DHANYA K JMBADCSMAT

Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai

It is the largest insurance company in India

The company was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India

Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation

the Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses, and by 2006 was contributing around 7% of India's GDP

1.People2.Process3.Physical evidence

PEOPLE The employees are confident and clear understanding

about services

Employee-customer relation is almost good.

Employees in the organization are satisfied.

Employees give their personal attention.

Customers having complaints about their service delaying.

Friendly and prompt service to its customers

PROCESS

Prospective customers have to take token. Based on each token number complaints will be handled.

Customers data’s are stored in the fully computerized format.

PHYSICAL EVIDENCE

Well dressed employees and agents (no uniform)

Air conditioned cabins

Fully furnished interiors

Computer system

KNOWLEDGE GAP

The employees tries to make a better relation with customers. They try to interact more to customer to meet their expectation and satisfying their needs.

SERVICE DESIGN AND STANDARDS GAP

This gap mainly arise when the service design does not meet the customer and employees needs.But in their case they have better service design.

SERVICE PERFORMANCE GAP

This means the firm not delivering to service standards.

Sometimes service delay happens because of the crowd (customers).

COMMUNICATION GAP

This means the firms don’t performs their promises.

Some of the customers are not getting their promised services from some employees in their expected time.

SEGMENTATION

Mainly they segment the market into 3, (based on the age of the customers-employed people)

1. youngster.

2. Middle age.

3.above 50 (old age)

TARGETING

Their major group are middle & lower income

peoples.(rural area development)

POSITIONING

“Start Saving Today For Better Tomorrow ”

LIC having a better image in the mind of peoples.

They works maximum to create a good image in the mind of their customers and also to the public.(through satisfying customer needs)

NET PROMOTER SCORE(NPS)

No Of Promoters -16

Neutral - 6

No Of Detractors - 3

Total - 25

Promoter-detractor/Total - 0.52

Nps= - 52

Need to improve physical infrastructure and appearance of office

Introduce uniforms for employees

Provide training to the employees and agents in customer interaction.

Tangibles and empathy has z value < 1.96