International Journal of Marketing & Financial Management
Print ISSN : 2349 –2546
Online ISSN : 2348 –3954
Frequency : Monthly
Current Issue : Volume 4 , Issue 3
2016
*Prof. (Dr.) M.Mustafa, **Saiyed Mohd Faisal.
*Dean, School of Management Sciences, Lingaya University, Faridabad, **Assistant Professor and Research Scholar, Al-Falah University, Dhauj Faridabad
Published Online : 2016-05-30
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ABSTRACT
Objective: The Market share of LIC has been declining day by day whereas the market share of private life insurance which continuously giving superior customer services and offer more innovative products have been increasing with a greater pace. One of the reason of declining market share of LIC is that the brand image of LIC is labeled with, old, traditional and conservative sort of image. And young investors find no modern values in association with LIC. Therefore, LIC must make a fresh strategy to design new innovative products and redesign their existing products and advertise and promote in such a way that attract young investors by catering their modern values. Further, LIC needs to recruit younger-smart sales-force which have great essence professionalism, and it should focus on giving superior customer services, and the offices of LIC must be having modern paraphernalia. In this study we have applied paired sample t-test for comparing and analyzing the differences between the responses given for LIC and Birla Sun Life Insurance respectively.
Design / Methodology/ Approach-The study is based on the responses gathered through structured questionnaires. The convenient sampling has been used. Sample size of 140 respondents from Delhi NCR region who have Life insurance policy of LIC/and Birla Sun Life Insurance.
Findings- One of the reason of declining market share of LIC is that the brand image of LIC is labeled with, old, traditional and conservative sort of image. And young investors find no modern values in association with LIC.
Limitations- The study has been conducted in Delhi NCR region and the sample are 140, so the results may not hold apt on pan India bases.
Practical Implications: The LIC have to turn them around regarding their modern and professional image, innovative product inclusion and customer relationship Management, which attract the young investors.
Originality/Value- The paper includes practical examples of insurance companies which are following modern marketing tactics and also includes literature review about LIC and Private Life Insurance companies, which offers unique innovative products.
Key words: Market-share, Customer services, Brand Image, Promote, Recruit, Professionalism, Sales-force, Paired sample t-test.
