Keywords: life insurance, strategic marketing initiatives, Life Insurance Corporation of India, LIC, services marketing, globalisation, competition
Services marketing in the new global era: a case study of LIC
Globalisation has initiated far-reaching changes in economies across the world. India is no exception. There was a time when Indian corporate giant, the Life Insurance Corporation of India (LIC), had a virtual monopoly in insurance and there was no need for them to be customer friendly. Once the Indian markets were opened up, private players from India and abroad entered the Indian insurance market and the whole complexion of the game changed. It is against this backdrop that the present paper has been conceived and it takes into account the ground realities that exist today for LIC and what strategies it is adopting to cope with competition, national and international.