Changes in the Marketing of LIC due to Impact of Private Insurance Players, International Journal of Marketing
Year: 2013
Type: preprint
Abstract: Government made a paradigm shift in the economic policy by adopting the process of liberalization, privatization and globalization at the end of previous decade. IRDA was set up as regulatory body and private sector was allowed entry both in general and life insurance sector in India. Due to impact of private players came up with new and innovative marketing strategies. Due to these efforts of private players the benefits which LIC was enjoying out of its monopoly in the market were taken away and it had to face tough competition. To fight this competition, LIC had to leave its traditional track and bring changes in its working. The present article throws light on the changes which LIC brought in its marketing due to the impact of private insurance players. Descriptive research was done by collecting secondary data from text books, national as well as international articles, dailies and annual reports of LIC. The changes brought by LIC in the product, marketing activities such as distribution channels, foreign branches, advertisement have been discussed.
Source: SSRN Electronic Journal
Author: Sonal Purohit
Institution: Banasthali University
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2994254086