Over last several decades, the life of an Indian citizen was solely covered under various insurance schemes by one and only Life Insurance Co. of India- a giant Enterprise under the GOI. LIC, has by dint of this monopoly
has over the years become a gigantic organisation with all
India presence and total control in life insurance market of large populace of India. Evidently a large monolithic organisation due its inherent systems built up over the years, cannot keep pace with time and hence churn out the
similar products in different packages to its captive customers without being seriously concerned about them. This is exactly it has been with LIC till private insurance companies are admitted in this sector recently. It has opened up several options to customers for choosing the right product with better returns to protect life under
insurance.
ICICI- a well managed corporate enterprise and known for its long association with industries at large through its credit and investment business, has stepped into Life Insurance and come out with several schemes for the people. The advantage ICICI enjoys is its infrastructure apart from professional management that can function effectively to provide attractive solutions for life insurance to different segments of our great workforce who look for life insurance as a means of security of their families in the
case of demise. This is the most important consideration for life insurance, which in turn helps plan personal taxes and of course the return at the completion annuity.This requires innovative and customer oriented schemes, which serve the customer interest most.ICICI like other new private entrants in this field has kept this aspect focused.
Customer relation management- which is the buzz word in service industries, is the corner stone to build
life insurance business, which I believe, ICICI appreciates and consequently provides customer oriented prompt and efficient services. I am sure, they will come up with more innovative and attractive schemes to build up a loyal customer base in the face of stiff competition.They must
have seen the BIG PICTURE - GREAT INDIAN POPULATION invading
several frontiers of global business scenario like IT, Telecom, Bio-technology, Media - to name a few !