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Strengths And Weaknesses Of Life Insurance Corporation

Decent Essays
According to Manchanda, S.M. (2005), the basic purpose of buying insurance should be to protect the family from the loss of income due to an early death of the main income earner. The need to cover the risk of death should be predominant among all needs. Privatization has offered the customers the choice of selecting the quantum of death benefit as well as saving benefit. He has emphasized the need to educate the customers about the different products which would suit their special need.According to the author Venkateswara Rao (2005), the basic strength of Life Insurance Corporation is its huge agency force. They are the lifeline of Life Insurance Corporation He has observed that the productivity level of the agents varies from club to club…show more content…
There is a need for identification of products exclusively for the rural folk coupled with a relaxation in term of the size of the products, underwriting considerations etc. He has stated that there should be a greater thrust as regards group insurance and pension-related products.
Kaushlendra Maurya (2005), has analyzed the role of technology in implementing the business strategies in the vital business areas such as sales, distribution channel, customer service, product development, and claims. The author is of the opinion that, the insurers are found committing to invest more in technology to increase their process efficiency.
Krishna Kumar (2005), highlights Life Insurance Corporation's penetration in the rural market, the problems encountered and the schemes offered for the rural poor. He has stated that there is significant growth in the total premium income collected from rural areas. He has identified the hurdles faced by the Life Insurance Corporation as poor general awareness, lack of proper documents, inadequate market coverage, lapsing of policies and health care problems. However, he has expressed hope that Life Insurance Corporation with its huge network
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