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What Are The Things That Will Make LIC A Good Banking Institution
What Are The Things That Will Make LIC A Good Banking Institution
What Are The Things That Will Make LIC A Good Banking Institution
INSURANCE BANKING
Now recently it has come to light that LIC is also bidding for entering into
the banking sector in India. There is a lot of scope for LIC to explore
its powers in the banking sector in India.
So, what are things that will make LIC a good player in the
'Banking Sector'..
Rate :
4 3 2 1 0
1 2 3 4 5
1 Brand Name
2 Trust & Brand Name
3 Goodwill Reputation- A organization for all
4 PSUs are the major contributors to the economic growth of modern India
5 Upcoming company
6 Reach !!!
7 Another view...
8 Gr8 Idea
9 Goodwill Reputation- A organization for all
10 brand equity and consistence performance of LIC has made it a successful enterprise
11 LIC as a Bank .. who controlls .. IRDA or RBI .. ?
12 To Train its People to increase the Network in Banking
13 Huge Customer Base and Large Frontline Sales Personnel
Add Idea show all
Ideas in:"What are the things that will make LIC a good banking
institution?"
Support idea
Brand Name
idea posted by Niranjan Meena Actuary Manager, LIC
LIC is a very old & trusted brand in India. Hopefully we all are the customers of the LIC,
either directly or indirectly. People have blind trust on this name & this due to the
4
services what LIC have provided its customers from many years...
More over it has huge capital to invest in providing superior services as compared to
other private players. And it has the highest market share in the insurance sector which
can be targeted to cater banking services.
LIC is a trusted brand in the insurance sector. People blindly take insurance policies just by the name LIC.
That is the belief which my clients have. Sometimes the delay in giving policy bonds doesnt go well with the
customers. I suggest electronic policy bonds
0
PSUs are the major contributors to the economic growth of modern India; PSUs have played a
significant role in building the country’s infrastructure, enhancing national economic development,
generating surpluses for capital formation and contributing to government revenue. Major areas - essential
infrastructure goods and services, exploration and exploitation of oil and mineral resources, technology
development and building of manufacturing capabilities in areas which are crucial in the long term
development of the economy.
LIC had strong financial results over many years and could tide over the recent turmoil faced by the financial
industry especially the banking sector and hence we believe that this product would generate interest
among retail as well as institutional investors.
Support idea
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Support idea
Trust & Brand Name
idea posted by Omkar Kulkarni Accounts Officer, Minilec(India) Pvt Ltd
LIC is a strong brand name in Indian Insurance sector and hopefully all have trust on
LIC. Many countries population is less than LIC customers. LIC should have to keep this
trust and brand name in future & for forever.
3
i agree with kulkarni.LIC is not only having brand name.It also have gained everyone's trust in india.
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Support idea
Goodwill Reputation- A organization for all
idea posted by Vipin Bhasin Private Equity/Hedge Fund/VC-Manager, Indian Investment
Co.
It is the major factor that will make LIC a good a banking institution. It is a organization
2
where a high income group as well as a low income group can invest in insurance. All
other companies have not any platform for those customers who are interested to
invest less than Rs. 5000 in a year but LIC have. They want to cover only high value
investors whereas LIC covers both high value and low income. And the second major
factor is Government undertaking means more safety/trust than others.......
Support idea
PSUs are the major contributors to the economic growth of modern India
idea posted by Sathish Suvarna Retail Distribution, SBI
PSUs have played a significant role in building the country’s infrastructure, enhancing
national economic development, generating surpluses for capital formation and
1
contributing to government revenue. Major areas - essential infrastructure goods and
services, exploration and exploitation of oil and mineral resources, technology
development and building of manufacturing capabilities in areas which are crucial in the
long term development of the economy.
good that it wii enter as bank when icici idbi can why not lic old co and reasonably well managed good work
force and also has the potentia to create large employment, it can also cater to neds of urban and rural as
there is the presence when we can allow alliens into ibdia def we welcome the move good luck
Support idea
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Support idea
Upcoming company
idea posted by Haresh Khushaalni premier agent advisor, Max New York Life
Present Max New York Life company in insurance sector is growing very fast, survey
conducted by Magazine OUT LOOK MONEY insures this.
Support idea
Reach !!!
idea posted by Aditya Kumar Project Leader/Managing Consultant, Wipro
LIC is the best when it comes to the most important P of he 4Ps . PLACE!! ... LIC has the
best reach in india. This reach marks its physical presence in the rural, semi-urban and
urban crowd. With so much Visibility and Reach... no doubt LIC has reached TOP OF THE
MIND spot of an indian consumer. 0
Support idea
Another view...
idea posted by Sujit Sood :-)
My view...before defining the aspects of strengths one needs to be clear about the
segment of the market that LIC might look at capturing as a banking institution...only
post tht can the strengths n weaknesses be discussed.
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Support idea
Goodwill Reputation- A organization for all
idea posted by Kamlesh Kundan Branch Manager(I/C), Direct Marketing, LIC of India
LIC: Life In Country, we may say that LIC is attached to most of Indian's life.Its goodwill
is time tested and trusted by Indian. Its presence in India is @ every corner. Its present
customer base is more than most of countries.So, Goodwill reputation and service
oriented culture of LIC will make it a good banking institution. 0
Support idea
brand equity and consistence performance of LIC has made it a successful enterprise
idea posted by shivakumar Freelancer, Freelancer
LIC OF INDIA, being India's leading life insurance company and prominent investment
institution in the corporate zone, has crossed many milestones. The number of policy
0
holders speaks about its volume of business and area of operations. Now LIC of India
has reached every small village in India with its distinct and diversified insurance
products.
As LIC has alrerady established good customer loyalty and service in he mind of the
customers and banking institution will also attract the great customer base and add
value to its existing business line. his would make the things easier for policyholders
and customers who have difficulty in paying thier regular premiums. It can also help the
the Corporation to link its all different business entities such as housing finance, mutual
funds, life insurance etc.
Support idea
LIC as a Bank .. who controlls .. IRDA or RBI .. ?
idea posted by ASOKE KUSARI Domestic Private Banking-Executive/Manager, A large
leading PSU Bank - India
... Private players and NBFCs are being encouraged by our FM for a Bank ...
--- The "shark" in a deep-sea and "chitah" in a deep forest - may show its
--- Banking and Insurance are two different things. Risk cover for lives
require a good capital base. May not banking business erode LIC's capital base
--- As per LIC Act it has only 5,000 crores as Capital and they are
--- May LIC handle NPA and its management ( LIC agents might be taught what
is NPA )
even then may LIC use their agents for a otherwise dull business called Banking
- only the other day U was advocating 'mergers and amalgamation of Banks in
Support idea
To Train its People to increase the Network in Banking
idea posted by ABHIJIT KULKARNI Project Manager, BNP Paribas
By Building awareness and mutual trust in consumer's mind, LIC can become a Reputed
bank easily, so far Insurance market was dominated by LIC but now the situation is
0
changed and in Banking Industry, LIC has to compete with other big banks like SBI ,
AXIS & ICICI etc
I feel better Training and understanding of Banking guidelines for its staff is a must to
succeed in future....
Support idea
Huge Customer Base and Large Frontline Sales Personnel
idea posted by Suryakanta Sahu Sales/BD Manager, Metlife India Insurance Co. Ltd.
Because every successful oragnisation has two basic things i.e. Strong Customer Data
Base and Frontline Sales personnel
0
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