Major stack in insurance Sector Largest no. of customers No. 1 brand for insurance of any kind Effective work force and best human capital Ideal choice for employee to work

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